What exactly did Ethereum’s “Merge” merge?
According to official Ethereum sources, the “Merge” reduced Ethereum’s energy consumption by about 99.95%. The “Merge” wasn’t intended to lower gas fees; transaction fees still depend mainly on how congested the network is.
You can think of the “Merge” as replacing the engine on a plane that’s already in flight: account balances, contracts, and transaction history all remain intact; what changes is how blocks are produced.
After the “Merge,” newly issued $ETH is no longer awarded to miners, but to validators.

This data is for reference only; don’t take it all at face value.