Binance Announces Still Supporting Tokens on the Old Ethereum Network After The Merge and Will Consider Listing Some ETH Fork Tokens

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2022-08-11 20:39:45

Binance has just made a new announcement about activities related to the Ethereum network as The Merge event draws closer and closer.

Announcement to support The Merge event from Binance was issued from August 10, 2022

In response to many comments from members of the Ethereum community that it is advisable to maintain a Proof-of-Work (PoW) version of Ethereum after The Merge, Binance has announced that it will review and evaluate old projects and tokens. still works on the PoW version of Ethereum.

This network’s meeting event is causing mixed opinions when it is said to directly affect ETH token miners. Therefore, some notable names in the community such as TRON founder Justin Sun and reputable miner Chandler Gou are speaking out in support of the Ethereum blockchain fork plan, maintaining the PoW network. If a fork occurs, there is the possibility of new ETH tokens appearing and that is why Binance said it will evaluate any potential new coins.

Circle and Tether, issuers of stablecoins USDC and USDT, have announced that they will exclusively support Ethereum PoS after Merge. However, for exchanges in providing relevant assets for trading, the Ethereum PoW scheme offers a promising lucrative opportunity. The announcement said it would support two potential hardfork tokens earlier this week, but so far no major exchanges have committed to listing new tokens.

Ethereum has now completed the Goerli Final Merge testnet this morning and the mainnet merge event will be done in September.

Official announcement from Binance

In a post on its official website on Wednesday, Binance said it is monitoring Merge “step by step” and will provide support when it is released. The exchange also noted that the event could generate several Ethereum fork tokens, adding that it will “evaluate support for the distribution and withdrawal of token forks.” In other words, Binance suggests it plans to support a Proof-of-Stake (PoS) version of Ethereum when important updates are implemented, but does not rule out the possibility of listing other related token forks. regarding ETH.

Ethereum’s “Merge” update is considered by many to be one of the biggest crypto events of recent years. With this upgrade, the leading cryptocurrency smart contract blockchain will merge the current PoW execution layer with the PoS consensus layer, moving the network to a new consensus mechanism that relies on validators instead of miners. The upgrade is currently in beta and will be rolled out in mid-September, which is expected to reduce Ethereum’s energy consumption by 99.9% and cut ETH issuance by about 90% as the network will no longer be available. need to pay miners to add new blocks to the chain.

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