{"id":66110,"date":"2022-08-22T07:00:00","date_gmt":"2022-08-22T04:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=66110"},"modified":"2025-09-06T23:37:37","modified_gmt":"2025-09-06T20:37:37","slug":"the-merge-will-ethereums-large-scale-upgrade-reboot-the-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/the-merge-will-ethereums-large-scale-upgrade-reboot-the-market\/","title":{"rendered":"The Merge: Will Ethereum&#8217;s large-scale upgrade reboot the market?"},"content":{"rendered":"<p>Ethereum&#8217;s price recently rose above the $2,000 level for the first time since May. The rally followed the successful Goerli testnet transition to <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-proof-of-work-pow-algorithm\">Proof-of-Stake<\/a> (PoS) and <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-developers-approve-pos-transition-timetable-cryptocurrency-up-12\">the tentative merge date moved<\/a> on the mainnet from September 19 to September 15\u201316.<\/p>\n<p><!--more--><\/p>\n<p>As The Merge approaches, discussions in the community reignite about the likely price trajectory of the second-largest cryptocurrency by market cap, the viability of a potential ETHW fork, and the prospects for Ethereum Classic.<\/p>\n<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>The potential impact of The Merge on the market is significant. However predicting its consequences in the coming weeks and months after the upgrade is quite difficult.<\/li>\n<li>In the medium to long term, the price of Ethereum is likely to rise, aided by deflation and the gradual improvement of the system.<\/li>\n<li>The future of Ethereum Classic and the potential ETHW fork is hazy \u2014 the projects lack broad community support.<\/li>\n<li>Ethereum-based tokens are unlikely to hold value on the ETHPoW network. The DeFi ecosystem on Ethereum Classic is underdeveloped.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Should investors expect Ethereum to rally after the upgrade?<\/h2>\n<p>A number of metrics signal growing market interest in Ethereum ahead of the most important and complex upgrade in cryptocurrency history.<\/p>\n<p>For example, the number of coins staked in the <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-developers-drop-eth1-and-eth2-terminology\">consensus layer (ETH2)<\/a> continues to rise confidently.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-glassnode-studio_ethereum-eth-2-0-total-value-staked-eth-1024x576.png\" alt=\"The Merge: Will Ethereum's large-scale upgrade reboot the market?\" class=\"wp-image-182463\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-glassnode-studio_ethereum-eth-2-0-total-value-staked-eth-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-glassnode-studio_ethereum-eth-2-0-total-value-staked-eth-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/1-glassnode-studio_ethereum-eth-2-0-total-value-staked-eth-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/1-glassnode-studio_ethereum-eth-2-0-total-value-staked-eth-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/1-glassnode-studio_ethereum-eth-2-0-total-value-staked-eth-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/1-glassnode-studio_ethereum-eth-2-0-total-value-staked-eth.png 1800w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=ETH%202.0&#038;m=eth2.StakingTotalVolumeSum&#038;s=1625055902&#038;u=1660435200&#038;zoom=\">Glassnode<\/a>.<\/figcaption><\/figure>\n<p>The metric surpassed 13.3 million ETH: in July it rose 1.9%, and since the start of the year \u2014 50%.<\/p>\n<p>A year ago, the trend of Ethereum 2.0 addresses with balances of \u2265 32 ETH resumed; in May 2022 the growth accelerated significantly.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-glassnode-studio_ethereum-number-of-addresses-with-balance-32-eth-1024x576.png\" alt=\"The Merge: Will Ethereum's large-scale upgrade reboot the market?\" class=\"wp-image-182464\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-glassnode-studio_ethereum-number-of-addresses-with-balance-32-eth-1024x576.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/2-glassnode-studio_ethereum-number-of-addresses-with-balance-32-eth-300x169.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-glassnode-studio_ethereum-number-of-addresses-with-balance-32-eth-768x432.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-glassnode-studio_ethereum-number-of-addresses-with-balance-32-eth-1536x864.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/2-glassnode-studio_ethereum-number-of-addresses-with-balance-32-eth.png 1800w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=ETH%202.0&#038;m=addresses.Min32Count&#038;s=1576686033&#038;u=1660435200&#038;zoom=\">Glassnode<\/a>.