“Happy Merge Day” has become India’s go-to greeting for Web 3.0 community members. On Thursday, they celebrated the victorious achievement of Ethereum’s move towards technology that requires minimal energy consumption to function in its blockchain network.
Ethereum’s move, known as “The Merge”, is a great deal and has been hailed as a significant occasion for the global crypto sector. In a year that has been very depressing for the Indian cryptocurrency industry, the accomplishment of the eagerly awaited shift was greeted with joy in the Web 3.0 community on various social media platforms. According to specific sources, the switch to a blockchain platform that requires minimal energy consumption might increase institutional investment and the adoption of Ethereum by developers.
The “Ethereum Mainnet Merge Viewing Party,” which was organized by the Ethereum Foundation, a non-profit entity committed to assisting the Ethereum blockchain, and broadcasted live on YouTube, had more than 30,000 participants from all over the world.
Most developers and Decentralized Finance (DeFi) initiatives use Ethereum’s open-source blockchain. According to a source, before the Merge came into place, an average house in the United States used 6.76 days’ worth of electricity in just one transaction on the Ethereum blockchain. However, that is said to alter now with the Merge, as Ethereum is anticipated to increase its energy efficiency to 99%.
According to Web 3.0 venture capitalist Aashima Arora, lowering the carbon footprint is crucial for organizations that must adhere to environmental, Social, and Governance (ESG) regulations in their company’s portfolios.
The founding partner of Woodstock Fund, Pranav Sharma, anticipated that institutional participation would rise as it became simpler to purchase, stake, and take part in various straightforward and complicated financial instruments in Decentralized Finance (DeFi) as conventional finance. Anxiety may exist for a short duration as a result of macroeconomic slowdowns. Nevertheless, this might be the starting point for dissociating virtual assets from macro or Ethereum (ETH) from Bitcoin (BTC).