Tl;dr: Ethereum is anticipated to move to Proof-of-Stake (PoS) on or around September 15, 2022 making it more secure, less energy-intensive, and better for implementing new scaling solutions. Rest assured, your assets will be safe and secure during this period and no action is required to upgrade on your part. The following piece outlines what you can expect from Coinbase ahead of The Merge.
By Armin Rezaiean-Asel, Product Manager at Coinbase
On August 10, 2022 Ethereum completed the Goerli public testnet merge — its final trial before making the migration from Proof-of-Work (PoW) to Proof-of-Stake (PoS)* on mainnet (also known as the Merge). Ethereum is now anticipated to complete the Merge on or around September 15, 2022 (TTD 58750000000000000000000). Six years in the making, this milestone will reduce energy consumption for the Ethereum network by a projected 99.95% compared to PoW.
With the rise of DeFi and NFTs, the Ethereum network has endured traffic bottlenecks and unpredictable spikes in transaction (gas) fees. Although PoS on its own does not lower transaction fees, it does set Ethereum up to continue delivering on its scalability roadmap.
At Coinbase, we view this event as a major step toward scaling adoption of the cryptoeconomy and will support it in a variety of ways that align with our mission to increase economic freedom in the world.
What does the Merge mean for Coinbase users?
During the Merge, Coinbase will briefly pause new Ethereum (ETH) and ERC-20 token deposits and withdrawals as a precautionary measure. Although the Merge is expected to be seamless from a user perspective, this downtime allows us to ensure that the transition has been successfully reflected by our systems. We do not expect any other networks or currencies to be impacted and expect no impact to trading for ETH and ERC-20 tokens across our centralized trading products.
You will be informed via Twitter and the status page when ETH and ERC-20 tokens are available for deposits and withdrawals.
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.
Once the Merge is complete, you can find your staked ETH (ETH2) balance under your Ethereum (ETH) wallet on the platform. Your staked ETH will be listed separately from any…
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