One of the biggest events in the crypto world is coming. Ethereum is finally set to undergo the Merge following six years of hard work. The soft deadline is on September 15th, but it may shift due to the technical complexity of the process. The event is significant indeed, as it will upgrade the blockchain to a completely new level, bringing more scalability and security.
Naturally, some users are worried about their ETH holdings, but they have no reason for that actually. The funds will be safe during, before, and after the transition, and users’ will still see ETH tickers in their wallets. Another question is where to exchange ether and its possible forks after The Merge. Read further to find it out.
What Is the Merge?
As already mentioned, The Merge is the biggest upgrade in the history of Ethereum. In essence, it is a transition from the Proof-of-Work to the Proof-of-Stake mechanism. The Mainnet, the current execution layer, will be integrated with the Beacon Chain, a new PoS consensus layer. After The Merge, the network will be using staked ETH to confirm transactions, thus enhancing the security and aborting energy-consuming mining. In fact, this transition will reduce the energy consumption by about 99.95%. It is going to bring a completely new philosophy to the way the crypto space works.
What Will Happen After the Merge?
Perhaps, the most widespread concern of all ETH holders is what will happen to their ether coins after The Merge. The answer is short and simple — nothing. The funds will not be affected in any way, and ether will remain in users’ wallets as ETH. Beware of scammers who may want to take advantage of the possible confusion caused by the transition and offer gullible users to shift to a new ETH2 ticker. Such a token does not exist, nor is it expected to be released. The developers warn about this threat on their website:
The Merge is expected to increase scalability of the network and boost staking rewards for holders, so the majority of the community support it. Still, Ethereum miners doubt its efficiency, arguing that the transition will devalue their multi-million operations. Some enthusiasts are planning to fork Ethereum and split it into a PoW blockchain and a PoS blockchain. In such a case, the new ETHW coin may appear. In response to such a possibility, many crypto projects have already announced that they will support forks of Ethereum following The Merge. We have picked some of the most lucrative offers out there.
ChangeNOW is a non-custodial crypto exchange platform running since 2017. For that time, it has created a vast ecosystem of convenient and lucrative products that over 3.5 million of its existing users take advantage of. Indeed, ChangeNOW can satisfy the needs of any crypto user. Some of the most popular platform’s solutions are NOW Wallet, NOWPayments, NOWTracker, NOWNodes, and crypto loans.
Another perk that makes ChangeNOW a one-stop crypto platform is a big choice of supported assets. At present, there are over 400 coins and 60 fiat currencies available, with more assets being added regularly. Users can exchange, buy, and sell crypto using ChangeNOW’s web-based platform or Android and iOS apps.
Importantly, ChangeNOW is the only platform reviewed here that requires no registration whatsoever. After all, the key features of the crypto space are privacy and anonymity.
The reliability of the platform is proven by the fact that it does not hold custody over its users’ private keys, so the funds stay safe on their devices. ChangeNOW is a responsible member of the crypto community that has made a great contribution to the creation of safe conditions. Practicing a stringent AML policy, the platform efficiently fights scams and prevents major frauds. So far, it has recovered over $19 million worth of crypto stolen by hackers and fraudsters.
Reacting to The Merge, ChangeNOW has published a statement, revealing its plans to support both ETH PoS and ETHW (in case it is released). The platform has assured its users that it is technically and operationally ready to execute ETH transactions. Moreover, all the components of the NOW ecosystem will remain operational in regard to the upgraded ETH. In case the new ETHW token appears as a result of a fork, the platform will list it among its assets. By the way, ChangeNOW already supports one of the Ethereum forks, ETC.
Gate.io is a crypto exchange platform running since 2013. It has an extensive ecosystem of products comprising GateToken, Wallet.io, and Gate NFT. Apart from cryptocurrencies, it offers its clients to trade derivatives, futures, and options. Moreover, Gate.io provides a copy trading service that enables its users to copy trades of top traders. Users need to register in order to take advantage of this wide range of services.
On its website, Gate.io states that it will fully support the Merge and will carry out asset transactions on the forked chain following the potential Ethereum fork. Ahead of the upgrade, Gate.io is distributing ETHW, the potential forked token, to ETH holders while enabling ETHW trading in advance at a 1:1 ratio. It is also possible to swap ETHS and ETHW back into ETH at the same ratio before the upgrade.
DigiFinex is a cryptocurrency platform launched in 2017. It offers users to trade and exchange over 300 coins. Aside from that, it supports crypto derivatives which allow margin trading. DigiFinex has developed its in-house DigiDeriv platform to enable perpetual swap trading. However, to use OTC services, users are required to register an account.
Regarding the Merge, DigiFinex announced plans to fully support the upgrade and carry out swaps of the potential Ethereum forks. It has gone even further: DigiFinex already offers its clients to swap their ETH into ETHS and ETHW at a 1:1 ratio. However, this option is available to registered users only.
Phemex is a crypto trading and investment platform offering its users to buy crypto with a bank card or trade leveraged derivatives. Additionally, 290 coins are available for spot trading. Phemex is a good choice for managing digital assets as it offers a plenty of solutions including Phemex Earn, Phemex Savings, and Phemex Launchpool. Furthermore, Phemex offers a copy trading service that enables clients to follow top traders and automate the trading process. Registration is the only way to access all services offered by Phemex.
Reacting to the upcoming Merge, Phemex announced plans to allow trading of both ETHS/USDT and ETHW/USDT pairs. The platform has launched the ETH 2.0 Swap promotional campaign. Similar to DigiFinex, Phemex allows its registered clients to swap ETH to ETHS and ETHW at a 1:1 ratio and with an option of swapping the coins back before the Merge.
The Merge is round the corner, and all members of the crypto community are thrilled to learn what’ll happen next. Many crypto projects have launched a countdown to this important milestone in Ethereum history. It is ripe time to choose the platform that will help you make the most of this challenging but really exciting transition. However, remember to do your own research before making the final choice.
Image by Miloslav Hamřík from Pixabay