The Merge Week: Less Than 24 Hours Till Ethereum’s PoS Upgrade, How Are Crypto Exchanges Prepared?

Summary:

  • Major crypto exchanges like Binance, Coinbase, and FTX released their operational plans for the merge.
  • While some plans differ, most platforms intend to support Ethereum’s switch from proof-of-work to proof-of-stake.
  • The merge is less than 24 hours away at press time.
  • Developers expect the Paris update to go live and signal the full upgrade between late Wednesday and early Thursday this week.

Cryptocurrency exchanges outlined their operational plans for Ether (ETH) trading ahead of Ethereum’s landmark consensus switch expected to happen this week. Platforms like Binance, FTX, and Coinbase all support Ethereum’s upgrade, per reports.

At press time, the merge which is Ethereum’s transition from its current proof-of-work mechanism to the more energy-efficient proof-of-stake model is less than 24 hours away. As previously reported, the upgrade will kick in when ETH’s blockchain reaches a Terminal Total Difficulty at block height 58,750,000,000. 

There are currently less than 5,000 blocks left until the full upgrade.

Crypto Exchanges Prep For The Merge 

Notably, exchanges could alter their plans before the upgrade. Users are advised to check their preferred trading platform for up-to-date info.

Binance 

Binance plans to suspend deposits and withdrawals on September 15th at 00:30 UTC for ETH/ERC-20. Support for forked tokens will be evaluated. If there is a forked token, it will be credited at a 1:1 ratio.

Coinbase

Coinbase plans to suspend ETH/ERC-20 deposits and withdrawals a few hours before the Merge as a precautionary measure. There shouldn’t be any impact on trading ETH or ERC-20 tokens across Coinbase’s centralized products

FTX

FTX is focused on supporting continuous trading and doesn’t plan to halt or settle ETH futures prior to the Merge. ETH futures and perpetual contracts will track the price of PoS Ethereum after the Merge.

Web3 developer Jump published a thread on Wednesday with further details on exchanges and their merge plans including Kucoin, OKX, and Bybit to name a few.

1/ With the Merge hours away, there are a lot of questions about what exchanges will be doing.

Here’s a list that may help you navigate this exciting moment in crypto’s history.

But keep in mind, the information below may change rapidly. Each exchange should be consulted.

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