On September 15th, Ethereum is expected to complete its merge from a proof-of-work to a proof-of-stake consensus mechanism, which could have a major impact on the cryptocurrency.
The Merge is expected to transition ETH’s consensus mechanism from an energy-intensive proof-of-work protocol to an ESG-friendly proof-of-stake dynamic. If The Merge successfully occurs on September 15th, as is expected, then stakers will be rewarded with 5 to 15 percent yield. Ethereum Merge Cryptocurrencies are validated using either a proof-of-work or proof-of-stake consensus algorithm. A proof-of-work mechanism requires miners to solve a complex mathematical problem, which confirms transactions and rewards successful miners with more coins. A proof-of-stake, by contrast, allows coin holders to ‘stake’ their coins, in return for validation privileges and potential yield rewards.
“Gas fees are unlikely to go down and transaction throughputs will not go down,” said Sidley, who is also a best-selling author and a Director at Bridge Capital Future Advisory. “That happens in 2023, with the next steps of The Merge, and there will be a bounce in price… but it will be a much bigger bounce when they go to what is called danksharding, which is the next stage of The Merge, which pushes up TPS [transactions per second] and pushes the gas price down.
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