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As we get nearer and nearer to one of many largest occasions within the transient historical past of cryptocurrency – the Ethereum Merge – there are a selection of metrics that are suggesting exercise is choosing up throughout the area.
Ethereum Name Service
The first is the Ethereum Name Service (ENS), which noticed its third highest month of income in August. Generating $4.3 million in income, the service noticed 34,000 accounts register names for the primary time.
August 2022 stats for ENS
– 301K new .eth registrations (complete 2.17m names)
– $4.7m in protocol income (all goes to the @ENS_DAO)
– 2,744 ETH in income (third highest month)
– 34K new eth accounts w/ not less than 1 ENS title (complete 540k)
– >99% of OpenSea area vol pic.twitter.com/utU8i4cBMT— ens.eth (@ensdomains) September 1, 2022
These names are a neat characteristic of Ethereum. Instead of offering someone an extended Ethereum deal with, as an alternative a easy title ending in .eth may be supplied, corresponding to harrypotter.eth, for instance. This title may be linked to at least one’s pockets, which means it’s all that must be given when asking for a cost. Simple and intuitive.
The increase in these names being registered exhibits that individuals are positioning themselves for the Merge, slated to go dwell on September 15th.
13 million ETH staked
The quantity of ETH locked up within the staking contract is now as much as 13 million ETH, which is about 11% of the entire provide. At the present market value of $1,635, that interprets to over $21 billion of Ethereum locked up within the staking contract.
What is essential to notice right here is that the Merge is not going to allow withdrawals of this ETH. I had beforehand speculated about whether or not a flooding of ETH into the market post-Merge might place downward strain on the value – in any case, a lot of the Ethereum has been locked up for fairly some time, because the above graph exhibits.
However, traders won’t be able to withdraw their ETH till one other improve is applied, which isn’t deliberate for 6 months to a yr down the road. This ought to uninteresting the priority across the provide/demand stage because the Merge goes dwell. There are additionally liquid staking alternate options which imply the liquidity has not been completely inexistent thus far.
Macro
And so we shut in on the watershed second, solely two weeks away as I write this. The huge query stays, will this be a “buy the rumour, sell the news” sort occasion, or will Ethereum pump off the again of it.
My ideas for the second are easy – I feel for the short-term value motion, the macro local weather is at present way more essential, with spiralling inflation. A hawkish Fed and tense geopolitical local weather nonetheless driving markets throughout the board.
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