Preparing for the Ethereum Merge

Preparing for the Ethereum Merge

Preparing for the Ethereum Merge

By Coinbase

The long-awaited Merge is almost here – Ethereum is anticipated to move from the Proof-of-Work (PoW) consensus mechanism to the Proof-of-Stake (PoS) consensus mechanism on or around September 15, 2022. This move will make Ethereum more secure, less energy-intensive, and better for implementing new scaling solutions. To better understand the Merge, read more here.

Your assets will be safe and secure during this period and there is no action required of you, but we’re sharing information on what to expect leading up to and during the Merge:

Here is what you need to know

Ethereum and ERC-20 token deposits and transfer will be briefly paused, with no expected trading impact
During the Merge, Coinbase will briefly pause new Ethereum (ETH) and ERC-20 token deposits and withdrawals as a precautionary measure. This pause will affect transfers on the Ethereum, Optimism, and Polygon networks. Deposits and withdrawals will be re-enabled after the Merge, but may have delayed processing for the first 24 hours. This will ensure your maximum safety as the new Proof-of-Stake Ethereum network begins to process transactions.We do not expect any other networks or currencies to be impacted and expect no impact to trading for ETH.

We will keep you updated
You will be informed via Twitter and the status page when ETH and ERC-20 tokens are available for deposits and withdrawals.

No action is needed from you but stay alert for scams
It’s important to always be on high alert for scams, but especially leading up to the Merge. We recommend you don’t send your ETH to anyone in an attempt to “upgrade to ETH2” as there is no ETH2 token. Your assets will be safe and secure during this period and no action is required to upgrade on your part. Learn more here.

Original Source

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