Ethereum (ETH) Merger: Reducing gas fees is not on the agenda

Ethereum (ETH) Merger: Reducing gas fees is not on the agenda

Thursday August 18, 2022 ▪ 9:00 am ▪

min read – with

According to the analyzes and data surrounding the Merger, there will be a big disappointment on the part of the users. The reason for this disappointment? There will be no reduction in gas charges after the great crisis. However, the energy consumption of the Ethereum 2.0 network will be reduced by 99.5%.

The Merger, will gas prices remain intact?

The Twitter account K3rnelPan1c.eth joined Ethereum Foundation and DeFi trader Vivek Raman to provide clear explanations of the Merge issues.

As usual, with big events and high estimates, many misconceptions or rumors are spread within the community. Got a quick tour of the top 5 ideas for the upcoming merger “, he began his series of tweets

After explaining why there was no increase in transaction speed and no downtime after the Merger, he had this to say:

3/5 – Gas costs will drop after the merger

Still speculation, but the merger will change the global consensus algorithm and not increase network capacity – that’s why it won’t result in lower gas fees. However, there are promising solutions in development that could help. »

This agrees with the Ethereum Foundation as reported by Cointelegraph:

Gas charges are a result of network demand versus network capacity. The merger does not use proof-of-work, moving to proof-of-stake consensus, but does not significantly change parameters that directly affect network capacity or throughput. »

To say that VivekVentures.eth already blew some explanations on the matter a month ago.

Only one month left before the transition to PoS

Looking at the history of ETH 2.0, there are so many things to tell about it. You have surely heard about the “plausible roadmap” signed by Vitalik Buterin at the beginning of December 2021.

Sometimes, we gave a long note regarding the ” End game from the co-founder of Ethereum. Lots of details about Buterin’s initial idea await you there.

The term “ETH 2.0” was even coined from the Ethereum network due to the potential emergence of “ a confused model of mind for future users.

Now that the Merger date has already been announced on September 19, ink is flowing on the web regarding this matter.

In essence, the Merger promises a network transition to a less energy-intensive consensus mechanism, the Proof of Stake (PoS). This will mark abandonment Proof of Work which is based on computing power.

Among the advantages of Fusion is a reduction in the energy consumption of the Ethereum network. In fact, it will be reduced to 99.5%. An environmentally friendly user advantage.

It should also be noted that Vitalik Buterin has promised to reduce gas costs on the network. Note that in May 2021, the posting rate was $61 per transaction. Fortunately, this has currently been revised down to $1.6.

And then there is the promise of the same V. Buterin to keep out of the selfish in the paradigm shift.

To get this promise of reduced gas fee from the co-founder of Ethereum, many will be disappointed after setting this foundation. However, users will be able to satisfy their contribution per transaction regarding the protection of the environment within the framework of the Merger. In short, you have to look on the bright side of things.

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