Cypto.com said that its services fully support Ethereum’s merger. announced It will also stop withdrawals and deposits of ETH on the Ethereum mainnet in the week following the merger, which is September 15.
It is believed that the largest software upgrade in Ethereum’s ecosystem was the transition from a proof of work (PoW), to a proof of stake (PoS), consensus mechanism called the merger. It has remained elusive ever since its launch in December 2020.
Cypto.com stated in an announcement that the Ethereum merge will eliminate energy-intensive mining required under the current consensus mechanism, and bring better scalability security and sustainability.
Once the merge has been completed, the PoS algorithm allows for confirmation of blocks in an easier and more efficient way. This is because validators will stake Ether rather than solving cryptographic puzzles.
The exchange stated that the trading market for ETH will not be affected and that all ERC20 tokens would continue to trade as normal.
The new tokens were generated following the Fork Before they are listed, they will be subject to stringent listing review.
Cypto.com reiterated the need to pay attention to the fact the “ETH2” token used for deceiving the exchange of ETH is not actually there in order to prevent fraudulent and illegal groups from merging with Ethereum during the transition period.
After initiating staking support for institutional customers, Coinbase A similar announcement was made on August 1: Deposits and withdrawals from related tokens will be stopped during the merger period.