As Merge approaches, Ethereum (ETH) continues to draw institutional money, according to a study issued. This is crucial for Ethereum, which is currently going through a period of change that calls for collaboration within the community to be successful. According to the data, Ethereum received inflows of $16.3 million just last week.
Institutional investors are drawn to ethereum.
The researches claim that the recent shift to a proof-of-stake (PoS) blockchain network is directly tied to the current inflows to Ethereum. As things become more evident, investors are placing less and less wagers on Ethereum and a smooth switch to a new network.
The Ethereum community has been attempting to switch to a more effective blockchain network for a number of years. This will occur when Ethereum and Beacon Chain combine (Ethereum 2.0). By doing this, the Ethereum blockchain will eventually become more dependable and be able to compete with newer, quicker blockchain networks.
The Ethereum network is now overloaded, and whenever transaction volumes rise, fees soar and transaction times lengthen. Due to this, using Ethereum for non-fungible tokens and decentralized finance (DeFi) solutions is all but impossible (NFTs).
Data shows that Ethereum increased by 7.7% during the previous week, Instead, the price of Bitcoin (BTC) increased by 2.1%. In the top 10, Ethereum was one of the top 3 virtual currencies in terms of weekly growth. ETH is currently valued at $211.74 billion and is trading for $1.765.00.
With the new PoS blockchain environment they are attempting to create, Ethereum could experience a lot of advantageous things in the future. Due to Ethereum’s unreliability in terms of DeFi apps, transactions, and NFTs, other blockchains as Binance Smart Chain (BSC), Polkador (DOT), Solana (SOL), or Cardano (ADA) have grown.
On other blockchain networks than Ethereum, using smart contracts and sending or receiving transactions is simpler and less expensive. But with the merger with Ethereum 2.0 Beacon Chain, this is anticipated to alter soon.
Because other blockchains might be forced to provide better services and solutions than those provided by Ethereum dApps, the outcomes could be very favorable not only for Ethereum but also for the entire crypto ecosystem. These other blockchain networks will also be less crowded because a significant portion of their volume may switch to ETH.
