If you are an $ETH HODLer, this article is for you. Here’s what you can expect from the upcoming Ethereum merge and how you can prepare for it.
To explain this in simpler terms: imagine Ethereum is a racing car while Beacon Chain is a new, more fuel-efficient engine that will replace the old engine mid-race. Everything else about the car will remain the same, with one significant change — how the car runs.
Disclaimer: The information in this article is subject to change as more details on The Merge become available.The short answer is that Binance users won’t need to do anything — The Merge will not affect the funds of Ethereum holders. All Ethereum funds will transfer over after The Merge, and Ethereum will still appear as ETH in users’ wallets. However, Binance will temporarily pause Ethereum deposits and withdrawals until The Merge is complete.
Binance users should be wary of scammers asking them to purchase “ETH2” tokens or transfer funds to a random wallet address to “complete the upgrade.”How Will The Merge Affect Binance Products? The majority of Binance services will be largely unaffected by The Merge besides a delisting of ETH from our mining service as well as a temporary pause on ETH borrowing, deposits, and withdrawals. Additionally, users who locked their ETH on Binance’sIn a later announcement, we’ll provide more details on how The Merge will affect each Binance product.Please note that if Ethereum splits into two different networks — a process known as a— the “ETH” ticker will refer to the new Ethereum PoS chain.
Understand that a fork may or may not happen. According to Ethereum’s team, any hard fork during The Merge will be unofficial. If the “unofficial” fork happens, Binance will release further details about token distribution in a future announcement.Here’s a quick breakdown of how The Merge will affect transaction speeds,
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