The Ethereum merge is one of the biggest events which happened right now, but there are a lot of questions and misconceptions around it. Do not worry, we are here to answer them as simply as possible.
A few of the most common misconceptions about the Ethereum merge include:
- The Ethereum Merge Might Result in Downtime In The Blockchain: This is entirely a misconception. The developers have been working on this merge for months and have planned everything so there would be no downtime as the blockchain gets transferred from PoW to PoS.
- The Price Of Gas Fees Will Decrease: Many users think that once the merger is over, the gas price will decrease as the new model will use the PoS mechanism, but the merger will not expand the network; therefore, the gas fees will remain unchanged.
- The Speed Of Transactions Will Increase: The Merge won't make Ethereum's blockchain faster, despite PoS blockchains often operating more quickly than PoW. Since the Ethereum team has promised "zero downtime" for the upcoming transition, the total speed would increase by 10%, and it would hardly be seen or noticed by the user.
- Validators Cannot Withdraw Their Eth Earnings Until The Shanghai Update: Investors' access to stETH is restricted until after the Shangai upgrade, while validators will immediately have access to fee awards and the maximum extractable value (MEV) gained from block proposals on the Ethereum mainnet or execution layer.
- Ethereum 2.0 Will Airdrop Eth2 Tokens To Current Blockchain Investors: A hard fork is mistaken for the merge. In a hard fork situation, token owners receive tokens created on the forked network. Ethereum 2.0 is not a hard fork, but a network upgrade.
The Merge will help ETH achieve its biggest feat by successfully completing the Merge. Many believe the merge will reduce gas fees, but that’s inaccurate since it will only make the chain PoS and will not impact the operations. Other plans on the ETH roadmap will help with gas, but the merge is simply designed to rectify this issue.
Tune into our blog for the latest news from the ecosystem.
ZeroSwap provides users a simplified way to swap on multichains with zero gas fees. We pay gas for users when they swap on-chain, using meta-transactions.
We are live on Binance Smart Chain, Polygon, Avalanche, and Fantom and plan to integrate Optimism, CELO, Aurora, and Ethereum Chain soon.