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   Coinbase Bytes
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  <span style="color:transparent;visibility:hidden;display:none;opacity:0;height:0;width:0;font-size:0;">
   The latest ETH updates. Plus, we’re answering the most common Merge questions.
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           7 Sep 2022
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     <p style="margin: 16px 0px 0px; line-height: 1.5; word-break: break-word; font-size: 12px; color: rgb(91, 97, 110);">
      The Ethereum Merge is upon us. [Image courtesy of
      <a rel="noopener noreferrer" target="_blank">
       Liam Cobb
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      ]
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      <strong>
       What’s up? It’s Coinbase Bytes
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      There’s never a dull moment on the blockchain. Here’s what you need to know this week:
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       <strong>
        Ethereum’s Merge has begun.
       </strong>
       The blockchain’s upgrade to Proof-of-Stake was activated by this week’s Bellatrix upgrade.
      </li>
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       <strong>
        All your Ethereum Merge questions, answered.
       </strong>
       We’re breaking down the most commonly asked questions about the Merge.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        A reading guide to learn more about the Merge.
       </strong>
       We’ve collected some helpful resources to help you dive deeper into Ethereum’s upgrade.
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               <p style="margin:0;">
                <strong>
                 Bitcoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £16,592.51
               </p>
               <p style="margin:0;font-size:12px;">
                -4.35%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         <td style="padding-top:40px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Ethereum
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £1,368.19
               </p>
               <p style="margin:0;font-size:12px;">
                +0.98%
               </p>
              </div>
             </td>
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Cardano
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.41
               </p>
               <p style="margin:0;font-size:12px;">
                +4.89%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Solana
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £27.92
               </p>
               <p style="margin:0;font-size:12px;">
                +1.16%
               </p>
              </div>
             </td>
            </tr>
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             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Dogecoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.05
               </p>
               <p style="margin:0;font-size:12px;">
                -1.31%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         </td>
         <td style="padding-top:20px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
          </a>
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           <tbody>
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             <td style="padding:0;vertical-align:top;">
              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
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             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Polkadot
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £6.23
               </p>
               <p style="margin:0;font-size:12px;">
                +1.80%
               </p>
              </div>
             </td>
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             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Bitcoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £16,592.51
               </p>
               <p style="margin:0;font-size:12px;">
                -4.35%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
         <td style="padding-top:40px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
          </a>
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              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Ethereum
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £1,368.19
               </p>
               <p style="margin:0;font-size:12px;">
                +0.98%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
         <td style="padding-top:40px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
          </a>
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           <tbody>
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             <td style="padding:0;vertical-align:top;">
              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Cardano
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.41
               </p>
               <p style="margin:0;font-size:12px;">
                +4.89%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
        <tr>
         <td style="padding-top:20px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
          </a>
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           <tbody>
            <tr>
             <td style="padding:0;vertical-align:top;">
              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Solana
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £27.92
               </p>
               <p style="margin:0;font-size:12px;">
                +1.16%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         </td>
         <td style="padding-top:20px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdown-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Dogecoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.05
               </p>
               <p style="margin:0;font-size:12px;">
                -1.31%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
         <td style="padding-top:20px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
          </a>
          <table>
           <tbody>
            <tr>
             <td style="padding:0;vertical-align:top;">
              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Polkadot
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £6.23
               </p>
               <p style="margin:0;font-size:12px;">
                +1.80%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
     </div>
     <p style="margin: 20px 0px 0px; line-height: 1.5; word-break: break-word; color: rgb(91, 97, 110); font-size: 12px;">
      Price changes are for the past week, ending on Sep 7, 2022 at 07:30 PM UTC
     </p>
     <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
      <!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style="padding:0;" align="left"> <v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="www.coinbase.com/price/" style="width:350pt;v-text-anchor:middle;" arcsize="17%" stroke="false" fillcolor="#0052ff"> <w:anchorlock/><v:textbox inset="0,0,0,0"><center style="font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]-->
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       <strong>
        See the latest prices
       </strong>
      </a>
      <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
     </div>
     <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" valign="top" width="100%">
      <tbody>
       <tr style="vertical-align: top;">
        <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" valign="top" width="100%">
          <tbody>
           <tr style="vertical-align: top;">
            <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
             <span>
             </span>
            </td>
           </tr>
          </tbody>
         </table>
        </td>
       </tr>
      </tbody>
     </table>
     <div>
      <table style="margin: 0px; padding: 0px;">
       <tbody>
        <tr>
         <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
          <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="display: block; width: 12px; height: 12px;" width="12"/>
         </td>
         <td style="margin: 0px; padding: 0px; vertical-align: middle;">
          <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
           <strong>
            MERGE ON THE VERGE
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        Ethereum’s Merge is underway. What’s the reaction?
