The ETH Merge Is Here

Is it just me or does it seem like the Ethereum Merge (i.e. from the Proof-of-Work to the Proof-of-Stake Consensus Mechanism) was a way bigger deal last Christmas when my crypto-bro-cousin got drunk and couldn't stop talking about it?

The fact is that this is a massive achievement from a technical perspective, but it's coming at a time when a lot of popular culture has moved on. The gas wars are over and owning a picture of a rock doesn't seem as cool as it once did. ETH is not reacting as many thought it would—it’s currently down ~8% post merge.

That being said, this is a huge moment in crypto history and for open source software more generally. This also serves a "no news is good news" situation in terms of how smooth this transition went technically. The work of Vitalk Buterin & co to make this a reality will have a profound impact (like reducing worldwide electricity consumption by 0.2%) and sets the stage for (hopefully) not paying $1,000 in gas fees during the next bull run...

Other stonky stuff to be aware of:

• Adobe Eyes Figma For Twenty Big Ones ($20 Billion!)
• South Korea Issues Arrest Warrant For Do Kwon (Terra Founder)
• Twilio Laying Off 11% Of Staff With Plans For Profit By 2023
• Cramer Says Bear Market Isn't Over (Rally Incoming)