Tuesday, November 29, 2022
 

Ethereum Merge Fast Approaching; CoinGecko Founder Guides Miners

  • Bobby Ong shared guidelines to secure trade after the Ethereum Merge.
  • The Coingecko founder says ETH holders will soon be airdropped ETH PoW tokens.
  • He also believes there will be a messy market after the Merge.

Bobby Ong, the co-founder of CoinGecko, a digital platform that analyzes the crypto market, shared seven steps on Twitter to take complete advantage of the Ethereum Merge scheduled on 13 September 2022.

The second largest blockchain, Ethereum soon meets the much-awaited transition from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism. Ong assured members of the community that they would be “airdropped ETH PoW tokens”.

It was reported that two upgrades, including the Bellatrix Upgrade and the Paris Upgrade, are expected to happen regarding the Merge. After the transition, the ETH miners will no longer be able to mine. Instead, the blockchain will use a ‘proof-of-stake system’ that determines the ‘stakers’ who could validate transactions.

Ong provided seven guidelines to the miners to secure the best position after the Merge. He suggested holding ETH on a wallet to support the fork and to bridge all the tokens back to ETH mainnet. He added that to ensure a secured position, one must unwrap WETH to ETH, remove liquidity from DeFi protocols, borrow ETH from Aave, monitor stETH / ETH  market and finally, “buy the rumor, and sell the fact”.

Ong also informed the possibilities of a “messy market” related to the Merge. “We have about 10 days to go to the Merge. I think many markets and protocols will get volatile, messy, and complex especially in the hours before/after Merge.”

  • Bobby Ong shared guidelines to secure trade after the Ethereum Merge.
  • The Coingecko founder says ETH holders will soon be airdropped ETH PoW tokens.
  • He also believes there will be a messy market after the Merge.

Bobby Ong, the co-founder of CoinGecko, a digital platform that analyzes the crypto market, shared seven steps on Twitter to take complete advantage of the Ethereum Merge scheduled on 13 September 2022.

The second largest blockchain, Ethereum soon meets the much-awaited transition from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism. Ong assured members of the community that they would be “airdropped ETH PoW tokens”.

It was reported that two upgrades, including the Bellatrix Upgrade and the Paris Upgrade, are expected to happen regarding the Merge. After the transition, the ETH miners will no longer be able to mine. Instead, the blockchain will use a ‘proof-of-stake system’ that determines the ‘stakers’ who could validate transactions.

Ong provided seven guidelines to the miners to secure the best position after the Merge. He suggested holding ETH on a wallet to support the fork and to bridge all the tokens back to ETH mainnet. He added that to ensure a secured position, one must unwrap WETH to ETH, remove liquidity from DeFi protocols, borrow ETH from Aave, monitor stETH / ETH  market and finally, “buy the rumor, and sell the fact”.

Ong also informed the possibilities of a “messy market” related to the Merge. “We have about 10 days to go to the Merge. I think many markets and protocols will get volatile, messy, and complex especially in the hours before/after Merge.”

 

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