The Merge marked the completion of Ethereum's transition to the proof-of-stake consensus mechanism.
. Still, at the current price of $1,630, ether has been largely unchanged since the Merge, meaning the upgrade has failed to boost ether's market valuations. Meanwhile, bitcoin has gained nearly 30% in the past 12 months.
"In August 2022, the Ethereum Foundation warned users that the upcoming Paris upgrade would not reduce gas fees. Subsequently, prices fell, and ether was doomed to underperform bitcoin. But this also hinted towards the next potential catalyst for Ether investors—lower gas fees," Markus Thielen, head of research and strategy at Matrixport, said in a note to clients last week.
"The reduction of gas [transaction] fees now appears to be the critical missing building block that the next upgrade – called EIP-4844 is trying to solve," Thielen added.," is expected to reduce gas fees and increase transaction throughput by introducing blobs for data. These blobs contain a large amount of data like blocks but aren't stored forever on the Ethereum virtual machine like blocks. That helps the blockchain process data efficiently and cheaply.
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