Came as a shocker to me too, especially me that lost interest in Ethereum because of the high gas fees, I was looking forward to coming back since it seemed like the merge was going to reduce the Ethereum gas fees issues. I bought some ETH hoping to use that as my welcome back purchase to the Ethereum community.
You know how we have been excited about the new merger, where we will see the Ethereum Mainnet merged with another mainnet(Baecon chain) to bring proof of stake mechanism, making Ethereum migrate from the proof of work to the proof of stake. Proof of work is usually more expensive when it comes to gas fees, because, miners and validators charge that to pay for their bills because it cost a lot to run a mining machine, but with the merger it’s expected that the cost will reduce as there is no need for a mining machine.
But the statement made by the Ethereum foundation says otherwise with reasons why the merge won’t reduce gas fees. The lower gas fees was one of the reasons a lot of people invested in Ethereum, they started buying ETH hoping people will use Ethereum more, if you have noticed, the price of ETH has been spiking since the date of the Ethereum Merge was announced, people have been buying the rumor, but the latest update from the Ethereum foundation got them retreating.
Well, the beautiful thing about Ethereum is that, it’s technology is great and very secured, this doesn’t stop people from using the technology. I feel the gas fees might not be as low as people expected it to be, but it won’t be outrageously high anymore. People expected the gas fees to be as low as $0.01, well let’s see, how it gets. Will the price of Ethereum crash or spike after the launch? No one knows, time will tell.