Cryptocurrency exchange Coinbase has taken a measure that will temporarily freeze the deposit and withdrawal of ETH and ERC-20 tokens during The Merge to prevent risks for its customers.
In an August 16 announcement, Coinbase Product Manager Armin Rezaiean-Asel said that during The Merge event, the exchange will briefly suspend Ether (ETH) and ERC-20 token deposits and withdrawals as a precaution prevent misfortune.
The exchange is taking this as a precaution to ensure that their systems properly reflect all changes introduced by the merger. The company will notify the public through its social media channels when they will resume depositing and withdrawing ETH and ERC-20.
The exchange also advises users to be wary of scammers offering ETH2 and note that there is no need to take any further action to get back the ETH staked before The Merge.
The Merge is Ethereum’s most significant upgrade since its launch in 2015 and will officially end ETH mining with the current, energy-intensive Proof-of-Work (PoW) mechanism, replacing the current, energy-intensive Proof-of-Work (PoW) mechanism. using a Proof-of-Stake (PoS) model is expected to improve network scalability and be more environmentally friendly by more than 99%.
Although unforeseen circumstances may occur, shortly after successfully testing the upgrade on the Goerli testnet on August 11, the Ethereum development team has fixed the exact time to deploy The Merge as around September 15-16.
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