Web3 Platforms Get Ready for the Upcoming ETH Merge

Web3 Platforms Get Ready for the Upcoming ETH Merge

August 31, 2022 0 By Jeanine Sanchez

Recently, Web3 platforms running on Ethereum’s blockchain have released plans ahead of the Merge. Some platforms have shown support for the transition, while others are not in agreement. 

Web3 Platforms Share Contingency Plans Ahead Of The Merge

Prior to the Merge, ETH released various testnet upgrades to the network. The ETH blockchain chose to move from the PoW consensus mechanism due to its high energy consumption. 

After different trials, the blockchain is set to merge with the Beacon Chain. The success of the Beacon Change will mark the network’s transition to the PoS.

Although the community has been making preparations, the whole process is still risky. This is because a failed Merge could affect several projects causing the market to crash.

According to Christopher Calicott, a cryptocurrency venture investor, this transition is the first of its kind. Consequently, most web3 platforms are making backup plans.

For example, the DeFi protocol, Aave, has passed its Ethereum lending service. The platform made the announcement on its governance website.

Accordingly, the DeFi lender believes most tokens apart from Ethereum would be worthless on the PoW-based Ethereum blockchain. Hence, users might want to borrow more Ethereum to expand their crypto holdings.

Meanwhile, the DeFi lending platform also highlighted other concerns. The protocol mentioned PoW ETH forks that would not transit to the PoS consensus. 

However, the popularity of DeFi, cross-chain bridges, and centralized stablecoins on ETH make the process complex. Yet, this is still a major issue.

Ethereum Foundation Looking For Data Analysts 

The ETH-based NFT market, LooksRare.org, also highlighted its plans if a chain split occurs. According to the NFT market, it would switch to maintenance mode moments before the Merge.

Entering maintenance mode would suspend the support for wrapped Ethereum (WETH). This prevents a situation where orders are repeated after the Merge.

“WETH support will be restored when the Merge is finished. This is after “multi-sig administrators have validated that the POW fork no longer utilizes ChainID 1. Afterward, it will upgrade the Currency Manager on the POS chain,” LooksRare.org added 

As the Merge approaches, the Ethereum Foundation is looking for data analysts. These data analysts will help to analyze data during the process of the Merge.

The Foundation is willing to give prizes worth over $30,000 for data analyses and representations of the data generated during the Merge. As per the report, anyone that can collect and evaluate merge data can apply. 

Furthermore, the Foundation is counting on participants to create new ways to present data using visuals and tools.