Why Binance Will Suspend Ethereum Wallet Ahead of ‘Merger’

By an official Publish, crypto exchange Binance will take extra precautions as it “merges” Ethereum. The platform announced the halt of ETH deposits and withdrawals on several networks starting tomorrow September 6e2022, at 2:00 UTC.

Users will not be able to deposit or withdraw their Ethereum (ETH) from the exchange, as mentioned, and they will lose all funds from incoming transactions. The limitation will extend from tomorrow until the mainnet rollout of “The Merge”.

This event is one of the most anticipated events for Ethereum and the crypto industry. The network will complete its transition from a Proof-of-Work (PoW) consensus protocol to a Proof-of-Stake (PoS) consensus protocol, opening the door to scalability, performance and other upgrades. day.

“The Merge” has been tentatively scheduled for September 12e, 2022, but preparations for the event will take place in the coming week. In addition to ETH, the native token of Ethereum, Binance will stop deposits and withdrawals of its synthetic forms on several networks.

Therefore, users will not be able to deposit or withdraw ETH on the Arbitrum and Optimism network and Wrapped Ethereum (Weth) on the Ronin network. The crypto exchange claimed the following:

Binance will suspend deposits and withdrawals for Ether (ETH) and Wrapped Ether (WETH) on multiple networks on 2022-09-06 02:00 (UTC). The suspension will last until the merge is complete. Deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume when the networks are deemed stable.

Users will need to be notified when deposit and withdrawal resumes. As “The Merge” approaches, there is speculation about potential ETH forks from different factions.

For example, miners might want to fork ETH to continue mining the cryptocurrency. The original ETH will operate under a new validation model that will effectively render miners obsolete. Binance appears to be ready to mitigate any risk associated with these potential forks and any errors during “The Merge”.

ETH price is moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

Ethereum Inventor asks the community about their favorite crypto personality

Other exchanges will take similar action, many will stop their ETH deposits and withdrawals. However, as Binance clarified, the measure will not apply to other services and products.

Users will still be able to trade with their ETH on the many different trading pairs before, during and after “The Merge” in their various sectors. As Ethereum inventor Vitalik Buterin pointed out, this event will be followed by “The Surge”, “The Verge”, “The Purge” and “The Splurge”.

Each of these phases will allow the network to achieve its goal of onboarding millions of people into a “world computer”. Buterin recently asked his Twitter followers a series of questions about himself and their perception of his personality.

One of the questions involved people voting on Buterin’s favorite crypto character. At the time of writing, most voters agreed that Binance CEO and Founder Changpeng “CZ” Zhao is the crypto personality Buterin respects the most.

Valerie J. Wallis