This Is What Binance Will Do Before And After The Ethereum Rambung Merger!

The Binance crypto exchange will protect user funds after Merge Ethereum. (photo: Unsplash)

JAKARTA After several tug-of-war times the implementation of The Merge Ethereum, this time the transition process from the Proof-of-Work (PoW) model to Proof-of-Stake (PoS) ETH is said to be taking place between September 10 and September 20. The ETH transition from PoW to PoS is rumored to be at the Ethereum branch, PoW and PoS versions.

Responding to this possibility, one of the largest crypto exchanges in the world, Binance, stated that it will protect user funds in the event of a network (forking) ETH. Binance said it would return its users' funds affected by the potential for Ethereum forks. Funds will be returned the same amount as their previous ETH holdings.

Binance Will Resilient Ethereum Transfer and Withdraw

As a first step, Binance said it would suspend the deposit and withdrawal of Ethereum crypto and ERC-20 networks during Bellatrix's consensus and increase Paris' execution layer which will take place on September 6 and 15.

Despite the results of the Ethereum merger which will be carried out in September, the world's largest crypto trading company hinted at two scenarios that will be carried out after the Ethereum merger is completed.

If the mainnet is not divided, no new tokens will be created. In this case, Binance will reopen deposits and withdrawals as soon as possible.

On the other hand, if the merger generates a fork from the Ethereum network, a new token will be created and the PoS network token will maintain the "ETH" ticker. Binance will return user money 1:1 from a branched token.

"We will then credit the Binance account of token users branching from the minority chain with a ratio of 1:1, based on the ETH balanceshot before increasing Paris' execution layer," Binance said in a statement, quoted from CryptoSlate.

Untuk pengembalian dana, Binance akan menjalani proses pencatatan yang ketat sebelum perdagangan dimulai. Selain itu, Binance juga akan menghentuk layanan staking ETH mulai 14 September sampai 16 mendatang. Selanjutnya, jika proses Merge Ethereum sukses, maka Binance akan kembali membuka layanan staking ETH.