Five myths about Ethereum's transition to Proof-of-Stake
- Myth 1: You need to send 32 ETH to the stake to launch a node
Anyone can start an Ethereum node and it does not require ETH. There are two types of nodes: some require mining hardware or ETH coins to be staked. Others are not required to incur any costs.
- Myth 2: Merger will result in lower gas fees
A merger is a change in the consensus mechanism, not an expansion of network capacity, and will not result in lower gas fees.
- Myth 3: After the merger, transactions will go faster
Transaction speed can be measured in terms of time on the block or time to completion. Both will change slightly, but users are unlikely to notice.
- Myth 4: You can take ETH out of staking immediately after merging
It will not be possible to take ETH out of staking until after the next Shanghai update. Staked coins and rewards will be blocked into the Beacon network with no way to withdraw them.
- Myth 5: When withdrawals are available, all validators will immediately take the coins
Withdrawals by validators are limited for security reasons. Simultaneous withdrawals are limited by protocol, so only six of them can come out in one period (~43,200 ETH per day out of more than 10 million ETH in staking).