The proof-of-stake mechanism radically changes how the Ethereum blockchain works. It eliminates the need for mining new blocks as the network is now secured using staked ETH and validators. Ethereum originally launched a separate proof-of-stake Beacon Chain on December 1, It was running in parallel with the main Ethereum blockchain. With this first upgrade, the community decided to swap the proof-of-work chain with this proof-of-stake chain upon hitting a certain Total Terminal Difficulty TTD value on the original Ethereum blockchain.
And that specific event happened earlier today at AM UTC, triggering the second part of the transition called the Paris upgrade. These block builders are specialist providers that compete in a real-time marketplace to perform block construction on behalf of validators. The separation of block building from proposing catalyzes entirely new categories of economic actors with far-reaching implications and potentially new, different, and perhaps even hidden power structures.
Block building will likely have a more profound impact than many expect; for example, new dynamics created by block building may actually lead to your web3 wallet or dapp paying you to use it. For a deeper dive into block building and its far-reaching implications, be sure to read our blog Ethereum Block Building: Planning for the Post-Merge Future.
According to Ethereum. The reduction in block rewards on top of burning gas base fees may result in ETH becoming a deflationary asset post-Merge. Fixed block times may change the way some users transact A significant change to come out of The Merge is fixed block times.
The previous PoW model used variable block times, which meant that blocks could be confirmed at any moment. Under PoS, blocks are confirmed every 12 seconds, like clockwork. This means every millisecond is no longer equal to every other millisecond as those closer to the block confirmation hold more value for specific trading strategies so competitors have less time to respond.
This can result in surge effects where the second or two before the block gets confirmed sees a spike in transactions. There are tighter time horizons for various automated systems to compete with each other, creating competition for lower latency infrastructure to detect and respond. This will likely have an impact on gas fees, but more data will need to be collected. A vast amount of capital is being allocated toward researching and discovering how fixed block times will impact gas fees.
We at Blocknative believe that we will see a new phenomenon, post-Merge, that will affect the entire network and the nature of the gas marketplace. What stays the same after The Merge? The Merge did not lower gas fees. However, Blocknative is keeping a close eye on how fixed block times influence transactional patterns and how these new patterns are impacting the gas market. The Merge did not increase the transaction throughput of Ethereum.
This is not expected until the introduction of sharding in What was the timeline of testnets merging with the Beacon Chain? The Merge impacts all network participants. Are you prepared for the post-Merge future? In addition to the transition to Proof-of-Stake, The Merge included multiple upgrades to how the Ethereum network operates, as covered by this blog.
Many of these upgrades make pre-chain data more important than ever when navigating a post-Merge world to ensure your users can transact with confidence. Blocknative is the easy button for web3 developers to integrate pre-chain data into their projects. Accurate gas fee estimation will help your users make it on-chain without anxiety.
Create your free Mempool Explorer account today and start prototyping your builds. We encourage interested builders and traders to join our Discord Community where you can connect directly with our team if you have any questions or feature requests.
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