Merge is without a doubt the most important upgrade in Ethereum (ETH) history, as we have also reported as Kriptokoin.com. So how much accurate information do we have about Merge? Here are five prominent misinformation about Ethereum Merge.
Myth 1: Ethereum gas fees will decrease after Merge
Myth 1: Ethereum gas fees will decrease after Merger
Ethereum’s upcoming upgrade is said to reduce Ethereum’s high gas fees (transaction fees). This rumor is one of the biggest misconceptions circulating among investors. Reduced gas fees is at the top of every investor’s wish list.
Ethereum Merge is a consensus mechanism change that will migrate the Ethereum blockchain from PoW to proof-of-stake (PoS). Instead, lowering gas fees on Ethereum will require work to expand network capacity and throughput. The developer community is currently working on a roadmap to make transactions cheaper.
Myth 2: Transactions will be faster after Ethereum Merge upgrade
It is safe to assume that Ethereum transactions will not be noticeably faster. However, there is also some truth to this rumor. Because Beacon Chain allows validators to issue a block every 12 seconds. That’s roughly 13.3 seconds on the Mainnet. Ethereum developers believe that the transition to PoS will result in a 10 percent increase in block production. But a small improvement will go unnoticed by users.
Myth 3: Merge will cause downtime of the Ethereum blockchain
One popular rumor suggests that the planned upgrade will momentarily obliterate the Ethereum blockchain. Developers do not expect downtime as blocks move from being built using PoW to being built using PoS.
Myth 4: Investors will be able to withdraw deposited ETH after Ethereum Merge upgrade
Staked ETH (stETH), a cryptocurrency backed by ETH at a ratio of 1:1, is currently locked on the Beacon Chain. While users would love to be able to withdraw their stETH assets, the developer community has confirmed that upgrading does not make this change easy. Withdrawal of STETH assets will be available during the next major upgrade after Merge. As a result, assets will remain locked and illiquid for at least 6-12 months after Merge.
Myth 5: Validators won’t be able to withdraw ETH rewards until Shanghai upgrade
While STETH has been blocked for investors until withdrawals are resumed following the Shanghai upgrade, validators will have instant access to the fee rewards and maximum extractable value (MEV) earned during block offers from the execution layer or the Ethereum Mainnet. The fee compensation will be immediately presented to the verifier as there will be no newly issued tokens. Sharing his views on Ethereum’s untapped potential, Polygon co-founder Mihailo Bjelic said that zkEVM Rollups, a new scaling solution for Ethereum, will allow the smart contract protocol to surpass Visa in terms of transaction volume.
Sharing his views on Ethereum’s untapped potential, Polygon co-founder Mihailo Bjelic said that zkEVM Rollups, a new scaling solution for Ethereum, will allow the smart contract protocol to surpass Visa in terms of transaction volume. Sandeep Nailwal, the other co-founder of Polygon, said that the solution reduced Ethereum fees by 90 percent. Nailwal echoed Bjelic’s thoughts, as he predicted that he would increase the trading volume to 40-50 transactions per second.
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