Users did not need to take any further steps to obtain staked ETH prior to the Merge, according to the crypto exchange, which also cautioned users against con artists selling ETH2 tokens.
Coinbase, a U.S.-based cryptocurrency exchange, has declared that when Ethereum’s core developers switch the blockchain to proof-of-stake, or PoS, they will temporarily stop certain token deposits and withdrawals.
During the Merge event, the cryptocurrency exchange would “briefly stop” deposits and withdrawals of Ether (ETH) and ERC-20 tokens “as a precautionary measure,” according to a blog post by Coinbase product manager Armin Rezaiean-Asel on Tuesday.
The exchange also cautioned users from falling for scams providing ETH2 tokens, claiming that cryptocurrency users already have staked ETH prior to the Merge and did not need to do anything else.
“Although the Merge is expected to be seamless from a user perspective, this downtime allows us to ensure that the transition has been successfully reflected by our systems,” said Rezaiean-Asel. “We do not expect any other networks or currencies to be impacted and expect no impact to trading for ETH and ERC-20 tokens across our centralized trading products.”
It is expected that more cryptocurrency exchanges may announce safety measures or modifications to trading practices as the date for the Ethereum Merge draws near. Despite the possibility of “unforeseen circumstances,” core devs projected a potential Merge date of September 15.
Many anticipate that the Ethereum network’s energy consumption, scalability, and attack susceptibility will all improve once it switches from proof-of-work to proof-of-stake (PoS). However, it is claimed by numerous developers that ETH gas fees might not instantly decrease and that network transactions might not speed up as fantasized.