Decentral Block Post

Cointelegraph’s Brian Newar spoke with Alex Svanevik, the CEO of blockchain data firm Nansen at the Korea Blockchain Week (KBW) 2022  held in Seoul and discussed topics like the upcoming Ethereum (ETH) Merge and how it will affect other blockchains. 

According to Svanevik, the industry witnessed a spillover effect in the last bull run. He said that in trading nonfungible tokens (NFTs), newcomers in the blockchain space didn't want to pay hefty transaction fees of up to $100 to purchase NFTs in the Ethereum network. The Nansen CEO noted that this demand for NFTs spilled over to other blockchains where the fees to purchase NFTs weren’t as high as in Ethereum. He explained that:

“It'll be interesting to see to what extent these other ones can continue to have demand if a lot of it was driven by that spillover effect. You might have a lot less usage.”

When asked what he thinks will happen to some other blockchains after the merge, the executive said that many may die off. “Many chains will probably become a ghost town or ghost chains. But I do think that some chains will find their own niches,” said Svanevik.

Related: Web2 adoption key to Metaverse success, Klaytn Foundation — KBW 2022

There was once a time when Bitcoin (BTC) was the only crypto project that was not a scam, and advocating for only BTC made perfect sense. However, according to a Bitcoin Core contributor, this has not been true for a while, as he urged the community to drop the us-versus-them culture. 

In a Twitter thread, Matt Corallo, who contributed to the Bitcoin Core, pointed out to the community that at the moment, instead of BTC proponents advocating why Bitcoin is unique and remarkable, they are spending time attacking other projects.

According to Corallo, this situation is leading to what he described as a narrative war, where crypto projects bash each other. Corallo further explained that Bitcoiners coming after Ethereum (ETH) for the upcoming Merge, saying that proof-of-stake (PoS) will not work, will, in turn push ETH proponents to lobby with regulators against Bitcoin with the same environmental angle.

Lastly, the developer urged Bitcoiners to focus on talking about Bitcoin and its positive aspects and drop the culture of attacking other projects that are not BTC.

Despite the call for more respect and courtesy for other projects, some Bitcoiners still remain unfazed. In response to the thread, Twitter user BitcoinCEOh said that "anything other than Bitcoin is a scam." They said that some projects look legit but are ultimately scams in the end.

Bitcoin (BTC) goes into another key macro week in the United States with a welcome break to the upside.

After avoiding a now-familiar breakdown around the weekly close, BTC/USD is surging higher at the time of writing on Aug. 8 to once more tackle resistance in place for two months.

Can the bulls win out? Momentum appears to be strong across crypto, but a host of potential stumbling blocks lie in the way.

With fresh U.S. inflation data due, the macro picture could yet upset the status quo, while sellers likewise show no sign of budging to allow reclaim of levels above $25,000.

Amid continued claims that Bitcoin is enjoying nothing more than a “bear market rally,” Cointelegraph takes a look at the state of play on the market as the new week begins.