       </strong>
      </p>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      On Tuesday morning, Ethereum's transition from
      <a rel="noopener noreferrer" target="_blank">
       Proof-of-Work
      </a>
      to
      <a rel="noopener noreferrer" target="_blank">
       Proof-of-Stake
      </a>
      approached completion when the last major upgrade of its network ahead of the much-anticipated Merge was
      <a rel="noopener noreferrer" target="_blank">
       activated
      </a>
      . The so-called
      <a rel="noopener noreferrer" target="_blank">
       Bellatrix upgrade
      </a>
      marks the first of two steps (the Paris upgrade, which will complete the process, is expected next week) that will serve to bring the Merge to fruition. A complex technological endeavor years in the making, the Merge aims to make the second-biggest crypto by market value more energy-efficient and scalable. With the Merge now underway, let’s take a look at some market, developer, and investor reactions.
     </p>
     <!--[if mso]><ul style="line-height:1.6;mso-line-height-alt:26px;"><![endif]-->
     <!--[if !mso]><!-- -->
     <ul style="margin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;">
      <!--<![endif]-->
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        As the Merge upgrade kicked off, ETH was up more than
       </strong>
       <a rel="noopener noreferrer" target="_blank">
        <strong>
         5%
        </strong>
       </a>
       <strong>
        as of Tuesday morning and outperforming the broader crypto market.
       </strong>
       Enthusiasm for Ethereum Name Service domain names (basically web3 usernames that represent long alphanumeric crypto wallet addresses) has also surged, with a
       <a rel="noopener noreferrer" target="_blank">
        170% spike
       </a>
       in sales sending ENS names to the top of the sales chart ahead of Bored Ape Yacht Club on NFT marketplace OpenSea. The lead-up to the Merge has seen derivatives trading for ETH increase roughly
       <a rel="noopener noreferrer" target="_blank">
        10%
       </a>
       over the last month, with open interest in ETH options having exceeded those of Bitcoin for the first time in August,
       <a rel="noopener noreferrer" target="_blank">
        noted
       </a>
       the Block.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Ethereum developers were, not surprisingly, excited about the success of the Bellatrix upgrade.
       </strong>
       Developer Tim Beiko perhaps captured the mood of the moment when he
       <a rel="noopener noreferrer" target="_blank">
        noted
       </a>
       that “I’ve said ‘we might have merged by then’ twice on meetings today and it feels pretty surreal tbh! It's happening.” With one final hurdle to come before the Merge is complete, developer Preston Van Loon
       <a rel="noopener noreferrer" target="_blank">
        said
       </a>
       that for those working on the project, “we're not sleeping much in part out of excitement and in part out of a little bit of anxiety because it is such a big deal with so much at stake.”
       <strong>
       </strong>
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        What will happen to Ethereum’s price as the Merge is completed? That’s anyone’s guess.
       </strong>
       Some traders are expecting it to push prices
       <a rel="noopener noreferrer" target="_blank">
        higher
       </a>
       , while others think it will do the
       <a rel="noopener noreferrer" target="_blank">
        opposite
       </a>
       . (You can read Coinbase Institutional Research’s examination of bull and bear cases
       <a rel="noopener noreferrer" target="_blank">
        here
       </a>
       .) As a report from Citi
       <a rel="noopener noreferrer" target="_blank">
        noted
       </a>
       , “it is hard to say how much of the Merge is priced in” already. But as Matt Hougan, CIO of Bitwise Asset Management,
       <a rel="noopener noreferrer" target="_blank">
        told
       </a>
       Forbes, “Anyone who's expecting the Merge to happen on Sept. 15 and ETH price to double, I think, will be sorely disappointed.”
