Ethereum: The Merge
The long awaited Ethereum merge is finally expected to happen on the 15th of Sep 2022. By The Merge, Ethereum aims to reduce its carbon footprint substantially and prepare Ethereum to implement more scaling solutions for better scalability. Click here to read more about the Ethereum merge.
When will the Ethereum Merge event take place?
The transition will take place once the Total Terminal Difficulty (TTD) hits a value of 58750000000000000000000. This value is likely going to be achieved on 15th September 2022 at approximately 10:22 AM IST.
Will deposits and withdrawals on Ethereum and ERC-20 tokens be on hold during the Merge?
ETH and ERC 20 deposits and withdrawals will be on hold during the Paris Upgrade of the Merge (15th September) 2022 from 9 AM IST onwards. Updates on when the deposits and withdrawals will be resumed will be informed to all the users once the Merge event is complete and the Proof of Stake chain is producing stable blocks.
What can happen in case of a contentious fork of the Ethereum Blockchain?
In case of a contentious fork (a fork where disagreement occurs in the ETH blockchain community and the Blockchain splits), ZebPay will be supporting the Proof of Stake (POS) chain by default. Based on the state of the Network post the merge, ZebPay reserves the right to recover at its discretion and list the Proof of Work protocol tokens for trading.
What about my ETH and ERC-20 deposits?
Your holdings are safe on ZebPay and there’s nothing you need to do. ZebPay will handle the entire process for its customers.
Will there be any change in my ETH Wallet address once the Merge is completed?
There will be no change to your addresses. Please ensure that all ETH/ERC20 token transfers done are via the Proof of Stake network only as ZebPay will not support any other chain at this point. Using an incorrect network to send or receive tokens will result in the permanent loss of these tokens.
Will the Merge reduce the Gas fee on the Ethereum Blockchain?
Merge will not reduce the Gas Fee on the Network. The Merge is changing the consensus mechanism. It does not impact network congestion and transaction throughput. Hence, the Gas fee will not change after the Merge.
Will there be a major difference in transaction speeds on the Layer 1 ETH blockchain after the Merge?
Although there might be slight differences in speed. There won’t be much noticeable difference in transaction speed on Layer 1 after the Merge upgrade.
Will there be a difference in the Staking Annual Percentage Rates (APR) after the Merge?
Current estimates as mentioned on the Ethereum website predict that the Staking APR after the Merge could be close to 7%. Please note that ZebPay does not offer staking as a service currently and be aware of any scammers attempting to use ZebPay’s name to promote such services.
We will announce any new features through our official handles as well as through email communications to all our customers.