The news around Ethereum's Merge, which is likely to take place on September 19, has been driving the crypto rally in the late-summer period. Ether (ETH) price rose 70% in the last 30 days. And the world's second-largest cryptocurrency traded near two-month highs on Thursday, climbing above the $1,900 level.
The Merge would see Ethereum transition to the more energy-efficient proof-of-stake consensus mechanism from the energy-intensive proof-of-work model, which Bitcoin also uses.
Ethereum users will feel the cryptocurrency's energy consumption dropping by more than 99.9%. The second thing would be much lower transaction fees.
Post-Merge, Ethereum's transaction fee could be as low as $0.002. The average transaction fees on Ethereum for the last couple of years have been somewhere between $1-$20.
It is expected that massively cheaper transactions to the point where on-chain transactions will become affordable for lots of people for whom they're not affordable today.
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