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DeFi researchers on Ethereum merge: Ether (ETH) can even overtake Bitcoin (BTC) with PoS

 


Ethereum is getting closer to transitioning to Proof-of-Stake (PoS). A DeFi researcher is now saying that the Bitcoin ( BTC ) platform could challenge its throne as the largest cryptocurrency. 


In a Twitter thread, researcher Vivek Raman highlighted that the planned Ethereum merge could create a better economic structure for the smart contract platform. According to Raman, the move to PoS will lower Ether ( ETH ) inflation, provide more security and position the cryptocurrency as a digital bond.


Raman stated ETH inflation would fall from 4.3 percent to 0.22 percent after the merge. He went on to say that this enables the ecosystem to reduce emissions by 95 percent and caps the number of ETH that can be sold in a day. 


In addition, the researcher explained that the security conditions of the platform will be better after the merger. Citing a post by Ethereum co-founder Vitalik Buterin, Raman stressed that it would become more expensive to attack the network once it is PoS.


Alongside these arguments, Raman also believes that with the Ethereum Merge, ETH will complement Bitcoin use cases as a store of value and security. While BTC will act as digital gold, according to Raman, ETH will position itself as a digital bond and will be DeFi's main asset used as collateral.


In early July, average gas fees for transactions on the Ethereum network dropped to $1.57 . Such a value was last reached in 2020. The decrease in gas fees is a consequence of the downward trend in NFT sales. Daily NFT purchases have fallen to a yearly low.


While the network's gas fees are low, the number of registrations for the Ethereum Name Service increased by 200 percent . The ENS dashboard showed a jump from 11,042 to 29,727 registrations. The hype is also attributed to the second-biggest ENS sale, which happened the same weekend as the surge in registrations.

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