Binance’s Big Move Ahead of the Merge

On September 6, 2022, at 2:00 am UTC, Binance is hitting the pause button on deposits and withdrawals for Ether (ETH) and Wrapped Ether (wETH) across selected networks. This decision is closely linked to the much-anticipated Ethereum Merge event, a milestone that promises to bring significant changes to the Ethereum network.

Networks Affected by the Suspension

The impacted networks include:

• ETH (Arbitrum)
• ETH (OP)
• WETH (RON)

During this suspension, any deposits made on these networks won’t be credited, and there’s no chance of receiving “forked token credit” if there’s a chain split. So, if you’re thinking of making a deposit, it might be best to hit pause on that.

Why the Temporary Suspension?

According to Binance, this is a necessary precaution. With the possibility of a chain split during the Merge, they aim to secure the allocation of any potential forked tokens. Essentially, they want to ensure everything smoothly transitions without any hiccups. And just to be clear, trading of ETH on other networks will remain unaffected during this downtime.

The Environmentally Friendly Side of the Merge

One buzzworthy aspect of the Ethereum Merge is its potential to cut the network’s energy consumption by an astounding 99.95%. Yes, you read that right! This should make Ethereum much more environmentally friendly, which is a win for Mother Earth and crypto enthusiasts alike.

Looking Ahead: New Features on Binance

In addition to these developments, Binance also announced plans to roll out an auto-conversion feature for BinanceUSD (BUSD) on September 29. This will allow users to convert their USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD) balances into BUSD at a 1:1 ratio. Binance claims this move will enhance liquidity and capital efficiency for users, while also ensuring that withdrawals in USDC and other stablecoins remain unaffected. Talk about keeping things smooth!