The Ethereum Merge: All You Need to Know
The Ethereum network is moving from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Estimates put “The Merge” happening around September 15, 2022. Your assets on the YouHodler platform are safe and secure during this period and no action is required to upgrade on your part.
What does the Merge mean for YouHodler users?
We will support the main line of the Ethereum community on this transition. You don’t need to do anything to protect your funds entering The Merge. In the event of the Ethereum fork happening after the Merge, for now, we don't have any plans to support the old coin, but it will depend on the situation after the Merge, so please follow us on social media and subscribe to our email blasts to get the news.
As a user or "hodler" of ETH, you do not need to do anything with your funds or wallet before The Merge. Any funds held in your YouHodler wallet before The Merge will still be accessible after The Merge. No action is required to upgrade on your part.
During the Merge, we will briefly pause Ethereum (ETH) and ERC-20 token deposits and withdrawals as a precautionary measure. Although the Merge is expected to be seamless from a client perspective, this downtime allows us to ensure that the transition is successfully reflected by our systems. We do not expect any other networks or currencies to be impacted and expect no impact on trading for ETH and ERC-20 tokens across Multi HODL or Dual Assets services.
We will inform our clients when ETH is available for deposits and withdrawals via the platform and social media. It’s important to always be on high alert for scams, especially leading up to the Merge.
We strongly recommend that you don’t send your ETH to anyone in an attempt to “upgrade to ETH2” as there is no ETH2 token. Your assets are safe and secure during this period and no action is required to upgrade on your part.
If you're still confused about what the Merge is all about, don't worry. Please read this article explaining every detail clearly.