The Merge: what the "competitors" have to say
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For some protocols, such as Avalanche, the fact that Ethereum is becoming much more energy-efficient should not penalise them too much.

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"Faster", "more efficient"... Many protocols claim to be "better" than Ethereum. While this argument makes sense from an energy point of view, it could quite quickly disappear in favour of Merge.

"It's true that it will now be difficult to mention Ethereum's energy cost to differentiate yourself," testifies Hadrien Zerah, managing director of Nomadic Labs, a development studio heavily involved in the development of the French-born Tezos protocol, which has been working with Proof-of-Stake since its inception. "We're losing a competitive advantage," he continues.

Now, the teams working on the development of Tezos  aim to capitalise on other features. "The Merge has led us to accelerate our roadmap, we will soon present a new type of optimistic rollups, without permission, which will allow any project to develop its own scalability solution (development at scale, editor's note) adapted to its use," he announces.

Thus, Ubisoft (which is currently working on Tezos) or any other company will be able to develop their rollup. This advance should be available in early 2023. "This should enable us to regain a technological advantage", Hadrien Zerah hopes. "We can't stay with the same value proposition if we want to gain market share," he assures.

At Avalanche, we prefer to stress that Merge changes absolutely nothing in terms of processing capabilities. "There  s no more transactions per second, no concrete improvement, it's just a move to a greener source," moderates Nicolas Lemaître, general manager at Ava Labs, the main structure behind Avalanche's development. "However, I think that Merge should encourage decentralisation in the longer term, because it will be easier for an individual to manage their own node", he concedes.

Avalanche intends to build on its strengths: "Decentralisation, security, finality in the second and blockchains that can be configured from A to Z", Nicolas Lemaître argues. "But Ethereum's move to Proof-of-Stake is good news for the ecosystem, and a step in the right direction," he concludes.

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Grégory Raymond

Grégory Raymond is Head of Research and co-founder of The Big Whale. A specialist at the intersection of traditional finance and digital assets, he has been covering the regulatory, institutional and technological developments of the sector since 2017 for an audience of decision-makers: ,banks, asset managers and fintechs. He is also the author of Bitcoin & Cryptos: L'enjeu du siècle (Talent Éditions, 2025), a book built around interviews with key figures from the ecosystem.

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Raphaël Bloch

Raphaël Bloch is CEO and co-founder of The Big Whale, an independent market intelligence platform on digital assets serving financial market participants through editorial coverage, research, a weekly briefing, and in-person events. He co-founded The Big Whale in April 2022. At the platform, he moderates and hosts institutional events bringing together banks, asset managers, custodians, and infrastructure providers on topics including staking, on-chain yield, stablecoins, DeFi lending, and tokenisation. He has moderated panels at events hosted in partnership with Bitwise, Everstake, Gemini, Morpho, Hexarq, Coinhouse, Delubac, Franklin Templeton, and the Ethereum Foundation, held in London and Paris between late 2025 and mid-2026.

Before founding The Big Whale, Bloch worked as a reporter at Les Echos from December 2016 to March 2020, then at L'Express from March 2020 to March 2022. He also previously worked at Reuters. Since September 2022, he has held a concurrent role as Business Analyst at BFM Business. He has been active in crypto journalism since 2016. He holds degrees from emlyon and the CFJ.

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