Precautionary principle – Waiting for The Merge still scheduled around mid-September, the price of Ethereum is looking for a direction and exchanges a course of action. We feel in the ecosystem a part of excitement mixed with fear as the countdown approaches the end. What about tokens wrapped on secondary chains? And some NFT ? What will happen in case of wild fork of some of the minors? In an attempt to reassure its users, FTX has just announced some preventive measures for the coming weeks. Details to follow.
Ethereum trading on FTX will continue despite The Merge…
If we are to believe the developers ofEthereum, the transition from proof-of-work (PoW) to proof-of-stake (PoS) should go smoothly. They even add that the merger should take place:
“Without any downtime, due to Total Terminal Difficulty (TTD) which will transition based on the total mining power needed to build a chain. »
Suddenly, the teams of the cryptocurrency platform FTX assure users that “ ETH trading will remain open during The Merge.” It was in a blog post updated yesterday that the exchange wanted to clarify certain details and warn its users. Yes, ETH trading will continue as normal, but FTX will not be “ responsible for losses in case of strong price fluctuations and adds that he is from ” users’ responsibility to understand the implications of this announcement “.
>> Prepare for The Merge by registering now on the FTX platform (commercial link) <<
…but trading on Arbitrum, Solana and BSC will be suspended
But beyond the precautions of usesthe technical teams of the exchange will still make some adjustments and some modifications on some protocols. We are talking here about deposits and withdrawals of tokens wrapped on secondary chains who are going to besuspended according to the following schedule:
- Arbitrum One ETH on September 7, 2022 at 00:00 UTC
- Solana (Wormhole) ETH on September 15, 2022 at 00:00 UTC
- Binance Smart Chain (BSC) ETH on Sep 15, 2022 at 00:00 UTC
For the sake of transparency, FTX clarifies that deposits and withdrawals will reopen when “ the merger will be complete and the network stable”. And adds that they reserve the right to update the schedule above at any time “. Before concluding : ” please take note of the timing and manage your positions accordingly”.
Very clever who can foresee what will happen in the coming weeks. Obviously, you should take all your precautions, diversify your positions and anticipate all possible scenarios. Binance would be willing to list the token resulting from a potential fork while FTX suspends certain layer 2. You will have understood it, it is weapon vigil in the cryptosphere awaiting one of the most important events in our young ecosystem.
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