<\/figcaption><\/figure>\n<p>This points to a strong market interest in staking.<\/p>\n<p>Activity is also rising in the derivatives market. By the end of July, open interest (OI) in Ethereum options first surpassed Bitcoin contracts in historical terms <a href=\"https:\/\/t.me\/forklog\/26811\">the equivalent Bitcoin contracts<\/a>. <\/p>\n<p>By mid-August, OI reached a new record at $8 billion.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"374\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-coinglass-1024x374.png\" alt=\"The Merge: Will Ethereum's large-scale upgrade reboot the market?\" class=\"wp-image-182465\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-coinglass-1024x374.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/3-coinglass-300x109.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/3-coinglass-768x280.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/3-coinglass.png 1370w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: <a href=\"https:\/\/www.coinglass.com\/options\">Coinglass<\/a>.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abSeptember futures and options markets are in backwardation. This suggests that traders expect The Merge, to \u201cbuy the rumor and sell the news,\u201d taking corresponding positions\u00bb, \u2014 researchers noted.<\/p>\n<\/blockquote>\n<p>&#8220;From a technical standpoint, this fork would not affect the current version of Ethereum, i.e., the updated ETH2 network,&#8221; analysts at CoinShares said.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThis does not mean exchanges will refuse to list ETHPoW if\/when this fork appears\u00bb, \u2014 CoinShares researcher Mark Arjun commented.<\/p>\n<\/blockquote>\n<p>\u00abIn his view, many will sell the coins earned from the fork for the updated Ethereum.\u00bb<\/p>\n<p>DeFi enthusiast going by the handle olimpio noted that forks like Bitcoin Cash and Bitcoin Gold trade far below digital gold.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">1\/13<\/p>\n<p>If you were here for BCH\/BTG Bitcoin forks, then you know these were amongst the first airdrops in history \ud83e\ude82<\/p>\n<p>Now:<\/p>\n<p>Bitcoin Cash (BCH) \u2014 Mkt cap: 2B. Price: $140<br \/>Bitcoin Gold (BTG) \u2014 Mkt cap: 500M. Price: $30<\/p>\n<p>BTC price: $24,000<\/p>\n<p>BCH, BTG and BTC have the same supply, 21M <a href=\"https:\/\/t.co\/v63fCNSzWF\">pic.twitter.com\/v63fCNSzWF<\/a><\/p>\n<p>\u2014 olimpio \u26a1\ufe0f (@OlimpioCrypto) <a href=\"https:\/\/twitter.com\/OlimpioCrypto\/status\/1557445407852077057?ref_src=twsrc%5Etfw\">August 10, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to him, miners will try to keep the new coin afloat for short-term profit before selling their gear.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">2\/13<\/p>\n<p>When the merge happens and ETH transitions to POS, there will be two chains. POW and POS.<\/p>\n<p>Miners will try and get the last breath of value before selling their hardware:<\/p>\n<p>They will keep the POW Ethereum alive, effectively hard-forking the blockchain.<\/p>\n<p>\u2014 olimpio \u26a1\ufe0f (@OlimpioCrypto) <a href=\"https:\/\/twitter.com\/OlimpioCrypto\/status\/1557445410356187136?ref_src=twsrc%5Etfw\">August 10, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>olimpio noted that after the fork, assets in wallets, NFTs, as well as positions in lending and AMM protocols would be duplicated on the PoW chain. <\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abIn other words, ETHPoW would effectively be a fork of the chain from the moment London activated\u00bb, \u2014 Twitter user zhijie commented.<\/p>\n<\/blockquote>\n<p>Besides ETC Cooperative, CoinShares experts questioned the viability of the PoW fork. They argued that:<\/p>\n<ul class=\"wp-block-list\">\n<li>the current chain has much more social support;<\/li>\n<li>stablecoin issuers will almost certainly remain with ETH2 for reputational and regulatory reasons;<\/li>\n<li>wrapped tokens like WBTC and RenBTC would lose value on the alternate chain since they cannot be redeemed for the underlying asset;<\/li>\n<li>in the ETHPoW scenario, staking tokens and rewards would become non-recoverable, making proper distribution difficult.<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abFrom a technical standpoint, this fork would not affect the current version of Ethereum, i.e., the updated ETH2 network\u00bb, \u2014 CoinShares analysts said.