Popular cryptocurrency exchange, Binance has revealed plans in preparation for the upcoming Ethereum merge. According to a blog post, Binance announced that a part of the Ethereum merge, which is the execution layer upgrade, would occur between the 10 and 20 of September 2022. Notably, this estimation will be at the ETH mainnet block height of 15,540,293.
This process became necessary after Ethereum hit the Terminal Total Difficulty (TTD) value of 5875000000000000000000, Binance divulged.
In preparation for this part of the Ethereum merge, Binance has unveiled some operations to protect users’ assets during the hard fork. The most attention circles around the deposit and withdrawal of Ethereum. The cryptocurrency exchange disclosed that it would suspend the deposit and withdrawal of ETH and other ERC-20 on two different occasions. The first suspension will occur at 11:00 (UTC) on 6 September 2022 for the Bellatrix consensus layer upgrade. The next break would come up by 00:00 UTC on 15 September 2022 for the Paris execution layer.
Consequently, the crypto exchange warned that prior to those parts of the Ethereum Merge, users should leave enough time for the processing of ETH and ERC-20 transactions. Additionally, Binance warned that two possible situations might occur during the Ethereum Merge. The first one is that a new token will not be created, and the platform will reallow transactions regarding ETH and ERC-20 tokens. The other possible situation addresses the proposed creation of two chains and new tokens during the Ethereum Merge.
Other Notable Plans By Binance For The Ethereum Merge
Furthermore, Binance added that Spot trading for ETH and ERC-20 tokens would not be affected by the Ethereum Merge. The cryptocurrency exchange revealed that Margin Trading would be spared too. The firm added that it would suspend ETH cross and isolated borrowing for 48 hours starting from 14 September 2022. Likewise, ETH futures trading of COIN-M ETH futures contracts will proceed. The cryptocurrency exchange added that it would personally set up proactive mechanisms to protect investors during that period. Meanwhile, the trading pairs of ETHUP/USDT and ETHDOWN/USDT will remain in operation during the process of the Ethereum Merge. Binance warned that users must be cautious that if there’s any alarming price fluctuation, it won’t hesitate to suspend activities relating to the features above.
ETH trading on Binance Convert, Daul Investment, and ETH liquidity pools on liquid swap will remain unaffected. Activities surrounding ETH Flexible savings, ETH locked Savings, Auto invest plans, Binance Card Pay, Binance Gift Card/Code will remain intact. Lastly, the cryptocurrency exchange said during the Ethereum Merge that it would suspend deposit and withdrawal for BETH. The suspension will run for 48 hours starting from 14 September 2022. More indications revealed that Binance might update the time for BETH deposit and withdrawal without prior notice.