Ethereum holders should do this before Ethereum’s Merge:
The long anticipated Ethereum merge is few days to behold and Etheruem holders needs to be more careful at the moment.
The merge is the first of it’s kind, so the after math is not still clear, we just hope for the best.
Ethereum merge is the transition of Etheruem from the Proof of work consensus mechanism to a proof of stake model.
This transition will be helpful to Etheruem network by reducing blockchain energy consumption and fixing scalability issues of Etheruem.
Bobby Ong, Co-founder and COO of major cryptocurrency data aggregator, CoinGecko, has shared some tips on how ETH holders can leaverage on the upcoming event.
- In a tweet thread today, Bobby Ong revealed that one of the best ways for existing ETH holders to get ETH proof-of-work (POW) airdrops will be to have their tokens in a hardware wallet.
- HODL your Ethereum on Exchanges that supports the impending FORK.
- Unwrap wrapped ether (WETH) before Merge, and also bridge all ETH tokens back to the mainnet rather than holding them on layer 2 scaling solutions like Optimism, Avalanche, Polygon, or Arbitrum.
Meanwhile, Coingecko boss believes he could be eligible for the impending forked tokens if his ETH is held on a non-custodial wallet.
But noted that claiming them all may not be wise because scammers can come up with airdrop strategy.
According to Ong:
“My strategy for these fork tokens is to sell them all immediately. Almost all the fork tokens are now dead as they are created solely to keep miners temporarily occupied with mining and have no incentive to grow their community and usage.”
Cryptoforpidgin revealed previously, the date of the long awaited transition as September 19, but it might happen sooner, on September 15.