The Merge wasn’t a big event for the Ethereum network alone. The entire crypto industry celebrated the occurrence of one of the most anticipated events in history. The network’s transition into the Proof-of-Stake [PoS] from Proof-of-Work [PoW] is considered to be revolutionary to many and detrimental to a few. While Bitcoin maximalists and ETH miners weren’t on board with this shift, most of the crypto community was enthralled to see how this endeavor pans out for the network.
As expected there was a significant divide among Crypto Twitter. A plethora of tweets about the event began pouring in soon after the Merge was complete.
Ethereum’s founders Vitalik Buterin and Joseph Lubin were busy congratulating and expressing gratitude towards everyone that was part of the process. Meanwhile, an array of them lauded the seamless transition of the Ethereum network into the PoS realm.
The President of StarkWare, Eli Ben-Sasson took to Twitter and drew a comparison between Ethereum’s Merge and the Webb Telescope.
In addition to this, Jake Chervinsky posed an interesting question before crypto lovers.
Looks like Ethereum’s quest to become deflationary was inching closer.
Alongside all the praises, there was a backlash as well. As mentioned earlier, several have been pointing out that through the Merge, Ethereum was defying the laws of the crypto industry.
Taking a dig that Ethereum’s smooth transition into PoS, Samson Mow said,
“ETH fanboys watching the Merge with anticipation is funny. There can be no technical failures in Ethereum because Ethereum’s existence isn’t predicated on any technology – it already failed in 2016 with the DAO fork. What exists today is a database run by a marketing company.”
Here’s how Ether is reacting to the Merge
With ETH deposits and withdrawals paused in prominent exchanges, the price of Ethereum’s native asset remained rather stagnant. At press time, the second largest cryptocurrency was trading for $1,590 with a 0.82 percent dip over the last 24 hours.
Ethereum’s market cap seemed to be inching closer to $200 billion. For reference, Bitcoin’s market cap was previously at $385.91 billion. This minimal disparity had the community speculating about Ethereum’s supremacy.