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Top cryptocurrency exchange Binance is preparing to integrate Ethereum (ETH) into its Proof of Stake consensus mechanism.
The integration is currently expected to take place in about a week, according to the Web 3 infrastructure company. block native.
explain Binance has announced a new
To prepare for the Ethereum merger and to ensure allocation of forked tokens in the event that the chain splits, Binance will launch Ether (ETH) and Wrap Ether ( WETH) will suspend deposits and withdrawals at :00 (UTC).
The pause will continue until the merge is complete. Ether (ETH) and Wrapped Ether (WETH) deposits and withdrawals on the affected network will resume once the network is deemed stable. “
Binance has previously said that if the Ethereum blockchain splits into two competing chains, the new Proof of Stake chain will adopt the ETH ticker.
This merge aims to address the scalability issues of the Ethereum network by preparing for future upgrades, including sharding.
According to Ethereum co-founder Vitalik Buterin, the smart contract platform will eventually be able to facilitate 100,000 transactions per second via the second-tier solution after completing the upgrade.
At the time of writing, approximately 13.54 million ETH worth more than $20.7 billion has been staked in ETH 2.0 deposit contracts, according to the Ethereum search engine. Etherscan.
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