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Changpeng Zhao: “Moving to PoS will not have an immediate impact on the ETH ecosystem”

Binance CEO Changpeng Zhao urged traders to be patient. In his opinion, one should not expect that the transition to PoS will have an immediate impact on the Ethereum ecosystem.

In an interview with CNBC, Changpeng Zhao said that traders and investors who expect the Ethereum merger to have an immediate impact on the entire ETH ecosystem will be disappointed, especially if they were hoping for a significant reduction in gas fees.

“Many people have too high short-term expectations from the merger – they hope that the gas price will instantly drop from $10 to $0.02 per night. It will not happen. This is a long process, and the gas price will not fall immediately,” Zhao said.

According to the head of Binance, the Ethereum upgrade does not end with the merger of the network, but will take place in stages over several months or even years. Earlier, the exchange said that after switching to Proof-of-Stake (PoS), it is ready to support both the main blockchain and its forks to Proof-of-Work (PoW).

Recall that the long-awaited merger of Ethereum took place yesterday. However, according to analytics platform Santiment, more than 45% of nodes launched since The Merge update are managed by just two addresses. This caused concerns among the crypto community about the possible centralization of the network.

Source: Bits

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