At the end of September, Ethereum will follow its destiny: it will start to be secured by the Proof of Stake technology. This event is called the Merge. What will give value to this upgraded network? What will be the value of the forked network that dissidents will create?
Users make the value of a network because users are buyers and fee payers. Miners are sellers: they invested in expensive graphic cards and mining factories, so they need to sell the ETH that they create. That is why they (and only them) are planning this fork. The official Ethereum network will no longer have miners so its value is expected to be higher.
The network forked by the miners is a desperate attempt to save their investments, not a generous project for the users. The interest of the users is in the official Ethereum network after the Merge. Why would users deal with the forked network, which
- will dump everyday 8 times more newly-created coins onto the users than the official Ethereum network?
- will dump back all the fees that the users pay onto... the users?
- will divert electricity (like Bitcoin) while the planet burns and people struggle to pay their energy bills?
- will likely expose your wallet to replay attacks?
- will become quickly outdated due to the disparition of nearly all developers, the same way Ethereum Classic (the previous fork) has become useless?
Regarding the last point, the developers of applications for Ethereum understand that the PoW fork is not in the interest of anyone but the miners. Very important dApps already published their stance: Chainlink and DeBank and Argent and Circle and Tether will let their systems die on the PoW fork.
I will update this list when other projects release their stance in the coming weeks.
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