<\/p>\n<\/blockquote>\n<p>They allowed for some price volatility in the future, excluding &#8220;direct on-chain risks&#8221;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThis does not mean exchanges will refrain from listing ETHPoW if\/when this fork appears\u00bb, \u2014 CoinShares researcher Mark Arjun commented.<\/p>\n<\/blockquote>\n<p>In his view, many will sell the forked coins as a bet on the upgraded Ethereum.<\/p>\n<p>DeFi enthusiast olimpio noted that forks like Bitcoin Cash and Bitcoin Gold trade far below digital gold.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">7\/13<\/p>\n<p>In the first minutes of the fork, everyone will want ETHPoW. Price might even briefly surpass ETH<\/p>\n<p>Everyone will:<br \/>\u2022 dump everything they got for ETHPoW<br \/>\u2022 send ETHPoW to one of the supporting CEXes<br \/>\u2022 lastly, trade it for other assets, like ETH.<\/p>\n<p>Airdrop money for bots! \ud83e\ude82<\/p>\n<p>\u2014 olimpio \u26a1\ufe0f (@OlimpioCrypto) <a href=\"https:\/\/twitter.com\/OlimpioCrypto\/status\/1557445423140376576?ref_src=twsrc%5Etfw\">August 10, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In closing the thread, olimpio stressed that he supports PoS and decentralization. He also said he would try to &#8220;merge&#8221; ETHW at the earliest opportunity.<\/p>\n<h2 class=\"wp-block-heading\">What will happen to Ethereum Classic&#8217;s price?<\/h2>\n<p>Analysts at JPMorgan concluded that Ethereum&#8217;s shift to PoS will push miners to seek alternative sources of income.<\/p>\n<p>They believe switching GPUs to altcoins such as Ethereum Classic, Ravencoin or Ergo will yield meaningful profits only in the short term. A sudden influx of major players into altcoin ecosystems could sharply reduce mining profitability.<\/p>\n<p>Yet, JPMorgan argues that among the main beneficiaries of the upgrade will be Ethereum Classic miners. They will gain access to a &#8220;multitude of devices for mining this cryptocurrency.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abSome investors also view Ethereum Classic as a hedge against any potential problems with Ethereum during the PoW-to-PoS transition\u00bb, \u2014 the report notes.<\/p>\n<\/blockquote>\n<p>Miners appear to be already pivoting toward Ethereum Classic. The evidence lies in the rising hashrate of the cryptocurrency \u2014 up almost 50% since mid-July.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"604\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/8-ETC-hashrate-1024x604.png\" alt=\"The Merge: Will Ethereum's large-scale upgrade reboot the market?\" class=\"wp-image-182472\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/8-ETC-hashrate-1024x604.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/8-ETC-hashrate-300x177.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/8-ETC-hashrate-768x453.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/8-ETC-hashrate.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Data: <a href=\"https:\/\/charts.coinmetrics.io\/network-data\/\">Coin Metrics<\/a>.<\/figcaption><\/figure>\n<p>However, Ethereum&#8217;s hashrate remains roughly 30 times higher than Ethereum Classic&#8217;s \u2014 about 900 TH\/s versus around 31 TH\/s.<\/p>\n<p>During that period, ETC&#8217;s price rose by 104.6%, while ETH rose by only 39.1%.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"741\" height=\"645\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/9-CoinGecko.png\" alt=\"The Merge: Will Ethereum's large-scale upgrade reboot the market?\" class=\"wp-image-182473\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/9-CoinGecko.png 741w, https:\/\/u1f987.com\/wp-content\/uploads\/9-CoinGecko-300x261.png 300w\" sizes=\"auto, (max-width: 741px) 100vw, 741px\" \/><figcaption>Data <a href=\"https:\/\/www.coingecko.com\/en\/all-cryptocurrencies\">CoinGecko<\/a> as of 17.08.2022.<\/figcaption><\/figure>\n<p>Nevertheless, ETH&#8217;s hashprice remains more than 20% higher. Put differently, the second-largest cryptocurrency is still more profitable to mine than Ethereum Classic, despite ETC&#8217;s rapid rise.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"969\" height=\"733\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-hashprice.png\" alt=\"The Merge: Will Ethereum's large-scale upgrade reboot the market?\" class=\"wp-image-182474\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/7-hashprice.png 969w, https:\/\/u1f987.com\/wp-content\/uploads\/7-hashprice-300x227.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/7-hashprice-768x581.png 768w\" sizes=\"auto, (max-width: 969px) 100vw, 969px\" \/><figcaption>Data: <a href=\"https:\/\/charts.coinmetrics.io\/network-data\/\">Coin Metrics<\/a>.