Summary:
- The Ethereum Foundation released an update to debunk misinformation regarding the Merge.
- ETH’s switch from Proof-of-Work to Proof-of-Stake is scheduled to happen on or around September 15.
- Final tests and upgrades are in the works after a successful Merge on the Goerli public testnet.
- False statements have flooded the crypto community in the weeks leading up to the watershed moment.
- Some misconceptions revolve around reduced gas fees and increased transaction speeds.
The Ethereum Foundation shared a note on Wednesday in a bid to clarify swirling misconceptions in the crypto community regarding the Merge, Ethereum’s pivotal transition from a Proof-of-Work consensus mechanism to Proof-of-Stake.
Recently, core ETH developers revealed that the Merge would happen on or around September 15, 2022, when the network’s total terminal difficulty (TTD) kicks in. The previous date was set for September 19 but developers stated that this date could eventually change.
The switch to PoS marks a watershed moment for both ETH and the broader crypto community as Ethereum is one of the largest blockchains in existence. Some social media users have even compared the Merge to Bitcoin’s halving, an event that happens once every four years when BTC mining rewards are slashed in half.
Wednesday’s note addressed eight misconceptions about the Merge ranging from gas fees to staking rewards.
8 Misconceptions On Ethereum’s PoS Upgrade
The ETH foundation noted that the merge presents a switch in consensus mechanism, not an increase in network capacity. As such, the transition to PoS would not result in reduced gas fees, per Wednesday’s update.
Seven other misconceptions were also addressed and debunked in the update.
- Transactions will be noticeably faster after The Merge – False
- You can withdraw staked ETH once The Merge occurs – False
- Staking APR is expected to triple after The Merge – False
- The Merge will result in downtime of the chain – False
- When withdrawals are enabled, stakers will all exit at once – False
- Validators will not receive any liquid ETH rewards til the Shanghai upgrade when withdrawals are enabled – False
