ETHEREUM MERGE! - Information and FAQ

:question:FAQ

What is the merge?

The Merge is the most significant update to Ethereum since its launch in 2015!

As crypto approaches an inflection point of mainstream adoption, hard questions have arisen about the sustainability, security and scalability of its leading networks.

Ethereum anticipated these concerns and from its early days viewed Proof of Stake as the mechanism to secure its future, but it has taken years to achieve a design that makes Ethereum’s economic model more durable, its infrastructure more scalable, and its consensus engine more sustainable

In short, to ensure that when the world was ready to adopt web3, Ethereum would be ready to serve as its foundation.

The Merge will reshape the world’s largest programmable blockchain by switching from the energy-intensive Proof of Work (PoW) consensus mechanism to the Proof of Stake (PoS) mechanism, with no downtime to the Ethereum network and no impact to or action required from users or developers.

Is there anything I need to do with my MetaMask wallet?

No.

The merge will not affect your MetaMask wallet and your tokens in any way, there is NOTHING you need to do.

What are the benefits of the merge?

:recycle: Sustainability

The Merge dramatically reduces Ethereum’s energy requirements. It introduces a sustainable approach to security known as Proof of Stake, which will cut the network’s energy demands by 99.95%.

:lock: Security

Proof of Stake democratizes network participation and provides stronger security guarantees for users and developers of Ethereum.

:point_up: Scalability

The adoption of Proof of Stake lays the foundation for innovations that will make Ethereum faster and more affordable

:rotating_light:WATCH OUT FOR SCAMS:

ETH2.0 IS NOT A LEGITIMATE TOKEN!

:no_entry_sign: No Eth2.0 airdrop

:no_entry_sign: No Eth2.0 sale

:no_entry_sign: Beware of fake validators

:no_entry_sign: Beware of fake ETHW/ETHPOW scams

REMEMBER: THERE IS NOTHING YOU NEED TO DO!

:money_with_wings:ON-RAMPS:

Wyre:

  • Wyre will temporarily disable all on-chain transactions on Ethereum at approximately 5 PM EST, September 14th. The following will be disabled:

  • Withdrawals of any Ethereum tokens

  • Swaps to/from any Ethereum tokens

  • Wallet orders for any Ethereum tokens

  • The rest of Wyre’s services will be enabled as normal.

Transak:

On 15-Sep-2022 - 0000 UTC | 0530 IST | 0100 BST

  • Transak will suspend the buy/sell of all ETH & ERC20 assets from its on-ramp and off-ramp widgets
  • Buy/Sell of all other non-ETH & ERC20 assets will continue as normal

MoonPay:

Can users buy ETH and ERC20 assets on MoonPay during the Merge?

Yes. The ability to buy ETH and ERC20 assets will not be affected by the Merge, although we do expect there to be some minor delays in delivering these assets to customers.

Can users sell ETH and ERC20 assets on MoonPay during the Merge?

Yes. The ability to sell will be unaffected, but customers should still expect delays when selling crypto via MoonPay due to delays on the blockchain itself.

Which cryptocurrencies supported by MoonPay will be affected?

Along with ETH and ERC20 assets, expect delayed withdrawals for supported assets on Sorare (ETH), Immutable (USDC, IMX, GODS, ETH), Polygon (SAND, USDC, ETH), and zkSync (USDT, ETH, DAI, USDC).

:eyes:MORE INFORMATION:

If you have any questions or need support about the merge and your MetaMask wallet, please reply in a post here! :point_down:

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