Why Uniswap, Elrond, Arweave, and Synthetix Network Popped Today

The crypto market sprang to life on Thursday after Celsius Network filed for bankruptcy and Ethereum (CRYPTO: ETH) performed its ninth shadow fork, a test to get the blockchain ready for "The Merge" from a proof-of-work consensus mechanism to proof-of-stake. Not coincidentally, tokens on Ethereum were trading sharply higher today.

As of 3:45 p.m. ET, Uniswap (CRYPTO: UNI) was up 20% in the last 24 hours, Synthetix Network (CRYPTO: SNX) has risen 15.4%, Arweave (CRYPTO: AR) is up 19%, and Elrond (CRYPTO: EGLD) has jumped 16%. Each of these tokens is either an ERC-20 token on Ethereum or has an ERC-20 token (Arweave).

The biggest news for these tokens is Ethereum's latest test of a proof-of-stake consensus mechanism. Developers did their ninth shadow fork test, and every time one of these tests is done it moves the blockchain closer to proof-of-stake. That's important because if The Merge goes as planned, it could lower transaction fees dramatically and increase throughput on the blockchain.

Source Fool.com