Key Takeaways:
- Crypto exchange FTX announced that it would halt all Ether (ETH) trades on numerous blockchains until the September price increase is over.
- The crypto exchange is not responsible for any losses in the event of significant price movements, according to FTX.
The FTX Crypto Derivatives Exchange has declared that deposits and withdrawals on numerous networks would be suspended. Solana, Binance Smart Chain, and Arbitrum One are among these blockchains.
Due to the total terminal difficulty (TTD), which secures the transition based on the total mining power that goes into constructing a chain, the Merge is intended to switch to PoS with minimal downtime.
Regardless of the explanation, FTX has opted to suspend “deposits and withdrawals until the Merge is completed and networks are stable.”
FTX will temporarily halt secondary chain ETH blockchain transactions; the main chain ETH transfers will stay operational for a longer period of time. This is done to make sure that settlement is accurate as the ETH merge approaches.
The start of the trade suspension for Ethereum on several blockchains has been planned for different times but is subject to change based on potential problems.
The action will be taken in order to get ready for the impending Ethereum Merge. Here is a brief rundown of the suspension’s timetable:
- One Arbitrum: September 7 at 0:00 UTC,
- Smart Chain on Binance: September 15 at 0:00 UTC,
- 15th September at 0:00 UTC, Solana Wormhole.
Although a start time for the suspension of Ethereum trades across various blockchains has been set, it is still open to change based on probable issues.
It is the user’s responsibility is to comprehend the implications of this message, The cryptocurrency exchange is not liable for any damages in the event of big price swings, FTX noted as it made this clear.
The majority of platforms now support PoS chains following The Merge, so this is the first action taken by the major exchanges to get ready for the biggest update to the Ethereum network. It is unclear if Binance, Coinbase, or other exchanges have taken similar action.
Given ETH’s prominence in the blockchain industry, FTX’s support for its Merge was crucial.
It was just a short while ago that FTX successfully upgraded the network for Arbitrum on its platform. The platform similarly declared support for the Terra Classic network update. Users anticipate that the ETH Merge will conclude successfully because both endeavors were carried out without a hitch.
