Ethereum’s transition to proof-of-stake passed without a hitch, marking the successful conclusion to one of the most consequential events in the history of crypto and open source development. While prices have barely budged in the 8 hours following the Merge, preparations for this monumental shift were visible elsewhere in the markets, evidenced by a massive drop in funding rates, rising open interest, widening staked ETH discount, and decline in liquidity in the hours preceding the event. In today's Deep Dive, we’ll look at what’s changed, what hasn’t, and how markets could evolve over the next few days.
The research features in Kaiko’s data-driven market overview ‘Deep Dive’ which can also be found here.
