The Ethereum Foundation says ‘The Merge’ will reduce gas fees is a misconception. On August 17th, Ethereum Foundation updated its official website on ‘The Merge’. In the post, there is a section that explains some misconceptions about ‘The Merge’.
In a recent event, Vitalik Buterin, the Co-Founder of Ethereum, mentioned that gas fees could be as low as $0.002 following ‘The Merge’. Since then, the community has noted that gas fees would be one of the advantages of ‘The Merge’. However, the latest update on the Ethereum Foundation website said it differently.
Vitalik Buterin says that Ethereum gas fees could go as low as $0.002 following the Merge.
It's being reported the Merge will take place September 15-16th. pic.twitter.com/UM5VCeLC8c
— TheFirstMint (@TheFirstMint) August 11, 2022
The Ethereum Foundation stated, “The Merge is a change of consensus mechanism, not an expansion of network capacity, and will not result in lower gas fees.”
The Ethereum Foundation also emphasized that it is false to assume gas fees will be lower because of ‘The Merge’.
The Ethereum Foundation explained, “Gas fees are a product of network demand relative to the [capacity] of the network. The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput.”
In addition to the misconceptions, the Ethereum Foundation also mentioned faster transactions. Previously, some people said that transactions would be quicker after ‘The Merge’. However, the Ethereum Foundation clarified that it is not the case.
The Ethereum Foundation said, “A transaction’s “speed” can [be measured] in a few ways, including time to be included in a block and time to finalization. Both of these changes slightly, but not in a way that users will notice.”
In the latest update, the Ethereum Foundation addressed other misconceptions that spread among the community, such as staking withdrawals, ‘The Merge’ will result in downtime, and more.
The update will surely help the community to understand more about ‘The Merge’ and reduce misconceptions about what will happen.