Descriptions of Change: To account for the Merge and disruption of services on Ethereum during that time, Prime Trust will temporarily pause the processing of contributions and disbursements of ETH and other Ethereum-based cryptocurrencies and tokens. This change and timing of the change is out of Prime Trust’s control.
What is the Merge?
- The Ethereum Merge refers to the network’s current mainnet moving from a Proof-of-Work to a Proof-of-Stake consensus mechanism. The Merge sets the foundation to make Ethereum more scalable and energy-efficient.
Why is this change being made?
- Ethereum is migrating from a Proof-of-Work to Proof-of-Stake consensus mechanism, a major change for the blockchain and one that will cause disruption of services for ETH and Ethereum-based blockchains and tokens.
When is the Merge happening?
- The Merge is planned for September 15th but may happen within a 10-day window: September 10th and 20th.
How does change impact our customers?
- Prime Trust will temporarily pause the processing of contributions and disbursements of ETH and other Ethereum-based cryptocurrencies and tokens. There is no other action needed from customers.
What happens to contributions and disbursements requests that are sent during the Merge?
- Disbursement submission will be accepted by our API but will remain in pending status until transactions are resumed on the blockchain.
- Contributions will not be credited on our ledger until we resume reading the information on the blockchain. If you were able to send a transaction on the blockchain, it will be reflected after the temporary pause, when we can read it in the new blockchain.
What happens if you try to buy and sell ETH or ETH-based assets during the Merge?
- Trades with instant settlement will not be affected. However, trades using scheduled settlement will be settled after the Merge is complete.
Is any action required by customers?
- No action necessary. Should you have any questions, please contact your account manager.
Is Ethereum the only blockchain affected?
- Blockchains that run on EVM are affected as well, some of which Prime Trust supports:
- Avalanche
- Binance Smart Chain
- Celo
- Fantom
- Matic
- Polygon (Matic)
How will customers know when the Merge is complete?
- Status on the Merge is public information. Customers can check for the latest from the Ethereum Foundation. Prime Trust will also send an email confirming when contributions and disbursements are resumed.
Will the Merge help reduce Ethereum’s energy consumption?
- Energy consumption is anticipated to reduce by about 99%
Where can I go to learn more about the Merge?
- https://ethereum.org/en/upgrades/merge/
- https://blog.ethereum.org/2022/08/24/mainnet-merge-announcement?utm_medium=email&_hsmi=225129043&utm_content=225129043&utm_source=hs_email
- https://decrypt.co/resources/what-merge-ethereum-move-proof-stake
- https://www.coindesk.com/learn/what-is-the-merge-and-why-has-it-taken-so-long/
- https://www.nytimes.com/2022/08/26/technology/what-is-the-merge.html
- https://fortune.com/2022/08/19/everything-to-know-about-the-ethereum-merge/
- https://www.bloomberg.com/news/articles/2022-08-30/ethereum-eth-merge-what-to-expect
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