The topic is hotly discussed in the community cryptocurrency in the past is the proposed chain hard fork Ethereum to keep the current Proof-of-Work version later The Merge, instead of moving to Proof-of-Stake as the long-established roadmap for the coin cryptocurrency second largest in the world.
This proposal has received the support of a group of organizations, most of which are miners ETH do not want to lose benefits when online Ethereum give up mining, as well as from the founder TRON Justin Sun joins a group of exchanges such as Poloniex, MEXC and BitMEX through the listing of derivative tokens related to The Merge.
Even so, the protocols DeFi top include Chainlink, Aave, Argent wallet, DeBank and the founder himself Ethereum Vitalik Buterin has publicly opposed the Ethereum Proof-of-Work proposal, stating that it will not support this fork scheme.
By the evening of August 9, Circle, the company that issues the coin stablecoins The second largest cryptocurrency industry is USDC with a market capitalization of more than 54 billion USD, claims to be on the side of Proof-of-Stake.
In a blog post published by the company, Circle write:
“USDC is the largest US dollar-backed stablecoin issued on Ethereum, and Circle is committed to supporting the Ethereum Proof-of-Stake chain only after The Merge.”
Circle is proud to have accompanied USDC with Ethereum since its launch in September 2018, gradually becoming the mainstay of the ecosystem. DeFi above as well as supporting the development of many layer-2 solutions. Therefore, the project sees its responsibility to the Ethereum community when it comes to making sure to do the best for the common good.
Circle is committed to closely monitoring The Merge and avoiding disruption of stablecoin trading before and after the upgrade.
The reason USDC's stance is extremely important because stablecoins are the "lifeblood" of the Ethereum ecosystem. A forked Ethereum chain cannot exist without the support of stablecoins, as it will have neither the liquidity nor the monetary tools for the applications on it to function smoothly. Ethereum founder Vitalik Buterin himself has acknowledged the role stablecoin issuers play in the future of Ethereum. blockchain This follows The Merge.
Another stablecoin giant that has not yet made an official statement about The Merge is Tether (USDT), although the unit's Chief Technology Officer, Paolo Ardoino, has stated on Twitter that he will ensure The Merge is supported smoothly.
“We will not choose between PoW or PoS. Stablecoin issuers should act responsibly and avoid disruption to users. Especially with DeFi, a very fragile area.