There could be a post-Merge market fit for a smart contract blockchain secured by mining, but it will likely compete with existing options – not Ethereum. Opinion by danielgkuhn for 'The Node' newsletter.
Ethereum Classic itself was never much of a contender for Ethereum’s throne. The network was hit withmultiple times in the previous years, because the network struggled to pay for its own security because its token’s price was in the doldrums because few people supported the network.
Post-Merge Ethereum Classic now has an overabundance of network miners. But it’s still unclear whether the token price can rise high enough for all of those ASICs to be profitable. Before the Merge, it was estimated Ethereum’s hashing power was 15 times higher than Ethereum Classic. That’s a lot of computing power to absorb, even if split between ETH PoW and the other PoW beneficiaries.
Proof-of-work networks need valuable tokens to make it worthwhile to mine, but it also needs developers and users. We might finally learn the answer to crypto’s perennial chicken-and-egg-like problem: what comes first, a valuable token or valued users?
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