Binance Will Assist Ethereum in Its Transition to Proof-of-Stake

Binance has made public its intention to back the forthcoming transition of Ethereum to proof-of-stake consensus. In a statement released on Wednesday, the Binance team provided specifics regarding the manner in which it intends to manage the merge during the three and four quarters of 2022.

According to a statement that can be seen on the Binance website, the cryptocurrency exchange is "closely monitoring the progress of "The Merge," which is planned to take place in Q3/Q4 2022 on the Ethereum network. This event could potentially result in new forked coins."

The announcement also offers their recommended strategy for dealing with newly forked tokens. Binance is going to conduct an analysis of the support for the distribution and withdrawal of the newly created tokens.

For the purpose of ensuring the safety of Binance users, all forked tokens will be subjected to the same rigorous listing review procedure that the exchange employs for all other coins and tokens. In accordance with our company policy, Binance does not provide any listing guarantees.

The Binance Team Discusses the Upcoming Merge of Ethereum

In upcoming announcements, Binance will share additional information as well as updates.

It is anticipated that the Ethereum integration would take place somewhere between the end of August and the beginning of September 2022. With the implementation of 'The Merge,' the Ethereum network plans to investigate the proof-of-stake (PoS) mechanism and relegate the proof-of-work (PoW) protocol to the dustbin of history.

Recently, Tether (USDT) said that it will likewise function in accordance with the imminent integration and will share its plans with the public. Both Binance and Tether appear to embrace the change, as they do not wish to disturb the activities of their respective holders. This is despite the fact that the Ethereum community is split on the issue of moving to PoS. In the event that the PoW and PoS forks succeed in splitting Ethereum, both will continue to support newly forked tokens.

In upcoming announcements, Binance will share additional information as well as updates. Please click here for further details regarding the merger.