The Merge of the Beacon Chain with Ethereum’s main network is officially scheduled for September 15, 2022, in an event known as The Merge and will see the blockchain shift to a Proof-of-Stake (PoS) consensus mechanism. This shift to PoS is expected to make the network more secure, energy efficient, and scalable. However, this transition will entail the creation of new tokens, which has led many users to wonder what will happen to their ETH tokens.
First of all, we want you to know that you can rest assured that your tokens will be safe and secure during this period, and no action is required from you to adjust to the Ethereum upgrade.
The Merge represents one of the most significant milestones in the history of Ethereum, as it will shift the network from a Proof-of-Work blockchain to a Proof-of-Stake blockchain based on validation nodes. After The Merge, the ETH ticker will represent the tokens on the updated PoS chain.
At Bit2Me, we will support the new version of ETH, and at the same time we will review all forked tokens, as we do with all cryptocurrencies before they are available for trading on our platform. If the network works properly, and offers value to users, we will start sending the new forked ETH to their accounts.
At Bit2Me, we will briefly pause new ETH and ERC-20 token withdrawals and deposits, and the Polygon network as well, during the first phase of The Merge, that is, on September 6 from 12:00 pm, as a precaution to ensure the safety of your funds. But do not worry, as all other Bit2Me operations will remain fully functional during the process.
Although The Merge is not expected to cause any problems for users, this downtime will allow us to thoroughly review everything and ensure that the transition has been successfully reflected by our systems.
After The Merge, you will find your ETH PoS balance under your Ethereum wallet on our platform.
Will the Merge Lead to an Ethereum Fork?
At the moment, there is little certainty as to whether or not there will be a fork in the network after The Merge, so two different scenarios are being contemplated:
- No fork: The Merge happens, and no new token is created, so we at Bit2Me will reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible.
- Fork: The Merge may lead to a fork and the creation of a new token. In such a case, the ETH ticker will be used for the PoS chain tokens. Forked tokens will be thoroughly reviewed, like any new token we list on Bit2Me, before trading is enabled again.
Bit2Me works to protect your assets and ensure a smooth transition from Ethereum to PoS. We would like to apologize in advance for any inconvenience you may experience due to unforeseen events during The Merge and remind you that we are here to help you with anything you might need, either through our support team, status site, or social media.