On Wednesday the Ethereum Foundation clarified that The Merge will not reduce onchain fees in an updated blog post.
On Wednesday the Ethereum Foundation clarified that The Merge will not reduce onchain fees as the highly anticipated transition from proof-of-work to proof-of-stake is now 29 days away. Amid The Merge update from the Ethereum Foundation, during the last month, Ethereum network costs have printed some of the lowest onchain fees since 2020.
Ethereum Foundation Clarifies ‘Gas Fees Are a Product of Network Demand’ — The Merge Does Not Significantly Change Any Parameters That Directly Influence Network Capacity or Throughput The Ethereum Foundation wants the public to be aware that while The Merge will transition from PoW to PoS, assumptions that fees will drop are false. The statement was added to the foundation’s definition and summary of The Merge hosted onThe page has been updated on a few occasions and the last update occurred on August 16, 2022.
While transaction fees on Ethereum will not change after The Merge, users who want lower fees will have to leverage layer two scaling solutions and wait for more Ethereum upgrades. Following The Merge, Ethereum will implement The Surge, The Verge, The Purge, and finally The Splurge.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum Options Open Interest Hitting New HighsThe upcoming merge upgrade has resulted in the record-shattering Ethereum options open interest
Read more »
Bitcoin price sees firm rejection at $24.5K as traders doubt strengthBears rejoice as Bitcoin sees firm rejection at $24.5K. Will this cause another downtrend, or are we out of the woods?
Read more »
IDEA Public Schools’ 2019 luxury jet deal came shortly after critical state auditNews of the earlier inquiry makes it clear that allegations of improper spending and...
Read more »
Asset Manager Monochrome Receives Approval to Launch Spot Bitcoin ETF in AustraliaThe Monochrome Bitcoin ETF will give Australian investors direct exposure to Bitcoin, Ethereum, and other crypto assets.
Read more »
Why Our Brains Wear Out at the End of the DayOur brains wear out at the end of the day, and fperrywilson explains why it's best not to try making important decisions at that time:
Read more »
Flashbots to hasten open sourcing of its MEV-Boost relay codeThe MEV solution provider says it wants to open source its relay code as a way of hardening the Ethereum ecosystem post-Merge.
Read more »