E Point Perfect
Crypto

Binance to Suspend ETH Operations to Maybe Give Users Forked Token



article image

Yuri Molchan

Binance to suspend deposits and withdrawals for ETH on Sept. 6 and 15 when two major upgrades will be performed as part of Merge

In a recently published blog post, Binance exchange announced that as part of supporting the upcoming Ethereum Merge upgrade, it intends to suspend withdrawals and deposits of both Ethereum and ERC-20 tokens on Sept. 6 and Sept. 15.

On Sept. 6, the consensus layer upgrade (Bellatrix) will occur on the Beacon Chain. On Sept. 15, the execution layer upgrade (Paris) is expected to occur, although this is only a preliminary estimation. It may happen any day between Sept. 10 and 20, the Binance blog post says.

The news was shared by Chinese crypto journalist and blogger Colin Wu on his Twitter page.

“A new ETH token may be created”

A new coin might appear as a result of the fork, and in that case the well-known ETH ticker will be given to the new PoS coin on Ethereum. However, no new token may appear and, for that reason, Binance has prepared two scenarios.

Ads

Should no new coin emerge as a result of the upgrade, then deposits and withdrawals for ETH will be resumed as fast as the technical staff at Binance can do it.

If a new coin is made as a result of the fork, the new coin will be deposited to users’ accounts on a 1:1 basis based on a snapshots of users’ ETH balances taken before the Paris upgrade.

Earlier today, the price of Ethereum managed to rise and recapture the $1,700 level that was lost by ETH approximately a week ago. The community is looking forward to the Merge taking place.





Source link

Related posts

XRP Price Analysis for October 19

Blocto Partners with Flow to Unveil Mobile-First NFT Experience at NFT.NYC Event

Crypto from Cream Finance Hack on Move

BTC, DOGE and SHIB Price Analysis for July 14

XRP and DOGE Prices ‘Wake Up’ According to This New Metric

SHIB Burn Rate Jumps 1,600%, Here’s What Achievement Is Behind This