[Weekly Readings] ETH Merge is coming, All You Should Read

HuobiPublicado em 2022-08-13Última atualização em 2022-08-16

Resumo

ETH Merge is coming,here is aggregation.

This week is about the Merge, we recommend you read though these articles to grasp the big picture of the ETH:

1. ETH preparation bifurcation - risk assets may return to zero, and beneficial assets will increase 100 times

Brefing: After the merger of eth, the bifurcation is expected to approach, and risks and opportunities coexist.

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[ETH] The Fork Is Coming? Which Strategy May Help You Profit from the ETH Merge?

Brefing: Although the official date of the Merge has not been given yet, when the Ethereum testnet Goerli has already started the merger, the Merge has no turning back.

At the same time, the hopelessness of ETH Miner caught the attention of the crypto world. Some old players trying to fork Ethereum proposed an option to create ETH-PoW, which ignited the enthusiasm for a new species. With the expectation of Merge, the ETH rally and we should believe on it.

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[ETH] A New Ecosystem for ETH, What Is Going On?

Brefing: In the post-Merge world, Ethereum transactions will flow through a very specific and orderly process. A powerful transaction supply chain is being constructed before our very eyes, and massive power structures are about to emerge.

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Tether also confirms its throwing weight behind the post-Merge Ethereum

Brefing: We believe that a smooth transition is essential for the long-term health of the DeFi ecosystem and its platforms, including those using our tokens,” Tether stated.

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Proposed ETHPoW Fork Poses An Existential Threat To Ethereum. Can It Succeed?

Brefing: The ETHPoW fork proposal comes from the miners. It’s only logical that they want to keep Ethereum as a Proof-Of-Work chain, since all of their profit will evaporate overnight with the change to Proof-Of-Stake. The merge is supposedly only weeks away, and the Ethereum community has their hearts set on the proposed changes. Nevertheless, the miners have the right to fork the chain, and that’s where ETHPoW comes in.

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Justin Sun Says Proof-of-Work 'Essential' Part of Ethereum

Brefing: Tron's controversial founder said his stablecoin, USDD, will be the first to support the post-Merge Ethereum fork, on CoinDesk TV’s “First Mover.”

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Will there be a Surge after the Merge? - A Quantitative Analysis of Post-Merge Impact on the Market

Brefing: The Merge of Ethereum is the migration of the network consensus scheme from Proof of Work (POW) to Proof of Stake (POS), which is expected to start on Sept 19, 2022. Its influence on the market is complex and profound.

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A Guide to Grayscale’s ‘Bottom Fishing’: Using Cash Flow to Assess Cryptocurrency Value

**Title:** Grayscale's Guide to Bottom-Fishing: Valuing Cryptoassets Using Cash Flows **Summary:** This report by Grayscale Research presents a fundamental valuation framework for cryptocurrency assets, moving beyond pure speculation to analyze those with underlying cash flows. It distinguishes between "commodity-like" assets (e.g., Bitcoin) and "cash-flow" assets, primarily within DeFi. Using the leading decentralized lending protocol Aave as a case study, the analysis applies traditional financial methodologies like Discounted Cash Flow (DCF) and Price-to-Earnings (P/E) multiples. Key findings indicate that AAVE tokens are currently undervalued. Despite recent challenges, the protocol's strong revenue growth, ~50% net profit margin, and diversified treasury support a fundamental valuation range of $80-$100 per token (compared to a ~$75 market price at the time of writing). In a base-case scenario driven by stablecoin adoption and regulatory clarity, the fair value could rise to around $175 within a year. The report emphasizes that protocol success does not automatically translate to token value. It critically examines the "value capture" mechanisms—such as buybacks, burns, and staking rewards—that channel protocol profits to token holders. Furthermore, it addresses the legal and governance complexities of Decentralized Autonomous Organizations (DAOs), noting their difference from traditional corporate equity but highlighting how robust, transparent governance can align protocol economics with holder interests. The conclusion is that the crypto market is maturing, with capital increasingly flowing towards projects with demonstrable fundamentals, real adoption, and disciplined capital allocation, creating opportunities for value-based investors.

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A Guide to Grayscale’s ‘Bottom Fishing’: Using Cash Flow to Assess Cryptocurrency Value

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After semiconductors lead the gains, are funds buying into AI orders or a macroeconomic rebound?

