Some behind-the-scenes upgrades are being applied to the Ethereum blockchain, and as a result, Kriptomat and other crypto platforms must pause send/receive transactions for certain currencies for a short time.
The upgrade is known as the Merge. It includes a transition from Ethereum’s Proof-of-Work consensus mechanism to Proof-of-Stake. This event is anticipated to take place between the 10th and 20th of September.
The Merge is a significant and long-awaited milestone for the Ethereum community, and we at Kriptomat are thrilled to support it.
What is anticipated to happen during the Merge?
Two significant events will occur between 6.9.2022 and 16.9.2022.
The Consensus layer upgrade (Bellatrix) - 6.9.2022
The Ethereum chain merge (Paris) - around 14.9.2022
The Consensus layer upgrade (Bellatrix)
The upgrade affects network operators and doesn’t have any effect on Kriptomat’s operations, meaning all Ethereum/ERC20 operations will be conducted as normal.
The Ethereum chain merge (Paris)
This is a high-impact event for Kriptomat and Kriptomat’s customers. In order to ensure a smooth transition, Kriptomat will temporarily disable withdrawals and deposits on these networks:
Polygon (Matic)/ERC20 tokens
Binance Smart Chain/BEP20 tokens
What do I need to do as a Kriptomat customer during the Merge?
There is no need to take any action. After the pause, your crypto will be found right where you left it, completely unchanged.
Your assets will remain safe, as always, and no action is required on your part. There will be no need to convert your existing ETH into anything else before, during or after the Merge. The affected cryptos will continue to be visible in your balances while transactions are paused.
Support of forked Ethereum PoW
Kriptomat will subject any potential newly forked Ethereum Proof-of-Work network that might come into existence before, after, or during the Merge to our standard strict review process before making any token available for trading. However, it is not guaranteed that any such forked tokens will be made available for trading or custody.
How can I know this information is official and genuine?
You can follow official updates on this topic on the official website of the Ethereum Foundation Blog.
Questions? Our customer support team is standing by with speedy, clear answers: [email protected]