Binance has announced that it will support the upcoming Ethereum merge to proof-of-stake. In an announcement on Wednesday, the Binance team noted details on how it will handle the merge in Q3/Q4 2022.
Binance is “closely monitoring the development of “The Merge” scheduled to take place in Q3/Q4 2022 on the Ethereum network, which could potentially result in new forked tokens,” a statement reads on the Binance website.
The statement also includes their proposed approach to new forked tokens. Binance will evaluate the support for the distribution and withdrawal of the forked tokens.
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.Binance Team on upcoming Ethereum mergeBinance will provide more details or updates in further announcements.
The Ethereum merge is expected to come between the end of August and September 2022. With ‘The Merge‘, the Ethereum network intends to explore the proof-of-stake [PoS] mechanism and put the proof-of-work [PoW] in the past.
Recently, Tether [USDT] also shared that it will also operate in agreement with the upcoming merge. While the community is at a divide over Ethereum’s shift to PoS, both Binance and Tether appear to support the move, not wanting to disrupt their holders’ activity. Both will also support new forked tokens if the PoW and PoS fork divides Ethereum.
Binance will provide more details or updates in further announcements. For more information on the merge, click here.