Making the Ethereum blockchain greener, the Merge has yet to save the price of Ether. The value of the second largest cryptocurrency continued to fall. ETH Holders Are Eagerly Waiting For The Next One bull run which is late in coming. Nevertheless, the Merger contributed to the rebound in cryptocurrency trading volume. It is conducive to increasing ETH supply and selling popular NFT collections.
Post-merger period, rising volume of crypto exchanges
According to Crypto Compare, the daily moving average of 7-day cryptocurrency trading volumes has seen a significant jump. If on September 6, they were 18.1 billion dollars, this figure was revised to 28.6 billion dollars on September 16. That is, one day after the Merge. As a reminder, this step was completed a day earlier.
Data collected by The Block Research also highlighted a large contribution from ETH traders on FTX.US. In just 24 hours, they achieved a rate of 43% on all cryptocurrency exchanges. Let’s not forget that this exchange was planning to launch stock trading a few months ago.
Rise in Ether supply after the Merge
The Merge also allowed the increase in the supply of ETH tokens. An additional 418.88 ethers were identified by ultrasound.money, according to Crypto Briefing.
However, several analysts have predicted that the migration of the Ethereum blockchain into the Proof-of-Stake would lead to an immediate deflation of its monetary system.
Note that the supply of ETH briefly dropped right after The Merge. It decreased by around 248 ETH within 12 hours of this upgrade. But yesterday, this historic rise in the number of tokens was reported.
To say that before the Merger, Ethereum miners were splitting around 13,000 ETH per day. ETH validators, on the other hand, received the equivalent of 1,600 ether. This caused an annual increase of 4.62% of the total supply of Ethereum.
Except that The Merge has put an end to this old way of distributing rewards. Thus, ether emissions fell by 89.4%. If there had been no Merger, the total supply would have reached over 20,994.04 ETH.
The sale of popular NFTs has also increased
On September 15, Bloomberg reported that sales and prices of non-fungible tokens grew after the Merge. Knowing that a large number of marketplaces of NFT can be found on the Ethereum blockchain.
Bored Ape Yacht Club, for example, said it saw a surge of $1.3 million, or 187% on the same day around 4 p.m. ET. Note that Eminem and Snoop Dogg are real fans of BAYC, and do not hesitate to promote it. Even if it means performing with their respective Bored Ape avatars in a clip or during major events like the MTV VMA 2022.
CryptoPunks also saw their trading volume increase by 56% in the same period. This increase was estimated at $1.4 million.
There is also OpenSea which had revealed a 77% increase in trading volume on its platform. This rate represents the equivalent of 10 million dollars, an achievement made at the same time. Even the average price of an NFT traded on OpenSea jumped 227% on occasion.
And finally, there is Magic Eden, a marketplace which sells NFTs based on Solana. The statistics speak of an increase of 36%, or $46 million, last Thursday.
For several months, NFT sales have stagnated or even fallen, against a backdrop of bear market. They are struggling to regain the sales pace of last year: 4 billion dollars in all. But the Ethereum Merge seems to have improved the situation for these assets. He made sure to increase the volume of cryptocurrency transactions on FTX.US, and to increase the supply of ETH. Is this the start of a new era for enthusiasts?
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
