The future is bright: The biggest misconceptions about Ethereum 2.0: Fees won't go down, transactions won't get faster and you won't get your staked Ether back. 🥳
Source: https://t.co/DU6ZAtxeSt pic.twitter.com/UP98aMm5Xa
— stefan huber 🔥🦅🔥 (@Leerzeit) August 16, 2022
And even with the shanghai update in about a year there is a queue. pic.twitter.com/Hw34FenVBj
— stefan huber 🔥🦅🔥 (@Leerzeit) August 16, 2022
Misconceptions about The Merge
Misconception: “Running a node requires staking 32 ETH.”
False. Anyone is free to sync their own self-verified copy of Ethereum (i.e. run a node). No ETH is required. Not before The Merge, not after The Merge, not ever.
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Misconception: “The Merge will reduce gas fees.”
False. The Merge is a change of consensus mechanism, not an expansion of network capacity, and will not result in lower gas fees.
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Misconception: “Transactions will be noticeably faster after The Merge.”
False. Though some slight changes exist, transaction speed will mostly remain the same on layer 1.
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Misconception: “You can withdraw staked ETH once The Merge occurs.”
False. Staking withdrawals are not yet enabled with The Merge. The following Shanghai upgrade will enable staking withdrawals.
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Misconception: “Validators will not receive any liquid ETH rewards til the Shanghai upgrade when withdrawals are enabled.”
False. Fee tips/MEV will be credited to a Mainnet account controlled by the validator, available immediately.
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Misconception: “When withdrawals are enabled, stakers will all exit at once.”
False. Validator exits are rate limited for security reasons.
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Misconception: “Staking APR is expected to triple after The Merge.”
False. More up-to-date estimations predict closer to a 50% increase in APR post-merge, not a 200% increase.
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Misconception: “The Merge will result in downtime of the chain.”
False. The Merge upgrade is designed to transition to proof-of-stake with zero downtime.
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What happened to ‘Eth2’?
The term ‘Eth2’ has been deprecated as we approach The Merge.
After merging ‘Eth1’ and ‘Eth2’ into a single chain, there will no longer be two distinct Ethereum networks; there will only be Ethereum.
To limit confusion, the community has updated these terms:
‘Eth1’ is now the ‘execution layer’, which handles transactions and execution.
‘Eth2’ is now the ‘consensus layer’, which handles proof-of-stake consensus.
These terminology updates only change naming conventions; this does not alter Ethereum’s goals or roadmap.