Crypto News

CoinGecko Co-Founder Gives Tips on How to Benefit From the Ethereum Merge

With the much-anticipated Ethereum Merge solely days away, Bobby Ong, co-founder and COO of main cryptocurrency knowledge aggregator CoinGecko, has shared some methods on how ETH holders can greatest reap the benefits of the upcoming occasion.

  • In a tweet thread on Monday (September 5, 2022), Bobby Ong mentioned that one in every of the greatest methods for current ETH holders to get ETH proof-of-work (POW) airdrops will likely be to have their tokens in a {hardware} pockets.
  • Meanwhile, Ong famous that it could be simpler for the investor if their ETH cash have been held on exchanges that assist the impending fork.
  • Other methods to guarantee receipt of ETH POW tokens is to withdraw liquidity from decentralized finance (DeFi) protocols, whereas additionally advising merchants to borrow ether from Aave and Compound.
  • The CoinGecko government additionally mentioned it was necessary for holders to unwrap wrapped ether (WETH) earlier than the Merge happens, and in addition bridge all their ETH tokens again to the mainnet moderately than holding them on layer 2 scaling options like Optimism, Avalanche, Polygon, or Arbitrum.
  • While Ong believes he might be eligible for the forked tokens if his ETH is held on non-custodial wallets, the CoinGecko co-founder famous that claiming all of them might not be sensible as some airdrops might be scammers wanting to get his keys.
  • Ong additional mentioned:

“My strategy for these fork tokens is to sell them all immediately. Almost all the fork tokens are now dead as they are created solely to keep miners temporarily occupied with mining and have no incentive to grow their community and usage.”

  • As beforehand reported by CryptoPotato, Ethereum is about to transition from proof-of-work (POW) – which is taken into account to be energy-consuming – to the environmentally-friendly proof-of-stake (POS) consensus algorithm.
  • The transition, referred to as the “Merge,” was initially scheduled for September 19 however may occur sooner, on September 15.
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