The Merge is a widely-anticipated upgrade to the Ethereum network. While blockchain technologies perform upgrades often, The Merge is particularly important because it affects Ethereum, the 2nd largest blockchain and digital asset system by market cap. For specific details about what The Merge will do and what effect it will have on Ethereum, check out our blog post. This article will focus on specific questions you might have regarding your holdings of Ethereum or ERC-20 tokens on Coinsquare.
When is The Merge scheduled?
The schedule for The Merge consists of 2 unique updates. The first, known as the Bellatrix upgrade, will take place on September 6th. Then, a week later the Paris upgrade will take place on approximately September 13th. This schedule is approximate because the exact timings of the upgrades are based on a milestone called Terminal Total Difficulty (TTD) which is expected to be reached at approximately September 13th.
The exact time can fluctuate based on how quickly Ethereum blocks of transactions are processed and other technical factors. You can see a live countdown to the block that will trigger The Merge here.
What is Coinsquare doing to prepare for The Merge?
Coinsquare is working with our custodians and partners to ensure that all our client assets seamlessly transition to the new system without impacting users.
In preparation for The Merge, we will temporarily pause deposits, withdrawals, and trading for both Ethereum and ERC-20 tokens shortly before both the Bellatrix and Paris updates, and re-enable once the upgrades are complete and the network has stabilized. We’ll send out an email closer to the date and time of each update to let all clients know when we’re shutting off transactions and for how long, as well as post updates on our Status page and our Twitter.
I hold Ethereum, do I need to do anything?
There is no specific action required for holders of Ethereum or ERC-20 tokens in order to prepare or upgrade during The Merge. The update has been structured to have no impact on Ethereum or ERC-20 token holders. You don’t need to move, update or upgrade your coins. Anyone who claims to be able to help you claim, merge or move your coins is trying to scam you. Stay alert, and always reach out to a trusted contact, like Coinsquare Support, with questions about The Merge.
If Ethereum goes through a fork, how can I claim my new assets?
There is the possibility that a group of developers who prefer the older version of Ethereum will perform a “fork”, essentially creating a second copy of the Ethereum network that does not update. Coinsquare will monitor the potential for a competing version of the Ethereum network to be created during The Merge.
Any new version of ETH created by a fork will be considered a new asset, and Coinsquare will perform a complete due diligence process before deciding whether to list it. Therefore, forked assets will not automatically be credited to clients in the event of a fork.
Clients may choose to withdraw their ETH balances to their personal wallets to guarantee that they get access to any forked assets. If you decide to take these measures, please ensure that you allow sufficient time for the transfer of your ETH and/or ERC-20 tokens to be processed prior to our temporary ETH suspension.
Coinsquare Lists Ethereum Classic, Is This Asset Affected?
Ethereum Classic (ETC) is a separate blockchain which was forked from the main Ethereum blockchain years ago. ETC is a completely different blockchain with its own set of developers and transactions. There is no link between ETH and ETC, and therefore ETC is not participating in The Merge.
Where can I go to learn more?
We recommend relying on sources that are directly published by the Ethereum core team. Here’s a few of our favourites:
Ethereum.org is the official domain of the Ethereum community, supported by the Ethereum Foundation
Wenmerge is a countdown timer for The Merge, run by the Ethereum community based on data provided by the Ethereum core team.
The Ethereum Blog has more technical explanations about The Merge and what problems it is looking to address.