The Ethereum Merge, a highly-anticipated network upgrade, marks the transition of the Ethereum network’s consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This change will reduce the network’s energy consumption and allow for more efficient processing of transactions [READ: What is the Ethereum Merge and why does it matter?].
The Merge has two phases, namely:
- Bellatrix - consensus layer upgrade on Beacon Chain epoch 144,896, estimated to be around September 6, 2022 7:30 PM (UTC+8)
- Paris - execution layer upgrade when the Terminal Total Difficulty (TTD) 58750000000000000000000 is reached (estimated to be around September 15, 2022).
How does the Merge affect Coins users?
In line with the Bellatrix and Paris upgrades, Coins.ph will undergo two separate maintenance periods:
- September 6, 2022, 6:30 PM - 8:30 PM - for the Bellatrix consensus layer upgrade
- September 15, 2022 - for the Paris execution layer upgrade (team will share live updates from our official Status Page approximately 1 hour before the merge)
During these periods, you will not be able to send ETH and ERC-20 tokens using your Coins.ph Wallet. Incoming transfers to your Coins.ph wallet will be credited after the maintenance period. You may refer to the following table for a complete list of affected tokens:
Coins.ph conversions and other services will still remain operational and will not be affected during the two maintenance periods.
Our team will monitor the stability of the Ethereum network during both upgrades. We’ll reopen our Ethereum / ERC-20 and Ronin deposits and withdrawals once we have confirmation from our engineering team that transactions may be safely broadcasted through these networks.
We will also ensure to provide live updates from our official Status Page so make sure that you are subscribed!
Do I need to do anything? Are my funds safe?
No action is needed on your end as your ETH and ERC-20 tokens are safe before, during, and after the Bellatrix and Paris upgrades. However, we encourage you to plan your transactions ahead to avoid any inconvenience on the dates we’ve mentioned (Sep. 6 and 15, 2022).
How will Coins.ph handle hard forks?
Coins reserves the right to update the treatment of any chain split in a further announcement.
If you have any questions, please feel free to reach out to us through the Help Center in your Coins app.