CoinEx announced through its social networks that it will take measures to reduce risks during “The Merge” of Ethereum which will see the network ditch Proof-of-Work (PoW) entirely, the power-intensive system it currently uses, and start using Proof-of-Stake (PoS).
A little about CoinEx
For those who do not know CoinEx, it is important to note that it is characterized by being more than a trading platform since It is made up of 6 other platforms in charge of offering different types of services in the crypto world.
The CoinEx ecosystem has digital wallet services, an automatic exchange platform, a trading platform, a crowdfunding association, an investment platform, a mining pool and its own blockchain. with a native token known by its acronym (CET).
CoinEx Will Take Action During “The Merge”
According to the Ethereum Foundation announcement, “the Merge” will take place in 2 updates, the first will be called “Bellatrix” on September 6, 2022 at 11:34 UTC and the second will be the “Paris” update on September 15 2022 at 4:45 UTC. In order to protect users CoinEx will suspend the deposit and withdrawal of ETH and ERC20 tokens during the two updates of “The Merge”, The ETH lending service has also been suspended since September 2 at 4:00 UTC.
To consider!
The platform also released the details to take into account during the 2 updates and the subsequent completion of “The Merge”. If a forked token is created during the merge, CoinEx:
1. It will use the ticker “ETH” for the Ethereum PoS network.
two. It will take a snapshot of users’ ETH balance prior to the Paris update, and pay out the corresponding tokens to eligible users.
3. Will comprehensively evaluate support for the forked token trading service based on listing criteria.
In conclusion
CoinEx also made it clear that users will not need to take any action to complete such updates. as it will be done automatically and you can actually deposit ETH in advance for the CoinEx team to take care of any technical issues related to “The Merge”.
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