As per the data offered by blockchain data platform where seven-days of the average fee for Ethereum has reached lowest level in the year 2022. This is plunging to only 16.98477 Gwei which is almost $7.51 at the press time. Here, when the market was bullish in the year 2021, the network of ETH had also been regularly plagued by some of the exorbitant fees. This has averaged at almost $40. It even made blockchain to be completely unaffordable for an average. It has also led to rise of the alternative platforms like Solana. Here, ETH fees stays to be comparatively low rather that fact the price of best cryptocurrency has experience the rally of substantial for last month. Here, price of the Bitcoin has surged to almost $1,664. It is highest level ever since the month of June, prior to retracing it lower.
Now, the question is, will this merge reduce the fees of gas fees?
Price spike of Ethereum!
The latest spike in the price also came on cusp of passionately anticipated for merge for the upgrade. This will also allow the network for the transition to algorithm related to the proof-of-stake. The Ethereum 2.0 usually consume quite less energy as compared to computation-intensive. The iteration related to the proof-of-work for second biggest cryptocurrency. This merge will never reduce the fees of gas right out from the gate.
It was also explained by the DeFi trader that fees are mainly not the function of consensus mechanism. Thus all the users will need to have using of different Layer-2 of the solutions for the purpose of spending quite less money on such transactions. Though, the upgrade of ETH 2.0 was originally with the “sharding.” This technology splits the key chain in different shards, this is no more a case.