The top crypto exchange goes further to give updates on potential ETH PoW chains
After completing the Ethereum merger, Binance has resumed deposits and withdrawals for ETH and ERC-20 tokens on the Ethereum Proof-of-Stake (PoS) chain. Binance had previously suspended deposits and withdrawals ahead of the Ethereum merge, which was completed when at 6:42:42 (UTC) on September 15, the Terminal Total Difficulty (TTD) reached 5875 trillion trillion trillions at the ETH mainnet block height of 15,537,393 has been reached.
The Ethereum merge was completed today at 06:42:42 UTC with the Terminal Total Difficulty (TTD) of 58750000000000000000000.
Deposits and withdrawals for $ETH and ERC-20 tokens on the Ethereum Proof-of-Stake (PoS) chain are now available on #Binance. pic.twitter.com/y7Z2BoUuMM
— Binance (@binance) September 15, 2022
The top crypto exchange goes further to give updates on the potential ETH PoW chain. It states that upon successful implementation of the potential Ethereum Proof-of-Work (ETHW) chain, eligible users will be credited ETHW in their spot wallets at a ratio of 1 ETH = 1 ETHW, based on their net ETH balances across eligible wallets at the snapshot time at the time of the merge. While the process may take around two to five days, Binance says it will notify users in a separate announcement once the distribution is complete and deposits and withdrawals are enabled for ETHW or if the ETHW chain is unsuccessful.
As reported by U.Today, Binance temporarily suspended deposits and withdrawals of ETH and ERC-20 tokens during the Bellatrix update on September 6th, while saying it will continue to support BETH deposits and withdrawals from September 6th September 14 and September 12 would be temporarily suspended at noon UTC on September 16.
This could mean that BETH deposits and withdrawals will remain suspended on the network until September 16th. It was also stated at the time that “ETH 2.0” staking would continue on Binance after the proof-of-stake transition. However, until Ethereum’s Shanghai upgrade in a few months, the functionality to withdraw and redeem the staked ETH will not be available.
ETH merge starts
As reported by U.Today, the Ethereum merge has been completed. ETH creator Vitalik Buterin took to Twitter to celebrate the moment.
He wrote: “And we did it! Happy merging. This is a big moment for the Ethereum ecosystem. Everyone who helped bring the merger to fruition should be very proud today.”
Various messages of congratulations were received from top figures in the crypto space, including Yuga Labs, Ripple CEO Brad Garlinghouse, and several others.