Binance To Temporarily Suspend Withdrawals and Deposits of Ethereum and Wrapped Ether To Prepare for the Merge
Top crypto exchange Binance is taking steps to prepare for Ethereum’s (ETH) merge to a proof-of-stake consensus mechanism.
The merge is currently expected to happen in about one week, according to the Web 3 infrastructure company Blocknative.
Explains Binance in a new announcement,
“To prepare for the Ethereum merge and secure the allocation of forked tokens in the case of a chain split, Binance will suspend deposits and withdrawals for Ether (ETH) and Wrapped Ether (WETH) on multiple networks on 2022-09-06 at 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.”
Binance has previously noted that if the Ethereum blockchain does split into two competing chains, the new proof-of-stake chain will adopt the ETH ticker.
The merge aims to address the Ethereum network’s scalability issues by setting the stage for future upgrades, including sharding.
According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be capable of facilitating 100,000 transactions per second via second-layer solutions following the completion of the upgrade.
Nearly 13.54 million ETH worth more than $20.7 billion has been staked into the ETH 2.0 deposit contract at time of writing, according to the Ethereum search engine Etherscan.
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