Coinbase To Pause Ethereum (ETH) And ERC-20 Trading During The Merge

Summary:

• Ethereum’s upgrade to a Proof-of-Stake blockchain would spot immoderate operations halt temporarily for Coinbase users.
• The crypto speech said caller ETH deposits and withdrawals would intermission during The Merge arsenic a precautionary measure.
• A akin intermission for caller ERC-20 token withdrawals and deposits was besides announced.
• Coinbase Prime Institutional customers mightiness besides acquisition delays.
• Tuesday’s update did not notation imaginable forked tokens oregon enactment for a Proof-of-Work ecosystem.
• The announcement comes up of The Merge scheduled for astir September 15, 2022.
• Final trial runs are happening pursuing a palmy merge connected Goerli.

Coinbase released an update connected Tuesday to pass users of imaginable delays and pauses connected Ethereum transactions up of the Merge, ETH’s pivot from a Proof-of-Work statement to a Proof-of-Stake chain.

The San Francisco-based crypto speech announced that caller deposits and withdrawals for ETH and ERC-20 tokens would halt temporarily during the Merge. Coinbase has decided connected the intermission arsenic a precautionary measurement and the level does not “expect immoderate different networks oregon currencies to beryllium impacted”.

Also, users with Staked ETH nether the ticker ETH 2 won’t beryllium capable to commercialized oregon transportation with staked tokens until Ethereum’s PoS upgrade is complete. Similar delays mightiness beryllium experienced by Coinbase Prime users, per the announcement.

Indeed, Tuesday’s announcement signaled afloat enactment for ETH’s PoS modulation from the exchange. However, the update did not notation imaginable enactment for ETH PoW hard forked tokens. 

At property time, it remains unclear if crypto exchanges program to enactment forked tokens from ETH’s PoW network. The quality astir a hard fork broke retired a fewer weeks agone aft salient Chinese ETH miner Chandler Guo disclosed intentions to fork the existent blockchain and support an ecosystem wherever miners stay relevant.

While large crypto exchanges are yet to state unfastened enactment for this plan, Deribit and OKX suggested they would list forked tokens if they garner capable demand.

Ethereum’s Merge Set For September 15

Following a palmy Merge connected the Goerli testnet, ETH is scheduled to deploy its modulation to a PoS web astir September 15. The modulation was antecedently acceptable for September 19 but this was a tentative day taxable to change, arsenic EthereumWorldNews reported.

Notably, the anticipated Merge features 2 cardinal upgrades dubbed Bellatrix and Paris. Bellatrix interacts with ETH’s Beacon Chain which features the PoS constituent and places the web successful a authorities called “Merge aware”. 

Finally, Paris encompasses the afloat transition. During the Paris upgrade, Ethereum’s mainnet switches from the PoW statement mechanism, to the caller PoS concatenation poised to powerfulness ETH’s ecosystem for the foreseeable future.

ETH Daily Chart (Source: TradingView)