2022-9-13 15:13 |
The Ethereum Merge is upon us, and Marius Ciubotariu believes that the event will silence critics and show Ethereum’s dominance in the market.
The Ethereum Merge is slated to happen this week, with the Ethereum blockchain transitioning from a proof of work (PoW) to a proof of stake (PoS) protocol.
Market experts believe that the transition would make the Ethereum network faster, more scalable, more environmentally friendly, and more secure.
Marius Ciubotariu, the co-founder of Hubble Protocol, commented that the Merge would silence critics and propel Ethereum past Bitcoin. Ciubotariu, who is also a core contributor to the newly launched Kamino Finance, said;
“This week witnesses one of the most significant events in cryptocurrency history. Finally, years after founder Vitalik Buterin floated the idea, Ethereum is moving to a Proof of Stake (PoS) consensus mechanism.
The importance of this event dubbed the “merge,” can’t be understated. The Ethereum Merge is a gigantic technical undertaking to upgrade the network and is an essential step toward building out Ethereum 2.0. Additionally, it will reduce carbon emissions on the network by a reported 99%.”
He pointed out that emissions remain a huge issue for bitcoin, which is using ever more energy to mine the last one million coins left and has little to no chance of moving to a PoS model anytime soon.
The Hubble Protocol co-founder added that the Merge is coming at a great time as Bitcoin’s price is struggling to stay above the $20k psychological level. He said;
“For those most concerned with price, this is a very exciting time for the merge to happen as bitcoin’s price is struggling to hold onto its psychologically important $20,000 level. Already we are starting to see some significant divergence in growth between the two flagship cryptocurrencies, with ETH up an incredible 51% over 90 days to September 12, while Bitcoin is down 4.5% over the same period (as of September 12, 2022).”
Many experts within the crypto space predict that Ethereum will flip Bitcoin as the most valuable cryptocurrency at some point in the future, and Ciubotariu believes the Merge could help with that. He said”
Over six months and one-year, things are quite similar, with bitcoin down 45%, and 55% and Ether down 32% and 51%, respectively. So while over the long term, the pair continue to track each other and wider markets, over the shorter term, Ether is starting to truly fly on its own steam. Indeed, the merge could bring about the long prophesied “flippening” – when Ethereum overtakes Bitcoin in market capitalisation.”
Ciubotariu pointed out that over time, the world, including cryptocurrency traders, would wake up to the huge potential that exists in Ethereum and the possibilities provided by DeFi projects.
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