Post-Merge Coinbase To Strictly Review Any Potential Ethereum Forks

Coinbase has revised its material on Ethereum’s move to proof-of-stake to cover potential forks.

Coinbase said in a Thursday revision to an Aug. 16 blog post that any possible forks in the Ethereum blockchain would be evaluated “case by case.”

The crypto exchange earlier stated that it would ‘briefly stop’ Ether (ETH) and ERC-20 token deposits and withdrawals during the Merge, which is scheduled to take place between September 10 and September 20.

“Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other asset that is listed on our exchange,” said Coinbase.

Post-Merge Coinbase To Strictly Review Any Potential Ethereum Forks 3

Exchanges and crypto businesses dealing in ETH have issued notifications advising clients of any necessary preparations for the Merge from proof-of-work to proof-of-stake.

Binance also stated on Thursday that it may offer support for new coins formed by a future hard fork, but that it cannot “ensure any listings” in the absence of a review mechanism.

Many people anticipate that the blockchain’s energy consumption will plummet, scalability will enhance, and the network will be less sensitive to attacks.

It’s uncertain how crypto customers will react to a forked PoW token published on Coinbase or any other crypto market. The platform created an ERC-20 token, cbETH, on Wednesday, allowing consumers to utilize staked ETH while receiving rewards.

Coinbase gearing up for the Ethereum merge

According to the Ethereum Foundation, the Merge will take place in two stages. The first phase is the Bellatrix network update, which is scheduled for September 6 at 11:34 AM.

The Paris upgrade will approach the network upgrade after completing the change from proof-of-work to proof-of-stake at the execution layer. Paris will take place on September 10 and September 20, 2022.

Because the merger would replace mining with staking, the miners will basically lose their jobs. Mining is, indeed, an energy-intensive operation that consumes a significant quantity of power and energy. PoS intends to minimize energy consumption by more than 99%.