Ethereum's upcoming transition from Proof-of-Work to Proof-of-Stake transaction verification principle, namely the merging of Ethereum Mainnet with Beacon Chain's POS system, will result in over 99.95% lower Ethereum energy consumption. In addition, this step paves the way for better scaling in the future, including sharding.
TIP: You can find more about The Merge on the official Ethereum website.
The execution layer update (Paris) is expected to take place between 10.9.2022 and 20.9.2022. The current estimate, according to the Etherscan website, is ETH mainnet block 15,540,293, around 09/15/2022 at 00:30 (UTC).
Before that, there is still a scheduled Consensus Layer (Bellatrix) update at epoch 144896 on the Beacon Chain, around 09/06/2022 at 11:34 UTC.
WEXO wants to maintain user safety and reduce business risks associated not only with price volatility, and therefore temporarily suspends deposits and withdrawals of ETH and ERC-20 tokens during the hard fork.
Make sure you allow enough time to fully process your ETH and ERC-20 token transfers before the above deadlines.
We will inform you about the resumption of transactions in a separate notification.
If no new token is created during the hard fork, WEXO will resume deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. In the event that a new token is created and the chain splits into two competing ones, the ETH ticker will be used for Ethereum POS.