Binance resumes Ethereum withdrawals

The cryptocurrency exchange Binance has resumed deposits and withdrawals in Ethereum and ERC-20 tokens after the blockchain migrated to the Proof-of-Stake consensus algorithm (PoS).

The Ethereum Merge was completed when the Terminal Total Difficulty (TTD) of 58750000000000000000000 today at 06:42:42 UTC.

Deposits and withdrawals for $ETH and ERC-20 tokens on the Ethereum Proof-of-Stake (PoS) chain are now open on #Binance. pic.twitter.com/y7Z2BoUuMM

— Binance (@binance) September 15, 2022

The platform suspended operations on assets on September 6 ahead of the Bellatrix consensus layer (Beacon Chain) upgrade, and on September 15—in anticipation of The Merge.

Binance noted that the Ethereum Merge has been successfully completed.

The exchange team reminded that will distribute among users the PoW fork token of the blockchain after its launch. ETH holders will receive ETHW coins at a 1:1 ratio based on the snapshot at The Merge.

The company said that this process typically takes two to five days.

ETHW may be listed on the platform after the checks Binance applies to all assets. The token distribution support does not guarantee that trading for them will begin, the exchange team emphasised.

The fork project’s developers announced the mainnet launch and published the key network identifiers.

ETHW Mainnet Info
Network Name: ETHW-mainnet
New RPC URL: https://t.co/MQ04pnPQyW
Chain ID: 10001
Currency Symbol: ETHW
Block Explorer URL(Optional): https://t.co/J3JllmQA8I

— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 15, 2022

As of this writing, users report connectivity issues. The blockchain explorer is not working.

oh? pic.twitter.com/CtiLoHORZR

— Kevin 🦇🔊 — building in 🐻 (@kfeng027) September 15, 2022

In early August, Poloniex announced support for potential Ethereum PoW forks. Today the company said it chose, as the main PoS-chain alternative, not the ETHW project, promoted by Chandler Guo, but the EthereumFair (ETF) chain from ClassZZ.

Poloniex has renamed #ETHW as @EthereumFair #ETF and resumed the trading of ETF markets (USDT, USDD, ETH) on Sep 15, at 13:15 (UTC).

The trading history of ETHW markets is inherited by the corresponding ETF markets.

Details: https://t.co/CobIKrUnfK pic.twitter.com/aTAGWpSqus

— Poloniex Exchange (@Poloniex) September 15, 2022

According to the statement, this fork was launched almost immediately after The Merge. According to the explorer, more than 350 transactions have been recorded on the network.

Add ETF Network to Metamask
===
Network Name : EthereumFair
New RPC URL: https://t.co/tnE8Uuca4A
Chain ID: 513100
Currency Symbol: ETF
ETF Explorer: https://t.co/9vGw904PNj

— EthereumFair(#ETF) #ETHPOW #ETHEREUMPOW (@EthereumFair) September 15, 2022

The ClassZZ token (CZZ) rose by almost 36% in the last 24 hours.

Bybit began trading ETHW, which was announced yesterday.

Read ForkLog’s Bitcoin news in our Telegram — cryptocurrency news, prices and analysis.