<\/figcaption><\/figure>\n<p>Huobi Research analysts suggested that future potential forks may have a hashprice comparable to ETC.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abIn that case, miners would very likely accept these tokens as an alternative\u00bb, \u2014 the experts noted.<\/p>\n<\/blockquote>\n<p>They say that even with The Merge, miners remain influential. One possible path is to shift to GPUs-based chains where token mining is possible: ETC, ERG, RVN, CFX, FLUX, FIRO, etc.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abAmong the coins listed above, ETC has the largest hashrate and market cap, and the best compatibility with Ethereum\u00bb, \u2014 Huobi Research noted.<\/p>\n<\/blockquote>\n<p>They believe a sizable portion of hashrate could migrate to Ethereum Classic, which would, they say, bolster confidence in the ecosystem.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abIf the ecosystem&#8217;s development keeps pace with hashrate growth, the price could rise\u00bb, \u2014 the researchers hypothesized.<\/p>\n<\/blockquote>\n<p>According to their calculations, migrating just 3% of Ethereum&#8217;s hashrate could double Ethereum Classic&#8217;s hashrate. That would halve miners&#8217; revenues by 50%.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abIt&#8217;s unclear whether the pace of ecosystem development and innovation can keep up with price growth. If ETC can seize 10% of ETH&#8217;s hashrate, ETC&#8217;s price could potentially be four times higher than now ($148 vs $37 today)\u00bb, \u2014 Huobi Research researchers noted.<\/p>\n<\/blockquote>\n<p>As of now, Ethereum&#8217;s ecosystem remains vastly more developed than Ethereum Classic&#8217;s. The latter hosts a handful of decentralized apps with a total TVL of about $1 million, while the Ethereum ecosystem features numerous DeFi platforms with a combined TVL of around $65 billion (DeFi Llama data as of 17.08.2022).<\/p>\n<h2 class=\"wp-block-heading\">Conclusions<\/h2>\n<p>The forthcoming Ethereum upgrade is important and anticipated, but it does not solve scalability by itself. It will lay the groundwork for a sequence of future upgrades and improvements. A long, winding path lies ahead.<\/p>\n<p>ETH&#8217;s current price rise has a speculative component. The uptrend is driven largely by investor optimism and broader market revival, aided by the likely end of the bear cycle. Given Ethereum&#8217;s historically high correlation with Bitcoin, one can expect the two assets to continue moving in tandem.<\/p>\n<p>On the other hand, the new issuance of Ethereum will fall enormously compared with today. This suggests a gradual price rise in the medium- to short-term. Much also depends on on-chain activity, DeFi ecosystem development, and the success of developers in delivering The Surge, The Verge, The Purge and The Splurge.<\/p>\n<p>The prospects for the ETHW fork remain hazy given the lack of broad community support. If it materialises at all, it is likely to be short-lived. For instance, Bitcoin Cash initially showed speculative growth and looked attractive to miners, but never became Bitcoin\u2019s killer.<\/p>\n<p>Long-term prospects for Ethereum Classic also appear bleak, given the underdeveloped DeFi ecosystem. Its level of on-chain activity, transaction demand, and ultimately price depend on that ecosystem&#8217;s vitality.<\/p>\n<p>Only time will tell how accurate these hypotheses and forecasts prove to be. In any case, there are many interesting events ahead.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As The Merge approaches, discussions in the community intensify about the likely price movement of the second-largest cryptocurrency, the viability of a potential ETHW fork, and the prospects for Ethereum Classic.<\/p>\n","protected":false},"author":1,"featured_media":66111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"5","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[46],"class_list":["post-66110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-ethereum"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"5","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=66110"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66110\/revisions"}],"predecessor-version":[{"id":66112,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/66110\/revisions\/66112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/66111"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=66110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=66110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=66110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}