- Ethereum’s “Merge” update will not reduce the gas fees.
- The team is fixing all the misconceptions arising on the upcoming upgrade.
- Merge’s PoS consensus will have superior blockchain security mechanisms.
The Ethereum community is set to release an update called, “Merge”, on its network. While it is in its final stage, there are many misconceptions rising with numerous functions of the update. Now the entire Ethereum team is marking and fixing all the assumptions spread on the update. One of them is that “Merge” will lower the gas fees.
But, it is a false statement. It is clear that the upcoming update will not break-down any gasoline fees. Also the transaction speed on Ethereum will also remain the same as on layer 1. Thus a clear note is given by the Ethereum team to its users.
“Merge” will not Turn down gas fees
To have a deep knowledge, the “Merge” is a change in the existing Ethereum layer which is shifting from proof-of-work to proof-of-stake consensus (Beacon Chain). Moreover, it is denoted that, “Merge”- the biggest update is just a change of mechanism.
In addition, to be more clear, any changes in the gas fees will reflect on the community capability. Here, the update is just changing from PoW to PoS with its new consensus – Beacon Chain. So the team is advising that, “Merge” cannot alter any parameters which affect the network capacity.
Likewise there are many misconceptions arising on “Merge”, despite its great expectations among the community. Importantly, as users expect lower gas fees, they can utilize the layer2 solutions. As there are prominent efforts are taken to scale up the layer2 activities.
In regards to these misconceptions issues, a DeFi trader, Vivek Raman shared some points on his tweets against the lower gas fees on Ethereal’s update.
The Ethereum Merge is one of the most powerful catalysts in crypto history, and it is quickly approaching— VivekVentures.eth 🐼 (@VivekVentures) July 10, 2022
As we reach the endgame for ETH under the proof of work regime, let’s address 10 important characteristics of post-Merge, proof of stake ETH:
According to CoinMarketCap, the current price value of Ethereum is $1,827.10. At the moment, ETH trading is a bit low in the market. Additionally, in recent days the average gas fees on Ethereum marked as low as $1.57.