- Ethereum has outperformed Bitcoin since early August, up 15% on a relative basis in the last 30 days, as investors position themselves ahead of the major network upgrade to Ethereum known as “The Merge.” We spoke about how the merge is a key catalyst for the entire industry in our Quarterly Bitcoin ETF outlook. See Alex’s section and our Quantitative Analysis section for more.
- The Ethereum Merge is expected to happen between September 13th-15th. Find out how key network stakeholders like node-operator Infura are positioning for this major event: we hosted Infura’s Sharon Byrne-Cotter on a recent DeFi Decoded episode.
- DeFi lending protocol Aave has stopped loaning Ether ahead of the Merge. The community of Aave holders voted overwhelmingly for the pause in lending to avoid ‘overutilization’ of the network as investors take out loans in ETH to receive a ‘free’ token of proof-of-work ETH on their borrowed ETH. This assumes that a so-called “contentious hard fork’ occurs with some miners and community members choosing not to adopt proof-of-stake.i
- Bitcoin’s Mean Hash Rate continues to recover, and it now sits near its all-time high. Hash rate reflects network difficulty, suggesting the Bitcoin network is more secure now than at nearly any prior point. See our Quantitative Section for more.
- An IMF research report called crypto assets “speculative investments, hedges against weak currencies, and potential payment instruments.” Previously the IMF had dismissed crypto assets as niche products: Link to the Report.
May 25, 2023
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