In just a few short weeks, the much-anticipated Ethereum proof-of-stake (PoS) upgrade will finally go live. According to the latest update from the Ethereum Foundation, The Merge will not improve fees or throughput for users - but that's not stopping people from getting excited about it.
After years of waiting, the moment is almost upon us. Around September 15, the Ethereum network will finally make the long-anticipated switch from proof-of-work (PoW) to proof-of-stake (PoS).
The Merge has been billed as a major upgrade that will improve the efficiency of the Ethereum network and reduce fees for users. But in a recent update, the Ethereum Foundation has clarified that The Merge will not actually reduce onchain fees.
This news may come as a disappointment to many who were hoping that The Merge would finally bring relief to the high fees plaguing the Ethereum network. But it's important to remember that The Merge is not about reducing fees - it's about improving the efficiency of the network.
Some people seem to think that The Merge will magically make gas fees disappear. Unfortunately, that's not how it works.
The fact is, gas fees are a product of network demand. And while The Merge will change some parameters that could theoretically impact network capacity and throughput, it won't do anything to directly reduce the amount of traffic on the Ethereum network.
So if you're looking for a break on gas fees, you're going to be disappointed. The Merge is not some magical solution to high fees - it's just a necessary step to keep the Ethereum network running smoothly in the future.
In the meantime, fees on the Ethereum network have actually been fairly low lately. In fact, they've been some of the lowest they've been all year. So if you're looking to save on fees, now is actually a great time to be using Ethereum.
Not that the only good thing was the reduction of the gas fee, but That seems like it can bring some traction in a negative way. What do you think?
Also, what are miners transferring to now that Eth will become PoS?