      </li>
     </ul>
     <p style="margin: 0px; padding: 0px;">
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Why it matters…
      </strong>
      After months of adverse headlines about inflation, the Fed’s rate hikes, and crypto winter price declines, the reality that Ethereum’s long-awaited upgrade is here could inject some
      <a rel="noopener noreferrer" target="_blank">
       much-needed optimism
      </a>
      into the market. One of the primary reasons for this renewed confidence? As one commentator
      <a rel="noopener noreferrer" target="_blank">
       put it
      </a>
      , Ethereum’s transition “will prove that a decentralized and permissionless network can operate in an energy-efficient manner.”
     </p>
     <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
      <!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style="padding:0;" align="left"> <v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=034fb1948d0945b39ed200ae08cbf98a&_e=INDd_b89jd-8IVJg9Ltw66AUT5Fq_5nn3BYz_PNLdbIur9BbGRoFkl09Zx9mgWP2msdVYxCaKBoNNL9i4Z_gGhqrqRmk0TFz5UY6D2ziflx4wWPrF0ALF9-ec8aKjCTO0z3tZFeClriK3Y7v1oq3sEm_LkhOCPSBZhI6De_hjPg8pZIZ4ca-xSVXStO0zevxPVNks5FN7heTRuNpNQPzN1LyJmc8E1nWbr6SSAyHP41wi63JhKVGwzeaM5gBnN-okN3XQhL0Tf1553uvZIeT_Li7oiBocMbZjcDiPPigIX4HbzwG7Xae23mha54ow5Tv4Q2gAdH4JsTHZqVzBReBBuHZXTKokzQQS9Hvsg2XPx61tgUkYp_jJi86DuQ865wk7ZD6xKocv1R-yO0clJFG6WcYTgvkYrVNgev9X2oIBwi3q_oYlkKMgkluw54iXE9yYd890OgCGg4jPo1t0nF2Tf2Pgy1p4_YenE-xFKAmNo4%3D" style="width:350pt;v-text-anchor:middle;" arcsize="17%" stroke="false" fillcolor="#0052ff"> <w:anchorlock/><v:textbox inset="0,0,0,0"><center style="font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]-->
      <a rel="noopener noreferrer" style="display: block; margin: 0px; line-height: 1.2; font-size: 16px; text-decoration: none; color: rgb(255, 255, 255); background-color: rgb(0, 82, 255); border-radius: 30px; text-align: center; padding: 18px 0px;" target="_blank">
       <strong>
        More on the Merge and investing
       </strong>
      </a>
      <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
     </div>
     <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" valign="top" width="100%">
      <tbody>
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          <tbody>
           <tr style="vertical-align: top;">
            <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
             <span>
             </span>
            </td>
           </tr>
          </tbody>
         </table>
        </td>
       </tr>
      </tbody>
     </table>
     <div>
      <table style="margin: 0px; padding: 0px;">
       <tbody>
        <tr>
         <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
          <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="display: block; width: 12px; height: 12px;" width="12"/>
         </td>
         <td style="margin: 0px; padding: 0px; vertical-align: middle;">
          <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
           <strong>
            ETH FAQ
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        Five key Ethereum Merge questions, answered
       </strong>
      </p>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Still trying to wrap your head around the Merge? We’ve got you covered. Below we’re answering the most common questions about the Merge, from what it is to why it matters. Let’s dive in.
     </p>
     <!--[if mso]><ul style="line-height:1.6;mso-line-height-alt:26px;"><![endif]-->
     <!--[if !mso]><!-- -->
     <ul style="margin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;">
      <!--<![endif]-->
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        What is the Merge?
       </strong>
       The Merge upgrade will see the Ethereum blockchain move from its current, energy-intensive "Proof-of-Work" system to a "Proof-of-Stake" system. (
       <a rel="noopener noreferrer" target="_blank">
        Read more about the differences between PoW and PoS systems
       </a>
       .)
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        What exactly is being merged?
       </strong>
       Ethereum’s upgrade will combine the current Proof-of-Work blockchain with a Proof-of-Stake blockchain called the Beacon Chain, which has been running since 2020. After the Merge, the Beacon Chain will begin validating Ethereum mainnet's blockchain through a system based on rewards and penalties (i.e. "stake") rather than the costs associated with energy-intensive computations (i.e. "work").
