On August 10, 2022 Ethereum completed the Goerli public testnet merge — its final trial before making the migration from Proof-of-Work (PoW) to Proof-of-Stake (PoS)* on mainnet (also known as the Merge). Ethereum is now anticipated to complete the Merge on or around September 15, 2022 (TTD 58750000000000000000000). Six years in the making, this milestone will reduce energy consumption for the Ethereum network by a projected 99.95% compared to PoW.
With the rise of DeFi and NFTs, the Ethereum network has endured traffic bottlenecks and unpredictable spikes in transaction (gas) fees. Although PoS on its own does not lower transaction fees, it does set Ethereum up to continue delivering on its scalability roadmap.
