Update: “The Merge” network upgrade by Ethereum and what it means for you
August 31, 2022
We’d like to give you an important update.
Zipmex will support Ethereum’s “The Merge” network upgrade, tentatively scheduled between 10 – 20 September 2022*. (Read more here: link)
What happens next?
- To support the system upgrade, withdrawals of ETH and ERC-20 tokens will be paused tentatively during the following times:
- 06 September 2022 at 21:00 UTC+10 (or 11:00 UTC) until the Bellatrix consensus layer upgrade is completed, AND
- 15 September 2022 at 17:00 UTC+10 (or 00:00 UTC) until “The Merge” upgrade is completed
- Withdrawals will be paused until the respective network upgrades are completed
- Your wallet balances of ETH and ERC-20 tokens will not be affected. No action is required from you during the ETH upgrade.
We’ll follow any and all announcements by Ethereum closely and let you know when the network upgrade is completed and withdrawal functionality is re-enabled. Follow our social channels to stay up to date.
Why The Merge matters
- Ethereum’s consensus layer protocol will transition from proof of work (PoW) to proof of stake (PoS) (to read more: link)
- The Merge will reduce Ethereum’s energy consumption by roughly 99.95%. This will give it a huge advantage over other blockchains.
- The Merge sets the foundation for future scaling solutions which will make the Ethereum network faster and more efficient.
*Ethereum’s Merge has been scheduled for TTD 58,750,000,000,000,000,000,000. This TTD is approximately scheduled to be reached during 10 – 20th September 2022.
TTD (Terminal Total Difficulty) is the total difficulty required of the final block mined in Ethereum’s Proof-of-Work (PoW) mechanism.
For further enquiries, reach out to Customer Support on Live Chat – we’re ready to help 24/7.
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*Investing in digital assets carries a high level of risk, including the risk of losing all of the invested amount. Investors should refer to the offering information prior to investing as well as invest appropriately with acceptable risk levels. For more information visit https://zipmex.com/au