Binance to support Ethereum’s PoS Merge, evaluate new forked tokens

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Binance will sup­port Ethereum’s “Merge,” expect­ed in Sep­tem­ber, and will eval­u­ate if it would list any new­ly forked tokens, the world’s largest cryp­tocur­ren­cy exchange by trad­ing vol­ume said on Wednes­day.

See relat­ed arti­cle: USDC, Teth­er announce sup­port for Ethereum proof-of-stake

Fast facts

  • Binance said it is close­ly mon­i­tor­ing the devel­op­ment of the merge, which could poten­tial­ly result in new forked tokens.
  • “In case of new forked tokens, Binance will eval­u­ate the sup­port for dis­tri­b­u­tion and with­draw­al of the forked tokens,” the cryp­to exchange added.
  • “The Merge” is intend­ed to shift the Ethereum blockchain from its cur­rent proof-of-work (PoW) con­sen­sus mech­a­nism to a proof-of-stake (PoS) mod­el, which is believed to be more secure, less ener­gy-inten­sive and bet­ter for imple­ment­ing scal­ing solu­tions. The change is expect­ed to occur on Sept. 19.
  • Such a merge, which can impact the network’s min­ing oper­a­tions built on the PoW mod­el, has prompt­ed some min­ers to sug­gest fork­ing Ethereum to retain a PoW ver­sion of the blockchain.
  • Issuers of Teth­er and USDC, two of the largest sta­ble­coins, said ear­li­er this week that they will sup­port Ethereum’s upcom­ing PoS chain.

See relat­ed arti­cle: Promi­nent Chi­nese ETH min­er plans proof-of-work fork amid The Merge

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