According to Ethereum co-founder Vitalik Buterin, the Merge update could push crypto payments adoption and new use cases as it will lower transaction fees to less than $0.05 due to scaling and improved efficiency.

During the Korean Blockchain Week 2022 conference on August 8, Vitalik Buterin claims that Merge will bring back crypto payments and other blockchain and crypto benefits that have dwindled after 2018. The move from PoW to PoS consensus is expected to significantly reduce transaction fees. Vitalik Buterin made the following statements:

   “Once we have the scaling technology, it really becomes possible to try to bring crypto payments back into the mainstream. In the future, with aggregations, with all the improvements in efficiency, transaction costs could drop to as low as $0.05 or even 0.2 cents.”

Vitalik Buterin believes that many crypto applications are promising in theory but weak in practice. But Merge could potentially make these apps more useful.

buterin eth

Ethereum developers Surge, Verge, Purge, and Splurge plan to protect Ethereum from quantum attacks with their upgrades. Vitalik Buterin confirmed that it is not possible for Ethereum miners switching to Ethereum Classic to affect the Merge process. After the merge, it is expected that it will take at least 6 months for Ethereum (ETH) to be priced in both market and psychological terms due to the cleanup phase. The Ethereum price skyrocketed due to the community's optimism about Merge. 

Ethereum price was recorded as $1,767 at the time of writing, according to CoinGecko data, while ETH's last 24-hour trading volume was $11,427,640,351. Ethereum (ETH) price is up 5.0% in the last 24 hours. There is a supply of 120 Million Ethereum (ETH) in circulation, with a total supply of 120 Million Ethereum (ETH). Binance is currently the most active market for Ethereum (ETH) trading.