While several crypto exchanges have shown support for the miner-led post-Merge Ethereum fork, Binance, the world’s leading blockchain ecosystem, and digital assets exchange disclosed that it will support the Proof-of-Stake (PoS) transition of the Ethereum blockchain.
On Wednesday, Binance wrote a notice regarding the upcoming Ethereum Merge to further consolidate its support for the upgrade. The crypto exchange added that it is “closely monitoring the development.”
Part of the statement read;
“In case of new forked tokens, Binance will evaluate the support for distribution and withdrawal of the forked tokens.”
“Please note: In order to protect Binance users, all forked tokens will go through the same strict listing review process as Binance does for any other coin/token. Binance does not guarantee any listings as per our internal policy.”
The Merge is scheduled to run through the Ethereum mainnet in September, as stated by developers familiar with the matter. In preparation for this, several shadow forks, upgrades, and testnet deployments have been executed.
It is worth noting that the Merge aims to transition the Ethereum blockchain from being a proof-of-work (PoW) network to proof-of-stake (PoS) mechanism. This upgrade, which is the biggest on the network so far, strives to make Ethereum more scalable and complete.
Ethereum Testnets Merged Successfully
Ethereum developers needed to test the Merge on its three public testnets for proper checks and balances. These public testnets which have successfully been merged with the Beacon Chain are Ropsten, Sepolia, and Georli/Prater testnets.
While this upgrade aims to make Ethereum better by reducing transaction fees and increasing scalability, it is unfavorable for crypto miners.
To this end, a popular Chinese cryptocurrency miner, Chandler Guo, and other miners intend to execute a post-Merge Ethereum fork. This fork will result in a new PoW network dubbed ETHPoW.