We are excited and looking forward to the Ethereum Merge event. Ethereum is soon going to transition from a Proof of Work ( POW) to a Proof of Stake ( POS) consensus mechanism. The transition will take place once the Total Terminal Difficulty (TTD) hits a value of 58750000000000000000000. This value is likely going to be achieved between 13th September 2022 and 16th September 2022.
A few points to be noted before the Merge event takes place are mentioned below
- Two upgrades are going to take place as a part of the Merge process
- The Bellatrix Upgrade is expected to happen on 6th September 2022 at 16:30 IST (11:00, UTC). This upgrade will bring the Beacon chain layer of Ethereum which runs on Proof of Stake(POS) to the current Ethereum chain which runs on Proof of Work ( POW).
- The Paris Upgrade is expected to take place between the 13th & 16th of September 2022. This upgrade is going to switch Ethereum from Proof of Work (POW) to Proof of Stake (POS).
- ETH and ERC 20 deposits and withdrawals will be on hold during the Bellatrix Upgrade (6th September). Deposits and withdrawals will be paused starting 14:00 IST (8:30, UTC) and will be renabled later in the day as soon as possible post the upgrade.
- ETH and ERC 20 deposits and withdrawals will be on hold during the Paris Upgrade as well ( 15th September) 2022. This will be communicated as we get more information on the exact schedule of the upgrade.
- You will be able to continue trading as usual during the Bellatrix upgrade.
- In case of a contentious fork ( a fork where disagreement occurs in the ETH blockchain community and the Blockchain splits), we will be supporting the Proof of Stake ( POS) chain by default. Any forked coins will be recovered and credited to user accounts
- ZebPay reserves the right to recover tokens. We will recover the POW tokens but this does not guarantee that they will be listed.
Your holdings are safe on ZebPay and there’s nothing you need to do. ZebPay will handle the entire process for our customers.