As the Ethereum merge nears, the blockchain firm comes up with a significant clarification; it is undoubtedly an ice breaker. Many anticipations and myths caught the attention of those looking forward to this powerful switch to a proof-of-stake mechanism. The crypto community linked the merge with low gas fees and improved throughput; it’s just a myth.
As the news made headlines, the enthusiasts got highly disappointed. The Ethereum foundation, on 17 August 2022, clarified that shifting from POW to POS won’t impact gas fees because network or gas fees fall part of network demand. The website ethereum.org updated its page, stating the transition will have no significant influence on the blockchain’s productivity or network fees.
During the briefing about the Ethereum merge, the firm stated that this transition into proof-of-stake consensus wouldn’t alter or change any parameters linked to increase transaction capacity. Furthermore, they even made it clear that for running nodes, participants are not required to stake 32ETH. Those proposing blocks under the proof-of-stake mechanism must stake 32 ETH on a mandatory basis. One can efficiently run a self-verified copy of Ethereum without the need for 32ETH.
Another revelation worrying investors is deposit contract in Ethereum won’t be immediately available after the merge in September; instead, you need to wait for the Shanghai upgrade, which is expected to happen 6-12 months after the merge. Though clouds of confusion persist upon the claim that investors can’t liquidate Ether after the merge, the foundation hasn’t clarified this matter. So, it’s better not to reach any consensus regarding liquidity.
Despite disappointing Ethereum enthusiasts with surprising revelations on the historic upgrade, the blockchain firm is confident that the transition will be executed successfully without downtime in the Ethereum chain. Developers said the shift to a proof-of-stake mechanism would be smooth and without interruption.
