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09/12/2022

The Ethereum Merge is on a horizon

Ethereum, as one of the most famous cryptocurrencies, is preparing for significant changes. Of course, this news shook many ETH account holders. The long-awaited “The Merge” will take place on the 10th - 20th of September. Will these changes be highly radical? Should Betfurians and happy Ether owners worry? Now we will answer all questions and sort everything out!

What’s the Merge?

The Merge is a technical upgrade that will shift the existing consensus mechanism of Ethereum. By making this move, the programmers working to improve Ether will make it greener and lay the foundation for future scalability upgrades. 

Let's briefly about the main:

  • Ethereum is moving to proof-of-stake (PoS). This transition will be activated on the Beacon Chain with the Bellatrix upgrade.
  • The proof-of-work chain will migrate to proof-of-stake upon hitting a specific Total Difficulty value.
  • The Terminal Total Difficulty value triggering The Merge is 58750000000000000000000.
  • It is expected between September 10 - 20.

As for the new ETH protocol, validators with investments in the form of crypto assets will be responsible for security. Since about 40% of all assets are located at 100 addresses, the possibility of severe attacks is not excluded, but this is very unlikely. At the same time, small questions about security and, of course, mining do not overshadow the advantages of the Merge. Just imagine how much more environmentally friendly and deflationary Ethereum will be! Moreover, all powerful computers are no longer needed to solve complex mathematical problems for creating new blocks. Thus, it will definitely have a positive impact on Ether's long-term prospects.

How will this affect BetFury?

Ethereum has become an insanely popular cryptocurrency, so on our platform, ETH is in the Staking Pool and most likely in your wallet. Therefore, all the changes that will follow from the Merge will affect us as well. We have taken the following steps to reduce all trading risks and to maintain the safety of your funds:

  • From September 14, deposits and withdrawals of ETH and tokens in the ERC-20 network will be suspended on BetFury.
    ⚠️ Make sure you have enough time to transfer ETH and ERC-20 tokens. If you want to withdraw or deposit funds, do it before the 14th. The funds that remain at BetFury will be safe and sound.
  • There are two different scenarios of the Merge:
  1. According to the first scenario, a new token is not created, and we will soon resume the deposit and withdrawal of ETH and tokens in the ERC-20 network.
    💡 We will inform you about the restoration of work on Telegram, Twitter, and also in the notification on the website.
  2. According to the second scenario, after the division of the blockchain into 2 competitive chains, a new token will be created. In this case, we will keep your balance on BetFury, and the withdrawal of the updated token will be available after the update is fully completed.
    💎 The “ETH” ticker will be used for the PoS of the Ethereum network.
  • During this time, You can bet on all currencies. Besides, ETH Staking payouts will accrue, but you won't be able to withdraw it from the platform.