In preparation for the highly anticipated Ethereum (ETH) Merge update, which will migrate the network to a Proof-of-Stake (PoS) protocol, cryptocurrency exchange Coinbase has provided recommendations.
Coinbase said in a blog post dated August 16 that the exchange would temporarily halt all Ethereum withdrawals and deposits until the whole Merge transfer is completed around September 15.
According to the exchange, the move is a precautionary step designed to simplify the trading of the asset and other ERC-20 tokens once the migration is complete. The exchange stated that, after the changeover, Ethereum would provide consumers with a smooth experience.
“As a precaution, Coinbase will temporarily stop new Ethereum and ERC-20 token deposits and withdrawals during the Merge.”
The business added: This downtime lets us confirm that our systems have correctly reflected the move. We do not anticipate any other networks or currencies to be affected, and we do not anticipate any effect on the trading of ETH and ERC-20 tokens across all of our centralised trading products,” Coinbase added.
No influence on other property
In addition, the crypto exchange said that the suspension of transactions would not affect any other assets. Coinbase also warned of the likelihood of fraudsters taking advantage before the Merge and urged attention.
After August 10’s completion of the Goerli testnet, the cryptocurrency world anticipates Ethereum’s complete shift. The upgrade represents the blockchain’s last test before the Proof-of-Work migration.
The Merge influence
Merge was initially slated to occur on September 19; however, Ethereum co-founder Vitalik Buterin amended the timing in an update. According to Finbold, the updated date resulted from adjusting the number of remaining hashes to mine.
Overall, the Merge triggers Ethereum’s ascent, increasing investor interest in the asset. For example, Mike Novogratz, the cryptocurrency investment company Galaxy Digital’s CEO, said that he views the Ethereum upgrade as a catalyst for capital inflow into the asset.
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