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Ethereum’s Merge is near and ProBit Global’s Exclusive is offering traders another opportunity to buy some of the network’s native asset, Ether (ETH), at half its price. The discount sale, which follows May’s Exclusive ETH edition, is to allow more users to own and hold a part of the current second largest cryptocurrency by market cap as it reaches a historic milestone. The existing Ethereum mainnet—-based on a proof-of-work (PoW) mechanism—-is to be merged with the new proof-of-stake (PoS) consensus layer, the Beacon Chain, early next month. Described as the most complicated upgrade on Ethereum to date, the prevalent view is that the network would see some changes after the Merge. The changes are expected to have a sweeping impact on Ethereum’s ecosystem including on the value of ETH.
The switch is environmental-friendly
The upgrade would mean a lot to Ethereum’s eco-friendly agenda. The PoS system would use validators to secure the Ethereum network and validate transactions on the blockchain instead of miners as it is with PoW. This will result in cutting down on the energy consumed by the network to <0.05% of its pre-Merge amount—-or it becomes ~2000x more energy-efficient. Considering how the debate on cryptocurrencies’ contribution to environmental issues has been quite intense, the PoS switch would be a win for Ethereum across multiple fronts. The network would be separated from other projects that use vast amounts of electricity and non-renewable energy sources such as coal to power complex algorithms.
Ethereum would be better for the corporate world
From Google to Amazon and BNP Paribas, Ethereum has always been the preferred blockchain choice for enterprise use cases. They use the network to track shipments in supply chains, consumer goods, banking, financial services, etc. The Merge enabling Ethereum to steer clear of being seen as an energy-gulping network would only deepen corporations’ interest in its infrastructure. The removal of the energy constraint would strengthen the corporate world’s embrace of Ethereum as its network becomes a darling of many institutions’ new use cases.
Ethereum is likely to grow its dominance in DeFi, dApps
While new blockchains are gaining traction, Ethereum remains the largest smart contract-enabled public blockchain for DeFi development—known to power most of all existing decentralized applications (dApps). Most of the blockchain-based financial products and services offered DeFi applications run on Ethereum and depend on ETH as the base currency of the network. With the Merge set to impact cryptocurrency use for payments, ETH’s use in the DeFi space—which currently has over $62 billion total value locked in digital assets—is set to increase.
All these, and several other factors considered, make Ethereum look more promising to have a burgeoning ecosystem.
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