The Ethereum network underwent its most significant upgrade in history, switching to a Proof-of-Stake consensus mechanism.

Following that, users are devising creative ways to celebrate the event and become a part of history.

In this case, a user spent 36 ETH (approximately $60K at current exchange rates) to create the very first non-fungible tokens on the PoS-based Ethereum platform.

The fact that someone paid so much to mint an NFT is ironic, but it's also worth noting that the Merge itself doesn't do much to reduce gas fees on Ethereum's network. One of the most common misconceptions about the event is this.

The Merge modifies the as a whole consensus algorithm but does not increase network capacity, so it does not significantly reduce gas fees.

However, multiple scaling solutions will be distributed at a later stage to address this specific challenge.

Do you think this will create issues with congestion on the Ethereum network and the crypto community? Drop your comment on social media, and don’t forget to share this article. 

Sep 15, 2022
Crypto News

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