So...did ETH pump after The Merge?

Welcome back to Web3 Seems Legit, the zero-calorie sweetener you can add to your morning cup of coffee without feeling guilty, just smarter about crypto 😉.

In this week's issue, we're giving you an update on these hot crypto twitter topics:

• How did the ETH Merge go? One of the (supposedly) biggest events in crypto in years just happened and it was kind of...anti-climatic?

• What's going on at Coinbase? As one of the largest centralized crypto exchanges, Coinbase is no stranger to dealing with lawsuits and regulators.

• What's up with ENS domains? If you've been seeing ".eth" domains everywhere, it's the new trendy thing that people have been collecting and trading for thousands of dollars.

How did the ETH Merge go?

Leading up to The ETH Merge, everyone was speculating whether the price of ETH would pump or dump. Well, it looks like it was a 'sell the news' event with the price dropping as much as -12% 🥴📉. What happened?

For one, ETH was suppose to become deflationary after The Merge. People were calling it the "ultrasound money", meaning it would have a decreasing supply.

TL;DR: For ETH to become deflationary, it has to burn more than it's issued.

• When ETH stakes go up = more ETH issued 📈

• When ETH activity goes up = more ETH burned 📉

Activity on Ethereum is currently low (🐻) meaning gas prices have been relatively low. To see if the narrative of ETH as a deflationary asset stands true, we'll have to wait until the next bull run (🚀).

In the meantime, here is a little reminder that The Merge is just a small part of a larger roadmap for Ethereum 💪.

What's going on at Coinbase?

Coinbase is one of those companies that you love and hate. For one, they are a centralized exchange, which is why they've been tangled up in an insider's trading lawsuit for the past few months 👎.

Who found out first? Not regulators, nope. Good ol' Twitter sleuths 🙂.

On the other hand, Coinbase recently announced that they will be funding a lawsuit against the US Treasury for the sanctions on Tornado Cash 👀.

To truly understand the scale of importance, around 92% of the crypto ecosystem has exposure to Tornado Cash. Fighting against regulation to defend crypto privacy is pretty legit of Coinbase ✅.

They also just announced a new product feature that will bring transparency to politicians and their support for crypto. We must say, it #seemslegit ✅.

What's up with ENS domains?

For the past few months, ENS domains have been blowing up. Just like website domains, there's only one available, which is why people buy and flip them for higher prices. The main difference is that ENS domains are basically your cross-platform web3 identity 🔑.

Traders have picked up on it and have been flipping trendy ENS domain names, including 3-digit numbers 🧐.

Guess they could be in for some huge gains once corporations start to take notice 🤑.

Some other news you should know:

• GameStop (GME) partners with FTX to introduce digital asset marketplaces.

• Over 50 million users set to invest in crypto by 2030 according to new HSBC report.

• Do Kwon assures his Twitter followers that he is not on the run despite the arrest warrant issued against him. Bold.

That's all the updates we have for you today folks 😊. If you enjoyed this issue, please like, share or follow us on social @web3seemslegit. You can also always reply to our emails and let us know what you think!