After Tether, Binance Now Supports The Merge Ethereum

Binance is ready to support Ethereum transition. (Futurypto)

JAKARTA – A number of parties from the crypto industry have expressed their support for The Merge Ethereum. Most recently, Binance officially supports the transition of ETH to a model that is claimed to be more environmentally friendly, Proof-of-Stake (PoS).

The Merge is the stage where Ethereum makes the transition from the Proof-of-Work (PoW) model to the newer Proof-of-Stake (PoS) model. That way, ETH 2.0 that uses PoS will appear. Information only, so far Ethereum uses a PoW model that allows mining or mining activities. ETH will switch to PoS which allows staking.

Binance is the world's largest crypto exchange platform by trading volume. Binance also owns the main token Binance Coin (BNB). Binance joins stablecoin issuers Tether and Circle in supporting the Ethereum switch.

This information emerged after rumors circulated that Ethereum PoW would still exist even after The Merge was implemented.

In a blog post Wednesday, August 10, Binance said it is “closely monitoring” The Merge and will support it when it launches. The exchange noted that the event could potentially lead to the creation of an Ethereum fork or token branch.

Launching CryptoBriefing, Binance added that it will “evaluate support for forked token distribution and withdrawals.” In other words, Binance has hinted that it plans to support the Proof-of-Stake version of ETH as an important update, but has not ruled out another ETH fork.

ETH's transition from PoW to PoS is the first merging process carried out by the world's second largest cryptocurrency. This became one of the important events in the crypto industry. On June 8, Ethereum CEO Vitalik Buterin stated that the transition was the biggest test of ETH developers.

"It's going to be a big test, bigger than all the tests we've done before," Buterin said. “Taking an existing large test network with multiple applications with Proof-of-Work, moving to Proof-of-Stake.”

The Merge will be held on 19 September. Even so, a number of other parties expressed their support if ETH would give birth to a new fork. TRX founder Justin Sun is one of his supporters. According to him, support for the new fork is part of preserving the Ethereum blockchain that uses Proof-of-Work consensus.