Cryptocurrency markets will witness a very important update in itself, while following the global economic activities.
Interested in many projects and investors in the sector Ethereum Merge You know that the update will take place on September 15th.
There are frequent announcements from exchanges about this update, which will switch Ethereum from Pow to Pos.
Binance recently released an announcement regarding the Merge update and what’s to come at that time.
“Ethereum It will be moved to the PoS chain on September 15 at approximately 15:30 (CET).
Before the possible consequences of this event, Binance is taking some steps to reduce trading risks and keep user funds safe.
Known as the ‘merge’, this transition consists of two network upgrades to move Ethereum from a PoW to a PoS consensus mechanism.
The upgrades that lead to this transition are called the ‘Bellatrix’ – consensus layer upgrade and ‘Paris’ – executive layer upgrade.
Therefore, deposits and withdrawals of Ethereum and ERC-20 tokens will be temporarily suspended twice, on September 6 at 14:00 CEST for the Bellatrix upgrade, and on September 15 at 15:00 CEST for the Paris upgrade.
Binance will meet all technical requirements during the Merge.
ERC-20 token holders on ETH and Binance will not need to do anything during the upgrade. Ethereum will continue to appear as ETH in users’ Binance wallets.
The Ethereum network will likely experience one of these two scenarios after its transition to a PoS consensus mechanism:
Scenario A:
There is no fork, no new tokens are produced.
In this case, Binance will resume ETH and ERC-20 token deposits and withdrawals as soon as possible.
Scenario B:
A fork occurs, leading to chains of 2 rivals and a new token is created.
In this case, the ETH token will refer to the Ethereum PoS chain.
Spot trading of ETH and ERC-20 tokens will not be affected during the merge.
During Ethereum’s upgrade, take adequate risk precautions to protect yourself from possible price fluctuations.”