Ethereum The Merge is basically a process of Ethereum blockchain transitioning from Proof of Work (PoW) to Proof of Stake (PoS) consensus model. Does this sound complicated?
In simple words, Ethereum is converting from its previous mechanism which was a miner-centric model where miners mined a new Ether consuming a huge amount of energy.
The new upgrade is a stake-centric model where users stake existing Ether instead of creating a new one to verify transactions and mint coins; saving a lot of energy.
By converting Ethereum mainnet to PoS, it will improve its transaction speed, lower gas fee, high scalability, and be more environment-friendly.
As of now, Ethereum developers announced they are done with all tests, and now the final launch of The Merge on mainnet will take place on September 19, 2022.