News

Binance Will Support The Ethereum Merge, Take Fork Tokens Into Account

The Binance update comes as certain members of the cryptocurrency ecosystem fight to keep an Ethereum that is Proof-of-Work after “the Merge.”

Binance Will Support The Ethereum Merge, Take Fork Tokens Into Account

Binance might list forks of Ethereum

The largest cryptocurrency exchange in the world will support Ethereum’s historic “Merge” event and may even list some of the forked versions of the platform’s currencies.

In a Wednesday blog post, Binance said it was “closely monitoring” the Merge and would support it on launch. The exchange stated that it will “assess the support for distribution and withdrawal of the forked tokens,” adding that the incident might potentially result in the creation of certain forked Ethereum tokens. In other words, Binance hasn’t ruled out listing additional ETH-related forked coins, but it has made it clear that it intends to offer the Proof-of-Stake version of ETH when the important update launches.

One of the major crypto events in recent years is largely regarded to have been the so-called “Merge” update to Ethereum. The most popular smart contract blockchain will “merge” its Proof-of-Stake consensus layer with its present Proof-of-Work execution layer in order to transition the network to a new consensus mechanism that depends on validators rather than miners.

Because the network won’t have to pay miners to add new blocks to the chain, the upgrade, which is presently in testing and is scheduled to launch in mid-September, is anticipated to lower Ethereum’s energy consumption by 99.9% and cut down on ETH issuance by roughly 90%.

Support for Proof-of-Work Fork

Binance Will Support The Ethereum Merge, Take Fork Tokens Into Account

Although the Merge has received strong support from the Ethereum community, some have expressed concern about how it may affect miners. As a result, a plan to fork the Ethereum blockchain in order to maintain a Proof-of-Work network has received support from some well-known figures in the cryptocurrency world, including TRON founder Justin Sun and veteran miner Chandler Gou. Because new ETH tokens would probably be produced if a fork occurred, Binance has stated that it will evaluate any prospective new coins.

Following yesterday’s Merge, USDC and USDT stablecoin issuers Circle and Tether declared that they would only support Proof-of-Stake Ethereum. However, the Proof-of-Work Ethereum plans create a potentially profitable opportunity for exchanges in the business of making relevant assets available for trading. Even though Sun-backed Poloniex announced earlier this week that it would support two hypothetical hardfork currencies, none of the big exchanges have yet committed to listing any new tokens.

Early on Thursday, Ethereum is scheduled to finish its final Merge testnet. Subsequently, a date for the Merge on the mainnet will be decided.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

11 minutes ago

Clanker Token Trading Volume Hits $59.8 Million High

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

39 minutes ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

1 hour ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

3 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

4 hours ago

This website uses cookies.