As the Ethereum merge date is determined, which data will be affected
Gas fees data
The price of Ethereum and its related cryptocurrencies has experienced a sharp rebound due to the Ethereum merge, with the total crypto market value increasing by about 15% in a week.
But Ethereum fees are still relatively low. Ethereum’s average Gas fee over the past week has hit its lowest level of 2022, having plunged to an all-time low of 9.12 Gwei on July 24, according to Tokenview data.
So will the merge lower Gas fee? While the merged Ethereum network will consume less energy, it won’t immediately reduce Gas fees.
Crypto researcher Mando tweeted that while there is a lot of optimism about ETH, there is a lot of misinformation about the Ethereum merge. First, Gas fees may not fall much (at least in the medium term); Second, ETH will not deflate, and its supply should grow by about 0.2% a year.
Ethereum co-founder Vitalik Buterin recently said the team is working on five long-term phases to enhance the network’s overall functionality, with the long-awaited merger being the first thing on the agenda.
He said the merge is 90% complete, just needs to be tested on Ropsten, and that it “will happen soon.” The ninth shadow fork recently came online, marking the beginning of the final testing phase of the merge. After the merge, the validators are free to start withdrawing the ETH they have locked into deposit contracts.
Beacon chain data
In terms of Beacon chain data, Tokenview data shows that the number of Beacon chain validators ( 32 ETH pledged) is over 410,000, and the number of Ethereum pledges is over 13.15 million ETH.
Both before and after the merger, the pledge reward is allocated to the validators on the Beacon chain. The current stable operation of the Beacon chain is ready for merging.
ETH burn data
In terms of Ethereum burn data, according to Tokenview data, the daily amount of Ethereum burn continues to fluctuate, with a total of 2,549,800 ETH destroyed since EIP-1559 came into effect.
Whether Ethereum is a deflationary asset
There is a lot of debate online about whether Ethereum is a deflationary asset. There are two main mechanisms that make ETH a deflationary asset: one is that every transaction after EIP-1559 takes effect burns a certain amount of ETH; Second, the decline in the amount of token produced after the switch of ETH 2.0 consensus mechanism.
Crypto researcher Lucas Outumuro tweeted that Ethereum would be a deflationary asset after the merge, with net issuance likely to be between -0.5% and -4.5%, depending on network fees, based on 2022 historical data projections.
Ethereum researcher Vivek Raman also said in an interview that from an economic perspective, Ethereum does have a chance to overtake Bitcoin due to supply factors. After the merge, Ethereum’s inflation rate will be lower than Bitcoin’s.
But there are dissenting voices, with Mando saying ETH will not see deflation and that its supply should grow by around 0.2% a year.
While inflation continues to plague the global economy, most still believe that Ethereum will most likely enter a deflationary era after the merge.
As the Ethereum merge proceeds, so does the price of Ether Classic (ETC), up 67% in the past two weeks.ETC transaction value had reached a record high of 34.1925 million ETC on July 21.
This indicates that a large number of traders also expect miners to migrate to Ethereum Classic. Since ETC itself is technically the hard fork network of Ethereum L1, ETC is one of the best choices for Ethereum miners in terms of network design and compatibility.