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Here's How to Take Advantage of Ethereum Merge: CoinGecko Co-Founder

Mon, 09/05/2022 - 08:32
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Arman Shirinyan
Everyone knows about it, but almost no one knows how to take advantage
Here's How to Take Advantage of Ethereum Merge: CoinGecko Co-Founder
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Almost every cryptocurrency market participant has heard about the upcoming Ethereum upgrade designed to change the network completely, but far too many people are missing out on the ways to take advantage of one of the biggest events in the cryptocurrency industry. Bobby Ong explains how.

PoW tokens

If you have some ETH tokens, you automatically become eligible for an Ethereum PoW token airdrop. If you hold your funds on centralized exchanges or noncustodial wallets, it would be better to move funds to a hardware wallet to take full control of it.

Once the hardfork occurs, you will be able to get "free" PoW tokens that you can hold, sell, transfer or do whatever you want to with them.

Avoid keeping Ethereum on Layer 2

While there is nothing wrong with using Optimism, Arbitrum and other alternative Ethereum layers, you will not get any ETH PoW tokens if you hold your assets there. Until the merger happens, you can move your funds to any hardware wallet or an exchange that supports a PoW fork, claim your tokens and then move your funds back.

Borrowing ETH from DeFi platforms

We are already seeing a massive spike in the volume of platforms like AAVE or Compound that offer ETH for collateral. Investors are looking for ways to maximize their airdrop share, which is why they are getting "cheap" ETH by putting some of their spare funds into collateral.

Ethereum on Proof-of-Stake: Comprehensive Guide to The Merge

Technically, it is a more convenient way of receiving temporary exposure to Ethereum if your main goal is to get as many PoW coins as you can.

As for now, less than 10 days remain ahead of the massive update for the Ethereum network, and it is expected around Sept. 13.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.