New Delhi (The Hawk): Following the 'Merge,' the dominance of Ethereum, the second largest cryptocurrency after Bitcoin, has increased by 20% in the global crypto market, according to a research released on Wednesday.
Last month's historic Ethereum update, known as the 'Merge,' will build a more energy-efficient network based on the second largest cryptocurrency, with the promise of saving the environment.
According to niche news publication BanklessTimes.com, the Ethereum merger has generated a lot of buzz, with every crypto enthusiast eagerly anticipating its arrival.
According to the research, the Merge was a success, and Ethereum's market dominance is growing.
"As expected, Ethereum's dominance is growing. Its ecologically friendly approach appeals to cryptocurrency users. Furthermore, as a result of the Merge, more people are adopting Ethereum than Bitcoin. The course has been established, and Ethereum will continue to rise "Jonathan Merry, CEO of BanklessTimes.com, stated
The blockchain is currently preparing for the Shanghai upgrade. Following the Shanghai upgrade, Ethereum expects to experience the "Surge," "Verge," and "Purge."
Surge is a "sharding" technology application. The technique will increase Ethereum's maximum transaction processing speed from 15 to 20 transactions per second to over 100,000 transactions per second.
The verge is the anticipated application of a mathematical proof known as "Verkle trees." The App will allow blockchain nodes to operate without downloading the complete chain's history. Finally, the purge will clear the chain of all legacy data. Combining these three enhancements will result in a more robust Ethereum blockchain. Some predict that Ethereum will one day overtake Bitcoin in market capitalization, a phenomenon known as "the Flippening."
"The post-Merge period will be crucial for Ethereum. As it dominates the crypto industry, the coin is likely to reach new all-time highs "the cited report.
(Inputs from Agencies)
