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The majority of cryptocurrencies have taken a downturn since the beginning of the year. The market cycle has shown us that bullish periods are preceded by bearish momentum.
However, the market cannot remain in the same state for a long time. A catalyst is needed to turn the tide and steer the market in a new direction.
Vitalik Buterin, The co-founder of Ethereum has announced that the Ethereum Merge is due to take place in August. This is widely anticipated as one of the most important upgrades to the system to date and will go a long way in terms of improving the usability of the platform.
This also has the capability of triggering bullish sentiments for projects such as Cardano (ADA) and CashFi (CFI), among others.
It is difficult to speak to somebody within the crypto sector that isn't familiar with Ethereum (ETH).
The smart contract blockchain is at the heart of the majority of new emerging trends within the crypto sector.
The development of the DeFi space and NFTs are good examples of crypto sub-sectors that have excelled due to the Ethereum (ETH) network.
Ethereum is now transitioning from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism. This is called Ethereum Merge. It is expected to usher in a new era within the Ethereum ecosystem and projects such CashFi should benefit from it.
Not only will the merge reduce the level of energy consumption required through the use of the proof-of-work consensus, but it will also significantly increase the functionality of the network. Decreasing the factors causing network issues amongst users of the platform.
A wide variety of Investors are expected to provide added support to the network. This should lead to an overall increase in the development and adoption of the Ethereum (ETH) ecosystem, providing an opportunity to benefit from a potential rise in the price of the token.
Investors should keep a close eye on Ethereum (ETH) in the following months.
CashFi's native token, CFI, is an ERC20 token. Based on how the system is, CashFi (CFI) is more interested in Ethereum's (ETH) developments as this affects its token.
If the Ethereum Merge is successful, transaction costs are expected to go down as miners will be phased out in favour of stakers. Ethereum (ETH) will become more decentralised, secure, faster, and efficient.
This will trickle down to CashFi (CFI) as more people will be able to interact with CashFi in a faster and more efficient manner.
The age of liquid staking will take off as more people see value in CashFi (CFI).
CashFi (CFI) is a new project that is still in its early days. The timing of its launch couldn't be better because the success of Ethereum (ETH) will spill over to projects with rock-solid concepts.
CashFi (CFI)will likely benefit investors who buy the token at low prices during the presale, with its liquid staking system set to rock the crypto world.
Ethereum's (ETH) success could also be the key for competing blockchains to up their game and turn their fortunes around.
Cardano (ADA) is a blockchain platform for developing and deploying smart contracts. The platform is yet to come of age but it has lots of promise.
A lot of developments have been going on under the hood and the blockchain network needs a catalyst to give its ADA token a major boost.
The significance of Ethereum Merge is that it may push investors to look at Cardano (ADA) developments and realise that it is undervalued and that investment now may yield a healthy profit in the future.
Cardano (ADA) printed an all-time high of more than $3 and the project has the potential to reach or surpass this price point. Cardano (ADA) has a strong community that continually supports the project.
This is very important for the growth and longevity of a project.
What the Future Holds
No one has a crystal ball to see into the future. However, if history is going to repeat itself as it usually does, there are big chances that the success of the Ethereum Merge will be the trigger that shoots projects such CashFi and Cardano to the moon.
CashFi will continue to work on liquid staking as it prepares for a bullish phase.
Find out more about cashfi here:
Website: https://cashfi.finance/
Telegram: https://t.me/CashFi_Token
Twitter: https://twitter.com/CashFi_Token
Instagram: https://www.instagram.com/_cashfitoken
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
