with Sickness Ready to Launch in September, Is Ethereum Ready for the Next Big Step? For its part, ETH has registered an uptrend in price action in the month of July. However, Ethereum’s usefulness rests on several areas of Web 3.0. Being the dominant altcoin, Ethereum leads other cryptocurrencies on various fronts.
Changes to the Proof-of-Stake mechanism is set for release on September 19th. This is said to be the biggest change So far on the Ethereum blockchain. Ethereum has responded well to the hype since the beginning of July, taking a central position among the cryptocurrencies. Ether has also performed with the increasing hype around Ethereum.
information recorded It was revealed on Nansen that WETH remains the preferred token of smart money. There has been a dramatic increase in the accumulation of WETH since mid-April. Interestingly, most smart money holds WETH for a long period of time, with 76% of the tokens being held for 1-2 years or more.
Within 12 months the unique addresses on the network have grown from 150k to about 490k. This remains a feat for Ethereum as the crypto-market has fallen heavily for the above period.
With the company reaching new highs of late, investor confidence in the merger is also increasing. Right now, 13.2 million ETH ($21.6 billion) has been deposited for stakes. Out of a total of 77.7K unique depositors, Lido Finance and Kraken top the list with 4.1M and 1.1M ETH respectively.
Supply on the exchanges is still an important sign to understand trader sentiment. ETH has seen outflows from exchanges to a balance of 24.6M ETH to 22.2M ETH within just five months.
Even in DeFi, Ethereum is at the forefront among other cryptocurrencies with a clear dominance. In fact, Ethereum has broken all Layer-1 competition in the case of TVL.
At press time, it had a 65.32% market share in TVL with $58 billion. BSC is in second place with a TVL of just over $6.7 billion.
This data helps to issue a strong case for Ethereum to prosper after the merger. They also testify to the growth of the Ethereum ecosystem in the wider crypto-market. The merge itself is expected to bring in a bigger stream for Ethereum holders. At the same time, ETH is responding very well to the increasing hype.
ETH price is up over 50% since last month and continues to glow green on the price chart. Ergo, there’s reason to be positive about the market going forward.