After US-Iran talks led to a temporary ceasefire and framework for reopening the strategic Strait of Hormuz, U.S. stocks rose on June 18, with the Nasdaq gaining 1.9%. The semiconductor and AI hardware sectors outperformed. This rally stemmed primarily from reduced geopolitical risk, which lowered oil prices and inflation expectations, easing discount rate pressure on high-valuation growth stocks like tech. The key question is not whether tech rebounded, but the nature of the rebound. The market appears to be selectively repricing AI infrastructure plays rather than broadly chasing AI narratives. Gains were concentrated in chips, optical interconnects, memory, and domestic manufacturing—segments tied to tangible data center build-outs and capital expenditure. Intel's ~10% surge, fueled by a Trump statement about potential Apple collaboration, exemplifies this mixed dynamic. It reflects policy catalysts and domestic manufacturing sentiment more than confirmed fundamentals. Meanwhile, strong earnings from companies like Astera Labs (revenue up 93% YoY) provided concrete evidence of AI-driven demand in hardware. In essence, the rally represents a risk-premium recalibration. Lower Middle East tensions opened a valuation repair window, and capital flowed first into AI infrastructure segments with visible near-term revenue streams. The sustainability of this move hinges on upcoming Q2 earnings, specifically continued strength in cloud provider capex, AI server orders, and hardware company guidance. Policy hopes alone are insufficient; the cycle needs validation from orders and financials.

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After semiconductors lead the gains, are funds buying into AI orders or a macroeconomic rebound?

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Kraken Adds Solana On-Chain Token Trading Directly Inside Its App

Kraken has integrated on-chain Solana token trading directly into its main app, eliminating the need for users to use a separate wallet or manage seed phrases. Eligible customers in the U.S. and over 100 countries can now trade approximately 2,500 verified Solana-based tokens within the familiar Kraken interface. This move aims to simplify decentralized trading by using embedded wallet technology from Privy and Solana DEX protocols to handle transactions in the background, while displaying on-chain holdings alongside centralized exchange balances. The exchange chose Solana due to its fast-moving token markets and retail trader familiarity, offering access to assets that often appear on-chain before centralized listings. However, Kraken clarifies that these on-chain tokens have not undergone the same review process as centralized listings, meaning market risks remain. This integration reflects a broader trend of major exchanges incorporating DeFi features to retain users who seek early access to new tokens. While not replacing advanced DeFi wallets, Kraken's solution seeks to make on-chain trading more accessible to a mainstream retail audience.

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Kraken Adds Solana On-Chain Token Trading Directly Inside Its App

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Litecoin ETF’s Slow Start Shows Altcoin Funds Still Face A Demand Test

The Canary Capital spot Litecoin ETF (LTCC) has had a slow start, with reported inflows of around $9.3 million since launch and assets under management at a lower level. This highlights the significant gap in institutional demand compared to Bitcoin and Ethereum ETFs. While Litecoin has an established history, its more modest narrative around payments and longevity hasn't yet made it a must-own institutional product. The case demonstrates that regulatory approval alone does not guarantee strong investor allocation. For the broader altcoin ETF thesis, future products may see different demand, but Bitcoin and Ethereum are likely to remain the primary institutional channels for the foreseeable future.

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Litecoin ETF’s Slow Start Shows Altcoin Funds Still Face A Demand Test

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The Entire Internet Hails Noam's Joining, But OpenAI's Loss Bill Just Got Thicker

While the AI community celebrates Noam Shazeer, co-author of the "Attention Is All You Need" paper, joining OpenAI as Head of Architectural Research, the company's audited financials reveal a starkly different reality. In 2025, OpenAI reported $13.07 billion in revenue but a massive $20.92 billion operating loss. Even excluding a one-time accounting charge, the cash burn is severe, with $3.7 billion consumed in Q1 2026 alone. This high-profile hiring occurs against a backdrop of significant internal research talent drain, with key founders and researchers departing as the company's focus shifts from exploratory research to product iteration. Meanwhile, OpenAI's fundamental business model faces a deep crisis. It paid Microsoft $10.59 billion for compute in 2025, while its vast user base of 9 billion weekly actives includes only 50 million paying customers, making growth a direct driver of escalating costs. The article argues Shazeer's recruitment is less about technical necessity and more about crafting a compelling narrative for OpenAI's upcoming IPO, aiming to justify a rumored $1 trillion valuation to future public market investors. It contrasts OpenAI's strategy with Anthropic's reported path to profitability, which relies on a strong enterprise customer base and cost control, rather than star-powered narratives. Ultimately, the piece concludes that while Shazeer's architectural work may take 1-2 years to materialize, OpenAI's financial clock is ticking much faster, with its massive losses undercutting the celebratory headlines.

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The Entire Internet Hails Noam's Joining, But OpenAI's Loss Bill Just Got Thicker

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