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Why is it so important?
       </strong>
       The biggest protocol upgrade in the history of crypto will see the second-largest cryptocurrency’s network move toward being vastly more energy efficient, potentially reducing its consumption by as much as 99%. The Merge will also allow for the building of more efficient scaling solutions — Ethereum’s smart-contract compatible blockchain powers everything from DeFi to Bored Ape Yacht Club, but the tsunami of resulting traffic has bogged down the network.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Will the Merge reduce Ethereum’s gas fees?
       </strong>
       In the short-term, probably not, as the upgrade is about a change in the consensus mechanism (the way Ethereum validates transactions) rather than an increase or expansion of its capacity.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        What comes after the Merge?
       </strong>
       In July, Ethereum co-founder Vitalik Buterin laid out a series of upgrades that will follow the Merge. First up is what he referred to as “the surge,” which will increase scalability and enable faster, cheaper transactions via a process called “sharding,” which essentially divides large pieces of data into smaller shards, making it even easier for layer-2 blockchains (like Polygon) to operate more efficiently on top of the main Ethereum blockchain. (Read our explainer of the other upgrades
       <a rel="noopener noreferrer" target="_blank">
        here
       </a>
       .)
      </li>
     </ul>
     <p style="margin: 0px; padding: 0px;">
     </p>
     <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
      <!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style="padding:0;" align="left"> <v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=034fb1948d0945b39ed200ae08cbf98a&_e=INDd_b89jd-8IVJg9Ltw66AUT5Fq_5nn3BYz_PNLdbIYLKwPCcAYAnwC8MXpvED_pk4MJfOvI_Pa4byMwgyRFqnEoH7scrBT8VADeQ6gvSkZRTLCRCplr9KIIoWwmrYtN88SWvBHS4ZkgSyrbCBIVLruJxPAhawv_aPJsK3u1NBmTKjM65Q5nGQ2b4lKUa3ujQrtkDq-ZDeIyzDa7YFwAypIRXs6USw0pO5-WyiFfc48dGxRMr-1SLvg5mlbQFcWOW54-xwCaK7yqTNZxZNfEbIGUS3nsV28eMznygxfv6LNFm6nhO2rTDSr7P060leSWAxCTr3t90M9qeBMu7k3RbCOz0c8eMlCLVk7EOZqdWo%3D" style="width:350pt;v-text-anchor:middle;" arcsize="17%" stroke="false" fillcolor="#0052ff"> <w:anchorlock/><v:textbox inset="0,0,0,0"><center style="font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]-->
      <a rel="noopener noreferrer" style="display: block; margin: 0px; line-height: 1.2; font-size: 16px; text-decoration: none; color: rgb(255, 255, 255); background-color: rgb(0, 82, 255); border-radius: 30px; text-align: center; padding: 18px 0px;" target="_blank">
       <strong>
        Our full guide to the Merge
       </strong>
      </a>
      <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
     </div>
     <a rel="noopener noreferrer" target="_blank">
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     </a>
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      <table style="margin: 0px; padding: 0px;">
       <tbody>
        <tr>
         <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
          <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="display: block; width: 12px; height: 12px;" width="12"/>
         </td>
         <td style="margin: 0px; padding: 0px; vertical-align: middle;">
          <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
           <strong>
            AROUND COINBASE
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        A rundown of Merge resources
       </strong>
      </p>
     </div>
     <!--[if mso]><ul style="line-height:1.6;mso-line-height-alt:26px;"><![endif]-->
     <!--[if !mso]><!-- -->
     <ul style="margin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;">
      <!--<![endif]-->
      <li style="margin: 0px; padding: 6px 0px;">
       Our
       <a rel="noopener noreferrer" target="_blank">
        guide
       </a>
       to all things Merge, complete with a countdown clock!
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       Here’s a
       <a rel="noopener noreferrer" target="_blank">
        post
       </a>
       from our blog on what users can expect from Coinbase in response to the Merge.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       Coinbase Head of Institutional Research David Duong
       <a rel="noopener noreferrer" target="_blank">
        unpacks
       </a>
       the bull and bear investing cases for Ethereum related to the Merge along with some misconceptions surrounding what this upgrade means to the network and its users.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       Coinbase software engineer Yuga Cohler
       <a rel="noopener noreferrer" target="_blank">
        explains
       </a>
       why accomplishing the Merge will “prove the viability of decentralization as a social organizing principle.”
