In a report titled DeFi’s Battle of Stablecoins, DappRadar emphasized that Ethereum’s impending merger is one of the most anticipated events in the crypto industry.
DappRadar, along with other stakeholders, expressed concern as it could adversely affect or destabilize several decentralized applications on the ETH blockchain network during the upgrade.
Grayscale also said that the Ethereum merger could affect native tokens on the Ethereum blockchain. Grayscale data shows that stablecoins like USDT account for 28% of Ethereum’s total market capitalization.
Additionally, according to crypto market data provider Coinmetrics, the value locked in various Ethereum-based DeFi smart contracts is around $40 billion.