It was merge week. The long-awaited Ethereum overhaul was completed smoothly, but there was no sudden capital inflow either. Ethereum price fell 8% below $1,500 on Thursday, the day of the merger. At the time of writing, it is trading at $1,376, about 22% cheaper than last Sunday.
A day before the merger, Ethereum co-founder Vitalik Buterin shared a graph of etherchain.org The plot of the network’s hash rate has remained consistent despite negative predictions from certain forecasters.
It looks like the thesis “hashrate will drop weeks before merger as miners rush to sell before everyone else” has been proven dead wrong.
Beeple, the digital artist whose NFT collection EVERYDAYS: THE FIRST 5000 DAYS sold for an unprecedented price $69.3 million through an auction by Christie’s that ushered in a new era with a purple vision of Ethereum mining in the future:
A blockchain developer named Miguel Piedrafita said that after the merger, Ethereum was 99.95% more energy efficient and became significantly greener than a typical tech company.
The upgrade even slightly surpassed Ethereum’s energy forecasts. A report released that day by the Crypto Carbon Ratings Institute (CCRI) and commissioned by Ethereum-centric software firm ConsenSys claims that Ethereum is now using approx. 99.99% less energy post-merge.
Former Ethereum co-founder Charles Hoskinson, who now runs competitor Cardano — which has a $16.4 billion market cap — felt salted. He posted a meme comparing the fusion a nightmare. When someone tweeted him asking where Cardano’s technology stood in relation to Ethereum, Hoskinson let loose with a blatant self-promotion:
About three years in research, two in engineering. You’re going to find out one day that slashing is a really, really bad idea
Crypto market research firm Santiment warned about how centralized Ethereum staking has become post-merger.
This was a common complaint. According to Martin Köppelmann, co-founder of DeFi platform Gnosis, popular crypto exchange Coinbase and liquidity staking pool Lido Finance are merging 42% of post-merge Ethereum validators, and the seven largest firms control more than two-thirds of stake validation transactions. Köppelmann also conducted a poll in which three-quarters of 15,885 respondents agreed that Coinbase and Lido’s staking dominance “needs to change.”
Alex Svanevik, the CEO of crypto analytics firm Nansen, noticed a sudden huge influx of Ethereum into exchanges.
Finally, Daniel Buchner, Technical Product Manager at Microsoft Decentralized Identity Initiative, likening the merger to Groundhog Day:
Help me with some déjà vu: Today people are celebrating a “launch” of PoS, a consensus system that has been known for 20 years and we have had examples for a long time that has numerous flaws that cypherpunks made when developing PoW carefully avoided. Why is this advertised as new or innovative? pic.twitter.com/Ir0EJCQfnX
It’s also been a big week for Michael Saylor, former CEO and current Chairman of the Board of MicroStrategy. It wasn’t so much what he said as what people said about him. On Tuesday, Bitcoin enthusiast Udi Wertheimer trolled his 114.3k followers with credible fake news.
BREAKING: MICROSTRATEGY ACQUIRED AN ADDITIONAL 1,143 BTC AT AVERAGE PRICE OF $22,958
Fake or not, it would be wrong to say that Saylor is not considering bolstering Microstrategy’s war chest with 129,699 bitcoin (worth $2.6 billion at today’s price). Last week, an SEC filing revealed that MicroStrategy reached an agreement with investment bank Cowen & Co. to sell up to $500 million of Class A common stock. It can use the proceeds to purchase more bitcoins.
The White House on Friday new guide published on crypto. Advertised as “First Ever Comprehensive framework for Responsible Development of Digital Assets,” the new guide uses the recommendations and conclusions of various government agencies after six months of investigating the crypto industry.
Saylor shared a lengthy article by crypto investor Nic Carter denouncing this Crypto mining climate study conducted by the White House Office of Science and Technology Policy (OSTP). Carter claims the study’s key weaknesses are unreliable sources, a lack of perspective from industry experts, and no new data.
The latest White House crypto climate and energy report is riddled with misinformation generated and disseminated by unscrupulous crypto advocates in an attempt to undermine them #Bitcoin and represent their own interests. @nic__carter expertly debunks the propaganda.https://t.co/kW7sictekQ
Finally, Terra CEO Do Kwon broke his silence on Saturday after headlines appeared earlier in the week saying a South Korean court had done so issue an arrest warrant for him for violating capital market rules. The Korean Ministry of Finance also announced that it would strive for this invalidate his passport. He told followers that he is not on the lam.
We are in the process of defending ourselves in multiple jurisdictions – we have held ourselves to an extremely high standard of integrity and look forward to clarifying the truth over the coming months
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