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       ICYMI last week,
       <a rel="noopener noreferrer" target="_blank">
        listen
       </a>
       to Coinbase CEO Brian Armstrong and Ethereum co-creator Vitalik Buterin discuss the Merge, Proof-of-Stake, decentralization and much more on our Around the Block podcast.
      </li>
     </ul>
     <p style="margin: 0px; padding: 0px;">
     </p>
     <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" valign="top" width="100%">
      <tbody>
       <tr style="vertical-align: top;">
        <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" valign="top" width="100%">
          <tbody>
           <tr style="vertical-align: top;">
            <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
             <span>
             </span>
            </td>
           </tr>
          </tbody>
         </table>
        </td>
       </tr>
      </tbody>
     </table>
     <div>
      <table style="margin: 0px; padding: 0px;">
       <tbody>
        <tr>
         <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
          <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="display: block; width: 12px; height: 12px;" width="12"/>
         </td>
         <td style="margin: 0px; padding: 0px; vertical-align: middle;">
          <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
           <strong>
            TOKEN TRIVIA
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        Which of the following is not a planned Ethereum upgrade?
       </strong>
      </p>
     </div>
     <div style="margin-top: 16px;">
      <table style="line-height: 1.6; word-break: break-word;">
       <tbody>
        <tr>
         <td style="padding-right: 12px;">
          <strong>
           A
          </strong>
         </td>
         <td>
          The Verge
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           B
          </strong>
         </td>
         <td style="padding-top: 12px;">
          The Scourge
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           C
          </strong>
         </td>
         <td style="padding-top: 12px;">
          The Purge
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           D
          </strong>
         </td>
         <td style="padding-top: 12px;">
          The Splurge
         </td>
        </tr>
       </tbody>
      </table>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Find the answer at the end of the email.
     </p>
     <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
      <!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style="padding:0;" align="left"> <v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=034fb1948d0945b39ed200ae08cbf98a&_e=INDd_b89jd-8IVJg9Ltw66AUT5Fq_5nn3BYz_PNLdbLiB3xkdNmmKuNaunHUKc8NaEHSlIjygtVowtLb-NScYRQRwIEs34B_yU-KBCR4uCTSj8WJz15lO0QXZie5LEJnhaX5FXixqg0ZnCqTsgh37DhemDV7xkvAvvKK9bO60_8KRBhGKLLetft5hAF8IwMOJ0k3nrStVTE2sLP0J3COARczvsjIylk8vG_YTkmqdITTdq2spx-SUEOcPv2T9MpPPN-y4H-ldVTGpyI3v7rgI0EN4092j13vL-h2yH4LsmaX76P5rJWuIw-Fz4_uvJQ-VAY1FYRUX2ff_bzALywK0h_Ngk-JQ3uog-aJzrUgJYicfrd8kSZ3SSxRWXKBzo3XBxCDyDQ2JShuRL6p1gq55A%3D%3D" style="width:350pt;v-text-anchor:middle;" arcsize="17%" stroke="false" fillcolor="#0052ff"> <w:anchorlock/><v:textbox inset="0,0,0,0"><center style="font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]-->
      <a rel="noopener noreferrer" style="display: block; margin: 0px; line-height: 1.2; font-size: 16px; text-decoration: none; color: rgb(255, 255, 255); background-color: rgb(0, 82, 255); border-radius: 30px; text-align: center; padding: 18px 0px;" target="_blank">
       <strong>
        Explore Ethereum's next upgrades
       </strong>
      </a>
      <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
     </div>
     <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" valign="top" width="100%">
      <tbody>
       <tr style="vertical-align: top;">
        <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" valign="top" width="100%">
          <tbody>
           <tr style="vertical-align: top;">
            <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
             <span>
             </span>
            </td>
           </tr>
          </tbody>
         </table>
        </td>
       </tr>
      </tbody>
     </table>
     <div>
      <table style="margin: 0px; padding: 0px;">
       <tbody>
        <tr>
         <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
          <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="display: block; width: 12px; height: 12px;" width="12"/>
         </td>
         <td style="margin: 0px; padding: 0px; vertical-align: middle;">
          <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
           <strong>
            NOW TRADING ON COINBASE
