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 may not be time to celebrate just yet.
The major participants have been quite vocal about the negative effects of the merger. Investors are being warned by the CEO of the world’s largest cryptocurrency trading platform that the changeover to proof-of-stake for Ethereum (ETH) will likely let them down in some way.
The Aftermath of The ETH Merge
Changpeng Zhao, CEO of Binance, stated in a recent interview with CNBC that traders expecting the merger to have a quick influence on the ETH environment will be let down, particularly if they anticipate that significantly lower gas fees will be introduced right away.
“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.”
Even though the Ethereum upgrade occurred in stages, over many months or years, it is a highly positive development that is moving in the right direction and demonstrating significant innovation. Whereas the unification will take place today or tomorrow, Ethereum’s gas costs won’t immediately decrease.
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 those fees to diminish when the other advancements, like sharding, kick in, which is a good development for the industry.”