Kaiko’s data on October 10 shows that the “Merge” has been a “disaster” for Ethereum’s performance. According to Kaiko, Ethereum has been trailing Bitcoin in price and volume since the critical upgrade was deployed on the first smart contract platform. 

The trend will likely continue, looking at the price and volume ratios of Ethereum and Bitcoin in recent days. A clear divergence shows that Bitcoin could be extending its lead over Ethereum, reinforcing Kaiko’s findings.

The Ethereum Merge: Shift To Proof-of-Stake

Ethereum is now a proof-of-stake network where validators, not miners, confirm transactions and secure it. Before the Merge, Ethereum was a proof-of-work blockchain reliant on miners. In late 2020, Ethereum operated on two networks in parallel, with the current PoS …