Crypto exchange Binance has extended its support to the upcoming Ethereum merge, further stating that it will even endorse an Ethereum hard fork if that happens.
The exchange has extended its support to the upcoming Ethereum Merge which is scheduled to go live on September 15.
The Ethereum Merge is one of the highly anticipated events of the year. However, the Ethereum Foundation clarified The Merge will not have any significant impact on Ethereum transaction speed and gas prices.
Binance supports Ethereum Merge
Crypto exchange Binance is all geared up to ensure the safety and security of the user's funds during Ethereum Merge.
Binance, while extending its support to The Merge, further added it will suspend ETH withdrawals on the scheduled merge date to ensure that the merge deploys successfully without any obstruction and obstacles. It also added:
Binance will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately:
- 2022-09-06 11:00 (UTC) for the Bellatrix consensus layer upgrade
- 2022-09-15 00:00 (UTC) for the Paris execution layer upgrade.
In addition to this, the exchange is also working on an alternative plan that includes any ETH hard-forked tokens that may launch during the deployment of the merge.
Binance's plans for an Ethereum fork
Referring to plan A, Binance further adds that there can be two possible scenarios during The Merge.
Firstly, if during The Merge, the updated ETH version is deployed successfully without a new token being born from the process, then Binance will open its withdrawals for ETH and ERC-20 tokens as soon as possible without any delay.
However, the exchange is also preparing for an alternative plan B. In this scenario, the ETH chain splits into two competing chains, creating a possibility of new hard-forked tokens being born out of the said process. It said:
The “ETH” ticker will be used for the Ethereum PoS chain. We will then credit to users’ Binance accounts the forked token from the minority chain at a ratio of 1:1, based on the snapshot of ETH balances before the Paris execution layer upgrade.
It would also support withdrawals of the forked token.
The Ethereum merge hype is also impacting the Ethereum merge prices reacting to the growing frenzy surrounding the event. At press time, the prices of ETH are sitting at $1,657.