Ethereum has successfully completed its next upgrade called Dencun. As a result, fees were reduced, and the scalability issues were solved.
Using the Ethereum blockchain has become really expensive recently, with fees for sending Ethereum from one wallet to another reaching up to $2 and fees for swapping tokens within the network surging to over $50 when the network is congested. The problems of surging gas fees and scalability were solved in two ways: By developing Layer-2 solutions for the Ethereum network By launching projects that would offer the same functionality but without the most hurting problems.
But after on September 15, 2022, the Ethereum network moved to the proof-of-stake consensus mechanism, which reduced energy consumption by more than 99%. the Merge upgrade Many people expected that this would end with at least some of the “Ethereum killers” - at least with those who couldn’t offer anything but their environmentally-friendly approach. However, reducing energy consumption didn’t solve the issues of scalability and high gas fees. On the contrary, gas fees surged.
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