The long-anticipated Ethereum Merge is almost here!
As the Ethereum blockchain undergoes its biggest upgrade yet, the Ethereum Mainnet will transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This monumental event, known as the Paris upgrade, marks the second phase of the Ethereum Merge and is expected to transform the entire Ethereum ecosystem.
As a result, Ethereum (ETH) and ERC-20 tokens (such as USDC, MKR, and LINK) will undergo temporary service suspensions.
Let’s dive into what this means for you and how to plan ahead.
What is the Ethereum Merge and the Paris Upgrade?
The Ethereum Merge is a two-phase upgrade that shifts Ethereum from a Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS). The second phase, the Paris upgrade, will activate when the Ethereum network reaches a Terminal Total Difficulty (TTD) of 58,750,000,000,000,000,000,000. This significant change is set to improve the scalability, security, and environmental sustainability of the Ethereum blockchain.
Once the Merge is completed, Ethereum’s network will use PoS, which is more energy-efficient and secure than the current PoW system. By participating in staking, Ethereum users can help validate transactions and secure the network, earning rewards in return.
Impact of the Ethereum Merge on Coins.ph Users
In light of the Ethereum Merge and the upcoming Paris upgrade, Coins.ph will temporarily suspend ETH, ERC-20 token deposits and withdrawals for a brief period, roughly one hour before the TTD is reached. This is to ensure the smooth transition of the Ethereum Mainnet and avoid any transaction disruptions.
Important Dates to Remember:
- Suspension of ETH, ERC-20 Tokens, and Ronin Deposits and Withdrawals: Thursday, September 15, 2022, 12:03 UTC+8 (approx. one hour before TTD is reached).
- Resumption of Services: Once confirmation is received that the Paris upgrade is successful and safe, deposits and withdrawals will be fully restored.
It’s crucial to plan your transactions ahead of time to avoid any inconvenience during this transition period.
Keeping Your Funds Safe During the Paris Upgrade
We want to reassure all Coins.ph users that their funds will remain safe throughout the Ethereum Merge process. We will continue to monitor the upgrade closely and will provide live updates on the Coins.ph Status Page. Make sure you subscribe for real-time notifications and updates about the Ethereum Merge.
Educational Resources on Ethereum and the Merge
If you're new to Ethereum or the Merge, don’t worry! Coins.ph is here to help. Our Coins Academy has detailed resources to help you understand the Ethereum Merge, how it impacts you, and what the future holds for Ethereum.
Stay informed and gain deeper insights into the technical aspects of the Merge, as well as how the transition will affect your investments.
Join the Coins.ph Community for Updates
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