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With the Merge set to go live in September, does Ethereum look ready for its next big step? For its part, ETH has seen an uptrend in price action during the month of July. However, Ethereum’s utility is based on many areas of Web 3.0. While being the leading altcoin, Ethereum leads other cryptocurrencies on many different fronts.
The countdown begins
The move to a Proof-of-Stake mechanism is set to go live on September 19th. This is called the biggest change Yet on the Ethereum blockchain. Ethereum has lived up to the hype well, taking center stage among cryptocurrencies since early July. Ether has also played alongside the growing hype around Ethereum.
Data has been recorded Nansen revealed that WETH remains the favorite brand for smart money. There has been a dramatic increase in WETH accumulation since mid-April. Interestingly, the majority of smart money held WETH for the long term, with 76% of tokens held for 1-2 years or more.
Unique addresses increased in the network from 150 thousand to almost 490 thousand within 12 months. This remains a feat for Ethereum as the crypto market crashed for much of the aforementioned period.
Source: Nansen
There is also growing investor confidence in the Merger with the stakes reaching new heights of late. Currently, 13.2 million ETH ($21.6 billion) have been deposited for staking. Among the 77.7,000 unique depositors, Lido Finance and Kraken lead the list with 4.1 million and 1.1 million ETH, respectively.
Stock market bidding continues to be an important signal for understanding trader sentiment. ETH saw outflows from exchanges for a balance of 24.6 million ETH to 22.2 million ETH in just over five months.
Source: Nansen
In DeFi as well, Ethereum leads among other cryptocurrencies with clear dominance. In fact, Ethereum crushes all Layer-1 competition when it comes to TVL.
At the time of publication, it had a market share of 65.32% with $58 billion in TVL. BSC remains second best with a TVL of just over $6.7 billion.
Source: Nansen
conclusion
This data helps make a strong case for Ethereum’s post-merger prosperity. They also certify the growth of the Ethereum ecosystem in the broader crypto market. Merge itself is expected to bring more flow for Ethereum holders. At the same time, ETH is reacting very well to the growing hype.
ETH prices are up more than 50% since last month and continue to flash green on the price chart. So there is reason to be positive about the market going forward.
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