Global DeFi app store DappRadar and other stakeholders have expressed concern over Ethereum’s imminent “merge” as it could adversely impact or destablise several decentralised applications on the ETH blockchain network during the upgradation process.
In a report titled ‘DeFi’s Stablecoins Battle Fallout’ on August 27, DappRadar highlighted that it is one of the most anticipated events in the crypto industry as it could potentially destablise the stablecoins.
Expressing similar views, crypto investment firm Grayscale has tweeted that the ETH merge could impact the native tokens on the Ethereum blockchain.
Ethereum is currently the predominant blockchain network on which DeFi protocols and other applications function. It is one of the reasons why the ‘merge’ has been viewed with a pinch of salt.
Grayscale data shows that blockchain-based stablecoins like Tether (USDT) make up 28 per cent of Ethereum’s total market cap. Also, according to crypto market data provider Coinmetrics, the...
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