What happened after the highly anticipated Merge phase in Ethereum was successfully passed?
Merge represents the first step in the transition of the Ethereum Blockchain to PoS. Although the need for hash power for mining in Ethereum has no longer disappeared, studies are already continuing on past blocks. After this upgrade, we have 4 main steps ahead. These steps are called Surge, Verge, Purge, and finally Splurge, respectively.
Same Post Ethereum Merge Transaction Fee
Merge not only helped scale the network, it also reduced energy consumption by 95 percent. In addition, the merger led to significant changes for miners as well.
According to AMBCrypto, after the transition from Proof of Work (PoW) to Proof of Stake (PoS), ETH issuance will drop to about 0.6 million per year and 2.7 million ETH will be burned. While there is a significant decrease in ETH inflation, the number of ETH in circulation will decrease.
ETH supply on PoS has dropped to 425 ETH to date, which means a 98 percent drop in issuance. If Ethereum was still working on PoW, 21,117 new ETH would be issued.
Ethereum co-founder Vitalik Buterin recently said that once Ethereum passes the Surge stage, the transaction fee may drop slightly.
What is Ethereum (ETH) Price?
While the strength of the dollar is on the rise, the Ethereum (ETH) price is down 14.4 percent since the merger. As of the time of writing CoinGeckoAccording to its data, the price of ETH is $1,327.35.
The second-largest cryptocurrency lost 25 percent of its market cap last week. This has led many to believe it has turned into what investors describe as the “buy the rumor, sell the news” trigger.
