Coingecko Co-Founder Explains How Investors Can Profit From The ETH Merger

2 years ago 88

The post Coingecko Co-Founder Explains How Investors Can Profit From The ETH Merger appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Nearly every cryptocurrency market participant is aware of the impending Ethereum upgrade, which is designed to significantly change the network. However, far too many people are missing out on the chance to profit from one of the biggest events in the industry.

Bobby Ong, co-founder of Coingecko-an analytics platform for tracking cryptocurrencies- came out with an explanation of how Investors can capitalize on the ETH merger.

PoW Tokens

You immediately qualify for an Ethereum PoW token airdrop if you own some ETH tokens. It would be preferable to transfer money to a hardware wallet if you hold your money on centralized exchanges or noncustodial wallets in order to have complete control over it.

1. To get the ETH PoW tokens, you must first hold ETH on a wallet that supports this fork.

The best would be to have full custody of your ETH on a hardware wallet. If you are holding ETH on an exchange, your exchange may or may not give you the fork tokens.

— Bobby Ong (@bobbyong) September 5, 2022

You will be eligible to receive “free” PoW tokens following the hard fork, which you can then store, sell, transfer, or use however you see fit.

Try not to store Ethereum on Layer 2

Despite the fact that there is nothing wrong with using Optimism, Arbitrum, or other alternative Ethereum layers, if you keep your assets there, you won’t receive any ETH PoW tokens. You can shift your money to any cryptocurrency wallet or an exchange that accepts a PoW fork up to the merger, claim your tokens, and then transfer your money back.

Borrowing ETH from DeFi platforms

Platforms like AAVE or Compound that offer ETH as collateral have already experienced a sharp increase in popularity. Investors are purchasing “cheap” ETH by investing part of their extra cash in collateral in an effort to increase the size of their airdrop share.

If acquiring as many PoW coins as you can is your main objective, it is technically a more practical method of gaining brief exposure to Ethereum. The significant Ethereum network update is anticipated to occur around September 13 and is less than 10 days away at this time.

Read Entire Article