Recognizing the significant “Merge” upgrade for Ethereum and what should you do next?

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Last Updated on September 26, 2022 by Bitfinsider

The second-largest crypto token in the world, Ethereum (ETH), is built on the Ethereum blockchain, which will shortly undergo a significant software upgrade that will reduce the energy required for transaction processing and coin creation.

What you need to know about the “Merge,” as the shift is called, is provided below.

What is The Merge?

The Ethereum blockchain is about to join with another blockchain, fundamentally altering how transactions are handled and fresh ether coins are produced.

According to developers, the new “proof-of-stake” approach will reduce the energy usage of the Ethereum blockchain by 99.9%. Numerous investors and environmentalists have criticized the majority of blockchains, including bitcoin’s, for consuming excessive amounts of electricity.

The Ethereum Foundation, a well-known non-profit that declares support for Ethereum, claims the upgrade would open the door for more blockchain improvements that will enable less expensive transactions.

Two of the biggest problems users now face with the Ethereum network are high prices and lengthy transaction times.

When is The Merge Happening?

The Merge is expected to be finished between September 10 and September 20, which is around the corner. However, the exact date is undetermined. According to unofficial estimations, September 15 is the most likely date.

Significant cryptocurrency exchanges have said that they will halt ether deposits and withdrawals throughout the merger. According to them, users won’t need to make any changes to their funds or digital wallets as a result of the upgrade.

With that said, the Merge has already been postponed before. Most recently, on April 11, ether declined by about 8% after an Ethereum lead developer announced that plans for the event originally scheduled for June had been postponed while testing on the program continued.

Should you stake your token now?

If you own a cryptocurrency that uses a proof of stake blockchain, you are eligible to stake your tokens.

As of September 2022, the cryptocurrency exchange ProEX offers an Annual Percentage Yield (APY) of 2.2% for staking Ethereum (ETH). 

Once you’ve decided to stake cryptocurrency, you’ll get the promised return when it’s due. You will receive your return from the program in the staked cryptocurrency, which you may then hold as an investment, offer for staking, or exchange for cash and other cryptocurrencies.

Why stake with ProEX?

ProEX is the world’s leading multi-contract trading platform, provides bitcoin and various cryptocurrencies, perpetual contract trading, ETF and other digital asset trading functions, Staking Pool services.

ProEX is committed to creating a better trading environment for our clients, ProEX has got MSB certificate(Money Services Business) from the United States and Canada, the USA MSB license was issued by FinCEN after being rigorously reviewed by the Financial Crimes Enforcement Bureau, an agency of the US Department of the Treasury.

ProEX Mid Autumn Staking Cake Event

As September is the month of Mid-Autumn Festival, ProEX is holding the “Mid-Autumn Staking Cake” event, ProEX have prepared a reward of up to 80,000 DOGE for users to earn. There are 3 types of tokens in ProEX Staking Pool, which includes BTC, ETH and USDT

During the event, as long as you subscribe to ProEX Staking Pool and deposit for seven days, apart from the daily interest, users will also be eligible to win up to 80,000 DOGE bonus.  

The event duration will last from 5th September 00:00 to 30th September 23:59 (UTC+8)

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.