Crypto.com DeFi Wallet will be supporting The Merge, the most significant update to the Ethereum network to date. This blog post will explain what The Merge is, what it entails, and what users can expect before, during, and after the network upgrade is complete

Note, no action is required from Crypto.com DeFi Wallet users before the Merge, and your funds will remain accessible. We do encourage users to proceed with transactions after The Merge to ensure the safety of the funds during The Merge.

What is The Merge?

The Merge is the process of ‘merging’ Ethereum’s Beacon Chain (or the ‘consensus layer’) with its Mainnet (or the existing ‘execution layer’). The plan is to swap out the current proof-of-work (PoW) algorithm on the consensus layer and replace it with the proof-of-stake (PoS) consensus mechanism that the Beacon Chain provides.

How It Will be Carried Out

The Merge consists of a sequence of two upgrades — Bellatrix on the Consensus Layer followed by Paris on the Execution Layer. 

Bellatrix upgrades the Beacon Chain to be ‘Merge-aware’, embedding the Beacon Chain with The Merge logic as validators begin monitoring the PoW chain to initiate transition. Bellatrix was scheduled for epoch 144,896 on the Beacon Chain and it was completed on 6 September 2022. 

Paris is the actual Merge, where Ethereum swaps its consensus mechanism from PoW to the Beacon Chain’s PoS. The Paris upgrade activates at the chosen Terminal Total Difficulty (TTD) of 58750000000000000000000, expected to take place between 10 and 20 September 2022. 

The target date is currently 15 September 2022. However, this date might change as the TTD is based on the PoW consensus mechanism’s difficulty, which is not easy to pinpoint. Once the execution reaches the TTD, The Merge will be complete. 

Possible Scenarios of The Merge

There are two likely scenarios that will happen during The Merge:

Before the Paris upgrade, forked token creators may take snapshots of users’ ETH balances. Supported forked tokens will be distributed to users proportionate to their ETH holdings and will then be available for withdrawals. Details regarding the distribution will be determined by the forked POW blockchain and will be included in a separate announcement. Crypto.com DeFi Wallet reserves the right to update the treatment of any blockchain split in a further announcement.

What Crypto.com DeFi Wallet Will Support

Trading and Sending/Receiving Tokens

To ensure the safety of users’ funds during and after The Merge, users are encouraged to continue trading, sending, and receiving ETH and all ERC20 tokens only after the upgrade is complete.

Note:

Kindly refer to status.crypto.com for all the latest updates.
We thank users for their support and understanding.

Crypto․com DeFi Wallet Will Be Supporting The Merge

To take place on 15 September 2022 ~00:00 UTC (may be subject to changes)

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