The Ethereum network has undergone the most significant update in history, with the adoption of the Proof-of-Stake consensus method. Users are quickly devising creative methods to memorialize the tragedy and become a part of history.
In this particular case, one user spent a whopping 36 ETH worth around $60,000 at current rates minting the first non-fungible tokens on the PoS-based Ethereum network.
Cast at block height 15537394, the image itself represents a panda face and is known as “The Transition”.
There is a certain irony that someone paid a lot of money to mint an NFT, but it is important to note that Merge itself does not do much to reduce gas fees on the Ethereum network. This is one of the most common misconceptions about the event.
On September 15, the Ethereum blockchain marked its development history when it switched from Proof-of-Work to Proof-of-Stake consensus.
The Merge has changed the overall consensus algorithm and does not scale the network capacity – this is why it will not significantly reduce gas fees. However, there are many scaling solutions that will be deployed at a later stage to address this particular challenge.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
The Dogecoin price has reached a five-month high, and investors should buy the Ethereum token…
Crypto isn’t just for the tech-savvy anymore; it’s for everyone. As more people jump into…
Wilmington, Delaware, 7th November 2024, Chainwire
Read how Plus Wallet’s top-tier ensures secure, unified digital asset management. Get the latest updates…
Former Alameda CEO Caroline Ellison reported to a Connecticut federal prison on November 7 after…
Degen Rollup Key Issue: Conduit seized Degen’s L3 private key, causing 54 hours of downtime…
This website uses cookies.