Without a hitch, the biggest upgrade in Ethereum’s history realized years of testing and labour from the project’s developers and laid the groundwork for the network to become the internet’s payment layer, as well as being eco-friendly. This certainly was a win for the crypto space.
However, it just might not be the time to celebrate.
Key participants have been quite vocal about the negative effects of the merger. The CEO of the world’s largest cryptocurrency trading platform is warning investors that a change to proof-of-stake for Ethereum (ETH) is likely to leave them disappointed in some way.
The Aftermath of The ETH Merge
Binance CEO Changpeng Zhao said in a recent interview with CNBC that traders expect the merger to have a quick impact on the ETH environment, especially if they anticipate that lower gas fees will be introduced immediately.
“Several people have exceptionally high short-term ambitions for the integration; they believe that Ethereum gas fees will instantly decrease from $10 per transaction to $0.02 per transaction. The likelihood is quite low that it will occur. It takes a lot of time.”
Regardless of whether the Ethereum upgrade happened in phases over several months or even years, it is a highly positive development that is moving in the right direction and demonstrating significant innovation. While the integration will happen today or tomorrow, Ethereum’s gas cost will not drop immediately.
What does the crypto community predict?
Meanwhile, Zhao, the richest crypto millionaire in the world, asserts that additional improvements to ETH in the future would bring it closer to the benefits that were originally anticipated from the merger.
“We expect that when other advancements, such as sharding, kick in fees, will be reduced, which is a good development for the industry.”
