Binance will support Ethereum’s “Merge,” expected in September, and will evaluate if it would list any newly forked tokens, the world’s largest cryptocurrency exchange by trading volume said on Wednesday.
See related article: USDC, Tether announce support for Ethereum proof-of-stake
Fast facts
- Binance said it is closely monitoring the development of the merge, which could potentially result in new forked tokens.
- “In case of new forked tokens, Binance will evaluate the support for distribution and withdrawal of the forked tokens,” the crypto exchange added.
- “The Merge” is intended to shift the Ethereum blockchain from its current proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) model, which is believed to be more secure, less energy-intensive and better for implementing scaling solutions. The change is expected to occur on Sept. 19.
- Such a merge, which can impact the network’s mining operations built on the PoW model, has prompted some miners to suggest forking Ethereum to retain a PoW version of the blockchain.
- Issuers of Tether and USDC, two of the largest stablecoins, said earlier this week that they will support Ethereum’s upcoming PoS chain.
See related article: Prominent Chinese ETH miner plans proof-of-work fork amid The Merge