Before we get started, this is not a recommendation or endorsement to buy any token mentioned.
Recently, ETH lending rates have been rising to parity with the liquid staking rate for ETH, which currently sits around 3.5% APR for the most popular form of staked ETH–stETH by Lido. This is the result of massive speculation related to the The Merge, an event marking the transition of the Ethereum network from a proof-of-work consensus to proof-of-stake, including a near 90% reduction in the daily issuance of ETH, as well as 99.5% reduction in the carbon footprint of the network.
While I’d highly recommend watching this 1-hour webinar I recently hosted with Blockworks, here’s a few tips of what NOT to do going into The Merge :
- Do NOT click unknown links in your Discord, Telegram, Twitter DMs or text messages–most are phishing links to get you to download malware
- Do NOT click Google ads for DeFi–scammers will link to cloned websites
- Do NOT Google search DeFi apps–Google may link to cloned fake websites
- Do NOT click on PDFs or Google Docs sent to your email from unknown contacts–another common way to get malware on your computer
- Do NOT fall for social media posts promising to upgrade your ETH for The Merge–there’s no upgrade needed. If you go to sleep and wake up post-Merge, Ethereum will work exactly as it does today. Do nothing!
- Do NOT under any circumstances, share your private key or seed phrase, even if someone claims to be customer support. NEVER ever do this!
One last thing to avoid going into the Merge