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
     </div>
     <a rel="noopener noreferrer" style="color: rgb(10, 11, 13); text-decoration: none;" target="_blank">
     </a>
     <table style="margin: 16px 0px 0px; width: 100%;">
      <tbody>
       <tr>
        <td style="font-size: 32px; line-height: 1.26; word-break: break-word; vertical-align: middle; white-space: nowrap;">
         <strong>
          NEAR
         </strong>
        </td>
        <td style="vertical-align: middle; padding-left: 12px;">
         <img height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fdynamic-assets.coinbase.com%252F5ea79a9a3931318ea33126c7a8a0ff557dcfee5162010e148c271484810b3f512ca99f04d0f0d33c4dd857efb036edd1b7f6f5f3d8f9a977f513a8b3a3a3af64%252Fasset_icons%252F59d6d2f03f37990397656133cf91c9397017f69652e0232f3f3b8850d18367cb.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkeW5hbWljLWFzcyJ9:1oW0oQ:M8EwWHvXIcgBkVmzjPFuIplLSEH-ghC9qkclaWJ9rfI" style="display: block; width: 26px; height: 26px; vertical-align: middle;" width="26"/>
        </td>
        <td style="vertical-align: middle; text-align: right; width: 100%;">
         <img height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FNewsletter%2520Assets%252Fnewlistings_light.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="width: 21px; height: 18px; vertical-align: middle;" width="21"/>
        </td>
       </tr>
      </tbody>
     </table>
     <p style="margin: 0px; line-height: 1.6;">
      NEAR is the native token of the NEAR Protocol, a highly scalable blockchain network that provides a developer-friendly, decentralized application platform.
     </p>
     <a rel="noopener noreferrer" style="color: rgb(10, 11, 13); text-decoration: none;" target="_blank">
     </a>
     <table style="margin: 16px 0px 0px; width: 100%;">
      <tbody>
       <tr>
        <td style="font-size: 32px; line-height: 1.26; word-break: break-word; vertical-align: middle; white-space: nowrap;">
         <strong>
          MXC
         </strong>
        </td>
        <td style="vertical-align: middle; padding-left: 12px;">
         <img height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fdynamic-assets.coinbase.com%252F08f77b58316742f5cd63d17b6b2626272647d5aac296ed094c540210b955e50699f9228df1f0c535d024eaa5f9d55dadee65d8d9c17201f5f60e0d57e50dc238%252Fasset_icons%252F1ea16e3257d1a244cf8f822cd5ebfc3dc331858a176fc610dd4920222b431783.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkeW5hbWljLWFzcyJ9:1oW0oQ:M8EwWHvXIcgBkVmzjPFuIplLSEH-ghC9qkclaWJ9rfI" style="display: block; width: 26px; height: 26px; vertical-align: middle;" width="26"/>
        </td>
        <td style="vertical-align: middle; text-align: right; width: 100%;">
         <img height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FNewsletter%2520Assets%252Fnewlistings_light.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="width: 21px; height: 18px; vertical-align: middle;" width="21"/>
        </td>
       </tr>
      </tbody>
     </table>
     <p style="margin: 0px; line-height: 1.6;">
      MXC is the ERC-20 utility token of the MXProtocol, a decentralized data network which utilizes low-power wide area network technology.
     </p>
     <a rel="noopener noreferrer" style="color: rgb(10, 11, 13); text-decoration: none;" target="_blank">
     </a>
     <table style="margin: 16px 0px 0px; width: 100%;">
      <tbody>
       <tr>
        <td style="font-size: 32px; line-height: 1.26; word-break: break-word; vertical-align: middle; white-space: nowrap;">
         <strong>
          OOKI
         </strong>
        </td>
        <td style="vertical-align: middle; padding-left: 12px;">
         <img height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fdynamic-assets.coinbase.com%252F4df13aba4200705841250521ce22c1437e1ee57286dd40c6a4f1d370bc91ccbaaec287a754ef7f43884f309e246aaa62e3b0ea48d7d82059db423fa65cedca2d%252Fasset_icons%252F83b8fbcc8403fcc7e4048157e811a37b47477a843c52e93770bd2e0ca7b79779.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkeW5hbWljLWFzcyJ9:1oW0oQ:M8EwWHvXIcgBkVmzjPFuIplLSEH-ghC9qkclaWJ9rfI" style="display: block; width: 26px; height: 26px; vertical-align: middle;" width="26"/>
        </td>
        <td style="vertical-align: middle; text-align: right; width: 100%;">
         <img height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FNewsletter%2520Assets%252Fnewlistings_light.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="width: 21px; height: 18px; vertical-align: middle;" width="21"/>
        </td>
       </tr>
      </tbody>
     </table>
     <p style="margin: 0px; line-height: 1.6;">
      OOKI is an Ethereum token that powers the Ooki Protocol, a decentralized finance protocol that supports lending, borrowing, and margin trading.
