The Ethereum Merge is Coming: CoinBase to Pause Transactions

Submitted by Aaron Goldstein on

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Aaron Goldstein

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Ethereum is anticipated to move to Proof-of-Stake (PoS) on or around September 15, 2022 making it more secure, less energy-intensive, and better for implementing new scaling solutions.  Coinbase and other crypto exchanges are pausing Ethereum and ERC-20 withdrawals and deposits during the merge.

The pause is a precautionary measure, Coinbase noted, with the downtime used to “ensure that the transition has been successfully reflected by our systems.”

Ethereum is now anticipated to complete the Merge on or around September 15, 2022 (TTD 58750000000000000000000). Six years in the making, this milestone will reduce energy consumption for the Ethereum network by a projected 99.95% compared to PoW.

With the rise of DeFi and NFTs, the Ethereum network has endured traffic bottlenecks and unpredictable spikes in transaction (gas) fees.

- Aaron Goldstein, Gambling911.com

 

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