The Merge is one of the most anticipated events in Ethereum history. The blockchain's transition to the proof-of-stake (PoS) consensus mechanism is expected to increase scalability and lower power consumption. As such, the update could send ETH prices rallying.
However, ETH is not the only cryptocurrency that could gain from the network's switch to PoS. The effect of The Merge is also expected to rub off on a few other coins. Tag along as we unpack some of these projects that could see a surge once The Merge is complete and the reasons behind the potential upside.
Ethereum Classic (ETC)
After Ethereum transitions to proof-of-stake, miners on the network will be out of work, and their expensive mining rigs will be idle. Therefore, miners are looking for other blockchains where they can divert their resources and continue earning rewards through mining. Ethereum Classic is one of the main options for these miners.
Lido DAO (LDO)
After The Merge, miners will be replaced by stakers. The only catch is that you need to pledge at least 32 ETH to participate in the staking activity. That's roughly $52,000 at current rates. It's not something everyone can afford to lock up in a staking contract for months and months.
This is where platforms like Lido come in. They offer staking pool services where many underfunded stakers can collect their ETH and start staking as a collective. Staking rewards are then distributed based on the amount of ETH contributed to the staking pool.
Ethereum Classic is the original version of the Ethereum blockchain that was forked over disagreements around The DAO. The DAO was an ETH-based investment organisation which was hacked after bad actors found a bug in its platform and exploited it to syphon upwards of $70 million.
Ethereum Name Service (ENS)
ENS is a naming system based on the Ethereum blockchain. It allows users and businesses to convert machine-readable private keys into human-readable names. For instance, an Ethereum private key such as '6f867cm28ih8wk' can be mapped to a human-readable name such as 'XYZ.eth.'
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Source:- CNBCTV18