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Kevin Zhou, co-founder of Galois Capital, and Evgeny Gaevoy, founder and CEO of Wintermute, discuss how to trade the Ethereum Proof of Work fork, what the market is telling about the Merge, and whether the Merge affects Bitcoin.\xa0\n \xa0\n Show highlights: what will happen at the time of the Merge according to Kevin and whether there\u2019s uncertainty\n when the ETH Proof of Work chain will emerge and how that affects trading opportunities\n the mistakes of the ETHPoW team, like repealing EIP-1559\n what percentage of ETH market cap ETHPoW will accrue\n what the first few blocks of ETHPoW will be like\n what the strategies are to earn the ETHPoW airdrop and what the on-chain activity looks like\n whether there is an \u201cup-only\u201d monoculture in Ethereum\n what stETH is, how it should be priced and what the futures market indicates\n where the value of a chain comes from and the likelihood of ETHPoW failing catastrophically\n how to protect from replay attacks\n the price action of ETH after the Merge\n how ETH becoming deflationary affects Bitcoin\u2019s narrative as digital gold\n how the ESG-friendly image of Proof of Stake could affect the narratives of ETH and BTC\n \xa0\n Thank you to our sponsors! Crypto.com\n Ava Labs\n a16z\n \n Kevin:\n Twitter\n Evgeny:\n Twitter\n \xa0\n Episode Links\n \xa0\n Previous Coverage of Unchained on the Merge:\n Preston Van Loon on Ethereum's Merge and His Lawsuit Against Treasury\n \n Arthur Hayes, Former Ethereum Skeptic, on Why the Merge Makes Him Bullish on ETH\xa0\n With the Merge, Will Ethereum Take Over Bitcoin\u2019s Title as Digital Gold?\n Why Kevin Zhou Believes Ethereum Will Have 3 Forks After the Merge\n Post-Merge, If Lido Becomes Dominant, What Does That Mean for Ethereum?\n \n ETH Proof of Work:\n ChainID missing; and the request from Coinbase\n Kevin\u2019s analogy\n\n CoinDesk article\n\n ETHPow Token\xa0\n \n Summary of Kevin\u2019s thoughts\n ETHPoW team\u2019s promise to abolish EIP-1559\n ETHPoW first blocks\n\n Tether supports PoS\n\n Circle (USDC) supports PoS\n\n \xa0\n ETH Trade\n Ether\u2019s backwardation\n\n \nEth-Flexive by Arthur Hayes\n Whether Ethereum\u2019s Merge is priced in\n\n Gauntlet\u2019s view on the Merge\n\n BTC correlation with stocks\n \xa0\n ETH Post-Merge Dynamics:\n Onchain Wizard post\n\n Cumberland on the Ethereum dynamics after the merge\xa0\n Miles Suter on the implications of the Merge\n\n \nLearn more about your ad choices. Visit megaphone.fm/adchoices