     </p>
     <a rel="noopener noreferrer" style="color: rgb(10, 11, 13); text-decoration: none;" target="_blank">
     </a>
     <table style="margin: 16px 0px 0px; width: 100%;">
      <tbody>
       <tr>
        <td style="font-size: 32px; line-height: 1.26; word-break: break-word; vertical-align: middle; white-space: nowrap;">
         <strong>
          CBETH
         </strong>
        </td>
        <td style="vertical-align: middle; padding-left: 12px;">
         <img height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fdynamic-assets.coinbase.com%252F55517c7b84cff054d0bf84f6d82680b5368915854f855ec4fe0178478a637b18a985ec85b87387beb2ae2a1b276fcb320ac7451c358302ceebb179c58934ff65%252Fasset_icons%252F93aa525880c2df46f3d5404cff1844a42f1a5d1fc812128ae3f70f2ce4a882e1.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkeW5hbWljLWFzcyJ9:1oW0oQ:M8EwWHvXIcgBkVmzjPFuIplLSEH-ghC9qkclaWJ9rfI" style="display: block; width: 26px; height: 26px; vertical-align: middle;" width="26"/>
        </td>
        <td style="vertical-align: middle; text-align: right; width: 100%;">
         <img height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FNewsletter%2520Assets%252Fnewlistings_light.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="width: 21px; height: 18px; vertical-align: middle;" width="21"/>
        </td>
       </tr>
      </tbody>
     </table>
     <p style="margin: 0px; line-height: 1.6;">
      Coinbase Wrapped Staked ETH (“cbETH”) is a utility token that represents Ethereum 2 (ETH2), which is ETH staked through Coinbase.
     </p>
     <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" valign="top" width="100%">
      <tbody>
       <tr style="vertical-align: top;">
        <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" valign="top" width="100%">
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           <tr style="vertical-align: top;">
            <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
             <span>
             </span>
            </td>
           </tr>
          </tbody>
         </table>
        </td>
       </tr>
      </tbody>
     </table>
     <p style="margin: 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Trivia answer
      </strong>
     </p>
     <table style="margin: 12px 0px 0px; line-height: 1.6; word-break: break-word;">
      <tbody>
       <tr>
        <td style="padding-right: 12px;">
         <strong>
          B
         </strong>
        </td>
        <td>
         The Scourge
        </td>
       </tr>
      </tbody>
     </table>
     <table style="margin: 48px 0px 0px;">
      <tbody>
       <tr>
        <td style="text-align: left;">
         <img alt="Coinbase" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FRebrand%2520Assets%252Fcoinbase_footer_wordmark.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="display: block; height: 26px; margin-bottom: 24px;"/>
        </td>
       </tr>
       <tr>
        <td>
         <a rel="noopener noreferrer" target="_blank" title="coinbase ios app">
          <img alt="Download on iOS App store" height="46" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FIcons%252Fapp_apple.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="display: block; height: 46px; margin-right: 8px;"/>
         </a>
        </td>
        <td>
         <a rel="noopener noreferrer" target="_blank" title="coinbase android app">
          <img alt="Download on Google Play" height="46" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FIcons%252Fapp_google.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1oW0oQ:jGKStQjzSosjf329oIt3aQWOdJ5Rp9d7T07wgeDyuqA" style="display: block; height: 46px;"/>
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      <p style="font-size: 12px; line-height: 1.8; word-break: break-word; color: rgb(91, 97, 110);">
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