Crypto enthusiasts are finally getting some respite from the ongoing bear market as the price of Ethereum surged 48% ahead of the impending Merge upgrade that moves the blockchain to a blockchain based on Proof-of-Stake consensus. As a result, the future of Ethereum has become one of the hot topics at the annual Ethereum Community Conference or EthCC in Paris. On Wednesday, Cryptooshala Events Manager Maria A. spoke with Vasily Shapovalov, co-founder of Ethereum liquid staking solution Lido Finance.

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As a co-founder of Lido, Shapovalov pays great attention to technical developments, including the creation of an algorithm and the development of a protocol for the withdrawal of funds after the merger. Secondary priorities include updating governance protocols and improving validator selection algorithms.

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Asked about his view of Ethereum’s position in the crypto ecosystem over the next two years, Shapovalov said the trend is towards increasing consolidation and that a new update that speeds up transactions on the network would make some layer 2 solutions redundant. . For Shapovalov, this is a mixture of anxiety and excitement:

“Upgrading Merge is like changing an engine in an airplane in flight. We are revisiting everything from the consensus algorithm to the execution environment. We are aware of some of the implications of this change for elements such as blockchain security, but this is not guaranteed.

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However, the co-founder of Lido expressed optimism about the upgrade: “An Ethereum-sized Proof-of-Stake economy now, with a new level of competitiveness, financialization, and new investment potential. It will be really scary, but we’ll see what happens.