The evolution of Ethereum’s consensus mechanism is a critical path for upgrading its economic model. The network that initially adopted proof of work (PoW) mechanism had already embedded the ultimate goal of transitioning to proof of stake (PoS) in its design blueprint. This fundamental transformation has reshaped the economic foundation of the network, transforming Ethereum (ETH) from a purely encrypted asset to a digital asset with productive features.
The merger completed in 2022 not only reduced energy consumption by over 99%, but also built a deflationary asset framework through the synergy of issuance contraction and the 2021 EIP-1559 destruction mechanism – the costs generated by online transactions are no longer attributed to miners, but are directly fed back to holders in the form of combustion. This innovative design makes ETH the first blockchain asset with dynamic net cash flow, and its value capture capability continues to evolve with network usage intensity (gas fee fluctuations) and protocol upgrades (such as sharding technology implementation), forming a value cycle mechanism that is positively feedback to user activities.
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