Crypto.com Announces Suspension of Ethereum Transactions During POS Merge
Annie Li Aug 20, 2022 12:00
The Cypto.com exchange stated that its services fully support the Ethereum merger, and announced that it will stop the deposit and withdrawal of ETH and all ERC20 tokens on the Ethereum mainnet during the week of the merger on September 15 next month.
The Cypto.com exchange stated that its services fully support the Ethereum merger, and announced that it will stop the deposit and withdrawal of ETH and all ERC20 tokens on the Ethereum mainnet during the week of the merger on September 15 next month.
The transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism called the merge is speculated to be the biggest software upgrade in the Ethereum ecosystem. Nevertheless, it has been elusive since its launch in December 2020.
Cypto.com said in the announcement that the Ethereum merger will eliminate the energy-intensive mining required by the current consensus mechanism and bring better scalability, security, and sustainability.
Once the merge rolls out, the PoS algorithm will enable the confirmation of blocks in a more cost-efficient and environmentally friendly way because validators will stake Ether instead of solving a cryptographic puzzle.
The exchange said the trading market for ETH and all ERC20 tokens will not be affected.
New tokens generated after the fork are also subject to strict listing review before they can be listed.
In order to prevent the merger of some illegal and fraudulent groups with Ethereum as an excuse during the transition period, Cypto.com reiterated that it should pay attention to the fact that the "ETH2" token used to deceive the exchange of ETH does not exist.
After launching staking support for institutional clients, Coinbase also announced on August 1 that deposits and withdrawals of related tokens will be suspended during the merger period.
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