Binance updates on upcoming Ethereum merge
Binance today provided an update on the upcoming Ethereum merge.
The current estimated time for the Ethereum Merge is September 15, 20222 at 01:30 (UTC). Deposits and withdrawals for the Ethereum network (ERC-20) will be suspended one hour before the Merge happens, approximately starting from September 15, 2022 at 00:30 (UTC). This is an estimated time and subject to change, depending on when the Terminal Total Difficulty Value of 58750000000000000000000 is reached.
In the event of a chain split (Scenario B), the Ethereum Proof-of-Work (PoW) Mainnet and its forked token would assume the “ETHW” ticker.
If the ETHW chain persists, Binance will handle all technical requirements involved for all users holding ETH and WETH in their Binance accounts, and credit the forked token (ETHW) to eligible users’ Binance accounts at a ratio of 1:1. Withdrawals for ETHW will also be available at a later date.
Binance will also be taking the following additional measures prior to the Merge:
- 1. WETH Deposits & Withdrawals
Deposits and withdrawals for WETH (Wrapped Ether in ERC-20) will be suspended starting from 2022-09-14 at 00:00 (UTC).
Any deposits of WETH on the Ethereum network (ERC-20) during this period will not be credited to users’ Binance accounts, and users will not be eligible for any distribution of the forked token in the event of a chain split (Scenario B).
Binance plans to reopen deposits and withdrawals for WETH after the Merge is complete and the network is stable, and notify users in a further announcement.
- 2. Binance Convert
WETH to ETH convert pair has been suspended and will remain so until the Merge is complete and the network is deemed stable. Binance reserves the right to update the suspension time of WETH to ETH convert pair with or without prior notice.
- 3. ETH Margin Trading
In the event of a chain split (Scenario B), users with liability of ETH on Margin are required to return the forked token. In the event users do not return the forked token, liabilities equivalent to the forked token value will be added to the cross margin account.
- 4. Binance Crypto Loans
In the event of a chain split (Scenario B), users with liability of ETH on Crypto Loans are required to return the forked token. Liabilities equivalent to the forked token value will be added to the ETH loan position for Crypto Loans users if users do not return the forked token.
- 5. Binance Staking
In the event of a chain split (Scenario B), users holding BETH will not receive credit for forked tokens.