Ethereum [ETH] community excitement is growing as the much-talked-about merger draws closer.
Expected mid-September 2022, there seems to be a lot of misconceptions and misinformation surrounding the same.
The Ethereum Foundation recently published a blog pointing out several misconceptions and providing clarification on this subject.
A notable rumor that Merge will reduce Ethereum network gas fees was addressed in the blog. Well, according to Crypto.com, the standard gas charge at the time of writing was 30 GWEI.
The organization said that when moving from proof-of-work (PoW) to proof-of-stake (PoS), network performance or capacity is not directly changed. Therefore, fuel costs will not be reduced after the Merger.
Additionally, the word on the street was that the merger would increase the transaction speed of the Ethereum network.
This too seemed inaccurate as the transaction speed will remain the same in Layer 1 of the Ethereum network.
However, a slight reduction is possible as the PoW target was one new block every 13.3 seconds. On the beacon chain, slots occur every 12 seconds.
The Ethereum Foundation further mentioned,
“Proof-of-stake blocks will be produced approximately 10% more frequently than on proof-of-work. This is a fairly insignificant change and users are unlikely to notice.
The excitement of the community
Amid the merger hype, new information presented by the Ethereum Foundation has provided enthusiasts with much-needed clarity.
Earlier, there wasn’t enough light thrown on the aforementioned topic. Nonetheless, the excitement around Merge has helped the token gain momentum.
ETH is up nearly 89% since July. At the time of writing, the altcoin king is trading at $1,847 with a market cap of $225,449,830,840.
Not only has its price moved north, but data from analytics firm Santiment has shown that its social dominance has also increased from a month ago. Thus, indicating increased interest from the crypto community in Ethereum.
As the merger will bring several benefits to the Ethereum network, such as improved security and reduced electricity consumption, the future of the altcoin king looks bright.
This fact was established when the number of active addresses with more than one balance reached its all-time high at the start of the month.
Surprisingly, Ethereum also recently knocked down Bitcoin [BTC] in an open interest in options trading, which complements the hype related to the ETH merger.
This episode caught many eyes as it was the first time an altcoin surpassed BTC in open interest.
Activity in ETH options has blossomed as Ethereum nears its merger date.
— Arcane Research (@ArcaneResearch) August 17, 2022
Therefore, the hype within the community, coupled with new information related to the merger and other positive developments, has hinted at a bright future for Ethereum.