Top 5 Myths About Ethereum Merge!
Aside from the excitement and support, Cryptocurrency’s biggest and most anticipated event called “Ethereum Merge” has also been plagued by myths.
Here are top 5 misconception of The Merge that stand out among the others
The Merge will lower the gas fee
The first misconception circulating within cryptocurrency community is ethereum gas fees will lower after Ethereum Merge. But, sadly, the answer is no.
The Merge is a change of consensus mechanism that will transform Ethereum’s blockchain from proof-of-work to proof-of-stake.
By contrast, Ethereum’s gas fees can be reduced by expanding its network capacity and throughput.
Developers are currently working on a rollup-centric roadmap to reduce transaction costs.
The transaction will be faster than before
There is no harm to expect Ethereum transactions to be noticeably faster. The rumor is partially true, as Beacon Chain allows validators to publish blocks every 12 seconds, which is roughly 13.3 seconds on the mainnet.
The Ethereum developers believe that switching to PoS will increase block production by 10%, but maybe users won’t notice the slight difference between them.
Downtime of the Ethereum Blockchain
There is a rumor said that the planned upgrade will temporary disrupt the Etherum blockchain.
However, the developers of Ethereum will anticipate no take down or downtime as blocks transition from being developed using Proof-of-Work (PoW) to being developed using Proof-of-Stake (PoS.
Investors can withdraw staked ETH
Currently, staked ETH is locked on the Beacon Chain. Previously, the developer community has confirmed that The Merge does not enable this change.
During the upgrade known as Shanghai upgrade, the next major upgrade after The Merge, users will be able to withdraw their stETH holdings.
Validators can not withdraw ETH rewards until the Shanghai upgrade
Until withdrawals resume following the Shangai upgrade, investors will not be able to withdraw stETH.
Validators can withdraw the fee rewards and the MEV (maximal extractable value) earned during block proposals from the execution layer or mainnet immediately.