Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a recently published blog post, Binance exchange announced that as part of supporting the upcoming Ethereum Merge upgrade, it intends to suspend withdrawals and deposits of both Ethereum and ERC-20 tokens on Sept. 6 and Sept. 15.
On Sept. 6, the consensus layer upgrade (Bellatrix) will occur on the Beacon Chain. On Sept. 15, the execution layer upgrade (Paris) is expected to occur, although this is only a preliminary estimation. It may happen any day between Sept. 10 and 20, the Binance blog post says.
The news was shared by Chinese crypto journalist and blogger Colin Wu on his Twitter page.
Binance's Notice Regarding the Upcoming Ethereum Merge: Binance will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately 2022-09-06 11:00 (UTC) and 2022-09-15 00:00 (UTC). https://t.co/ZiLYaOm3Fp
— Wu Blockchain (@WuBlockchain) August 25, 2022Advertisement
"A new ETH token may be created"
A new coin might appear as a result of the fork, and in that case the well-known ETH ticker will be given to the new PoS coin on Ethereum. However, no new token may appear and, for that reason, Binance has prepared two scenarios.
Yuri MolchanShould no new coin emerge as a result of the upgrade, then deposits and withdrawals for ETH will be resumed as fast as the technical staff at Binance can do it.
If a new coin is made as a result of the fork, the new coin will be deposited to users' accounts on a 1:1 basis based on a snapshots of users' ETH balances taken before the Paris upgrade.
Earlier today, the price of Ethereum managed to rise and recapture the $1,700 level that was lost by ETH approximately a week ago. The community is looking forward to the Merge taking place.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin