What you should know about The Ethereum Merge
Around September 15, 2022, Ethereum will switch to a Proof-of-Stake model. This change, called the Ethereum Merge, is an upgrade to its network. We think it will be a huge deal for crypto, so we’re waiting and getting ready. The exact time of the Merge hasn’t been set yet because it depends on how hard it is to mine blocks on Ethereum and how fast its hash rate is.
The long-awaited event will bring together the current Ethereum network, the execution layer, and the new consensus layer.
If you want to learn more about the upgrade to Ethereum and the benefits it will bring, you can dive deep into the Merge in our Learn Center.
You don’t need to take any action; we’ve got everything covered
There is no action required from you before and during the merge.
CryptoWeir will keep an eye on things as they happen during the Merge. When this happened:
- Nothing will change about trading.
- Withdrawals and deposits could take a little longer than usual to process. You can still start transfers, but we won’t process them until the merge is over and the network has stabilized.
Nothing will change about staking ETH. If you have staked your ETH on CryptoWeir, it is listed separately from any other ETH. Note that staked ETH balances will stay locked until the next Ethereum network upgrade, which won’t happen for at least another 6–12 months after the Merge.
Read More: Top 5 Scams Most Often Linked to Ethereum 2.0
If you want to trade your staked ETH after the Merge, you can do it on the Staked Ether (ETH2/ETH) marketplace*.
What happens if there is a fork?
If there’s a fork, we’ll keep a watch on it, and any new asset will be subject to the same standards and internal review processes as our other cryptocurrencies. At a fork, we’ll take a picture of our users’ ETH balances to ensure we send them the proper amount of forked assets.
If you have staked your ETH on CryptoWeir, it will be listed separately from ETH that has not been staked. Note that staked ETH balances will stay locked until the next Ethereum network upgrade, which will be at least 6–12 months after the Merge.
How you can take advantage of the merge
If you haven’t staked your ETH yet, you can make crypto work for you while you’re invested.
Our Earn program lets you stake ETH to earn monthly rewards and develop your crypto balance. After the Merge, earnings are likely to increase significantly from 4.1% APR. The rewards are substantially higher than typical banks, so you should look into it.
After the Merge, check your ETH wallet on Bitstamp to see how much you’ve staked.
