By now, you probably already know the basics of the Merge, so let’s dive into how markets reacted, both in the run-up and in the immediate aftermath.
We will explore pre- and post-Merge markets, looking closely at derivatives, spot markets, liquidity, staked ETH, and proof-of-work alternatives to ETH.
Derivatives markets dominated ETH market activity in the month preceding the Merge, with the derivatives to spot volume ratio surging at the fastest rate ever observed.