The Buzz of The Merge
The excitement surrounding Ethereum’s monumental upgrade, known as The Merge, is about as palpable as finding a dollar in your old coat pocket. It promises to merge two blockchains into one robust network, transitioning from the old proof-of-work (PoW) to a shiny new proof-of-stake (PoS) model. But, with great upgrades comes great misunderstanding. Let’s slice through the noise and debunk five common misconceptions.
Myth #1: Gas Fees are Going Down
Oh, how we wish the impending upgrade magically whittled down Ethereum’s notorious gas fees! Unfortunately, believing that The Merge will reduce transaction costs is like thinking you’ll suddenly start liking kale. The truth is that lowering gas fees will require more than just a change in the consensus mechanism; it demands a complete overhaul of network capacity. The developer community is hot on the trail with a rollup-centric roadmap aiming to tackle this beast, but for now, those gas fees aren’t budging.
Myth #2: Transactions Will Zip Along
Fans of speedy transactions might want to curb their enthusiasm. While The Merge may provide a nudge in speed—developers anticipate a 10% increase in block production—it’s not going to transform Ethereum into the Usain Bolt of blockchains. Currently, the average time for a block to be published is about 13.3 seconds on the mainnet. After The Merge? You might shave off a second or two, but don’t expect to tell your friends that Ethereum is finally faster than a pizza delivery.
Myth #3: Downtime is Inevitable
Picture this: a world where Ethereum goes dark, and chaos ensues. Fear not! The developers behind The Merge are optimistic that no downtime is on the horizon. They assure us that transitioning from PoW to PoS will be smoother than a well-greased robot. So, no need to panic; your “Ethereum will be down” memes can stay on the shelf.
Myth #4: Withdrawals of Staked ETH Post-Merge
Got staked ETH? Well, sorry to burst that optimistic bubble. Investors hoping to withdraw their stETH holdings post-Merge will have to hold off for a little while longer. The big reveal comes during the next major upgrade known as the Shanghai upgrade. Unfortunately, that means your assets could be locked up tighter than a drum for 6 to 12 months. Talk about an involuntary savings account!
Myth #5: Validation Delays on ETH Rewards
Just when you thought the locking woes were over, here comes another surprise! Sure, stETH remains stuck, but validators won’t be left in the lurch. They will still have immediate access to their fee rewards and maximal extractable value (MEV) obtained from their block proposals. So, while some are waiting with bated breath, validators can cash in on that sweet, sweet fee compensation right away.
The Grand Finale: What Lies Ahead
Among all the excitement and misconceptions, leaders in the space, like Polygon co-founders Mihailo Bjelic and Sandeep Nailwal, envision a glorious future for Ethereum, suggesting zkEVM Rollups could elevate the platform to new heights, removing hurdles and slashing fees by as much as 90%. With such innovations, we might eventually find ourselves daydreaming about a world where Ethereum doesn’t just keep up with Visa, but outpaces it!
