Popular cryptocurrency exchange Coinbase has revealed a set of guidelines in preparation for the much-anticipated Ethereum merge upgrade that will convert the network to a Proof-of-Stake (PoS) protocol. As Coinbase stated in a blog post published on August 16, the exchange will briefly halt all withdrawals and deposits involving Ethereum until the complete merge migration scheduled for September 15 is complete. Assets and other ERC-20 tokens once the migration is complete.
According to the exchange, Ethereum will provide a seamless experience to the users once the transition is complete. “During the merger, Coinbase will briefly pause new Ethereum and ERC-20 token deposits and withdrawals as a precaution. This downtime allows us to ensure that the transition is successfully mirrored by our system. Do not expect other networks or currencies to have any impact on the trading of ETH and ERC-20 tokens in our centralized trading offerings,” Coinbase said.
Coinbase also pointed out that the possibility of being taken advantage of by scammers prior to the merge is high and called for caution. “We recommend that you do not send your ETH to anyone attempting to ‘upgrade to ETH 2’ as there is no ETH 2 token. Your assets will remain safe and secure during this period and no one will be able to upgrade on your behalf. No action is required.”
The platform emphasizes the former point, highlighting that prior to the merge, users will see an ETH2 ticker that represents staked ETH. After the PoS transition is complete this ticker will be out of date because “there is no ETH2 token”.
The crypto community is looking forward to making a full transition to Ethereum after the completion of the Goerly testnet on August 10th. The update is the final test of the blockchain before migrating from Proof-of-Work (PoW).
Significantly, the merger was initially scheduled before the date of 19 September. modified in an update Shared by Vitalik Buterin, co-founder of Ethereum. The modified date was due to me deciding the number of hashes left.