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GM folks,
Welcome to Switch Daily. 🤗
Mid-week blues hitting you already? Don’t worry. We’ve got you covered with a ‘classic’ story that will get your day going like ✈️✈️✈️…
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Let’s see what’s in the bag today:
Market pulse
ETH merge, ETC surge
Today's top stories
Meme of the day
Market pulse 📈
The market is blooming 🌼
The broader crypto market is up by 2.99% this morning, with top cryptos ETH and BNB holding onto their gains of 1.41% and 0.91%, respectively. JasmyCoin (JASMY) is up by 11.59% today, spurred by a surge in trading volumes. DOGE continues to rally, with a 9.80% uptick in the past 24 hours.
ETC surges🚀 as ETH merges🤝🏽
We’re just a month away from what might go down as the greatest event in history — The ‘Merge.’
And as ‘chote bhai’👱♂️a.k.a Ethereum shifts gears from POW to POS, ‘bade bhai’ 🧓a.k.a Ethereum Classic is also stealing some thunder in the crypto-verse.
Let’s get some context:
ETC is trading currently at ₹3,515, i.e., over 130% higher than its value last month.
Also, there has been a sudden surge in large ETC wallet holders by 40% in the past month.
ETH merge is scheduled to happen on Sep 15, 2022.
Why is ETC gaining while ETH prepares for the Merge?
Post merge, our ‘chote bhai’ Ethereum will no longer be able to continue rewarding miners. So, they might be on the lookout for a new network to support their livelihood.
🥁🥁🥁Enter ‘bade bhai’ Ethereum Classic. 😎
Ethereum Classic is fully documented and operationally ready to absorb the hash rate currently mining Ethereum. Whether the ETHW fork (Ethereum Proof-of-work Fork Proposal) succeeds, ETC will continue to exist. So, miners have already started migrating to the ETC network ahead of the merge.
Meanwhile, our man Vitalik is confident that any Ethereum miner migration won’t slow the merge. The merge is sooo on, bruh 👊!
What's on the news today? 🗞
🎁Axie Infinity is changing its rewards system
Axie has removed one of its native tokens, Smooth Love Potions (SLP), from the classic gameplay. The move will draw users to its new game mode, Axie Infinity Origin. Read more.
💲Another stablecoin, Acala Dollar (AUSD) depegs.
The Polkadot-based stablecoin lost its parity with the US dollar following a breach over the weekend. Its price has since begun to bounce back. Multiple reports say that the Acala protocol was compromised, and an attacker managed to make away with 1.2 billion AUSD. Read more.
👛ETH whale transfers 1,45,000 ETH
The whale obtained most of the ETH by participating in the Genesis Initial Coin Offering (ICO) in 2014. The account had been inactive for three years before this. Read more.
🏛️Public firms like Samsung go long on blockchain
Top public companies like Alphabet, BlackRock, and Samsung take the top spots in a list of firms having blockchain-specific investments. Alphabet sits on top with investments worth $1.56bn, and Samsung at four is the most diversified of the lot.
Memewhile ETH miners:
Well, that's all folks!
Have a good day. See you tomorrow! 👋🏽