Binance has resumed operations with Ethereum

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Bitcoin exchange Binance has resumed deposits and withdrawals in Ethereum and ERC-20 tokens following a blockchain migration to the Proof-of-Stake (PoS) consensus algorithm.

The platform suspended operations with assets on September 6 ahead of the Bellatrix “consensus layer” update (Beacon Chain) and on September 15 ahead of The Merge.

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Binance noted that the merger in Ethereum has been successfully completed.

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

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“This process typically takes two to five days,” the company said.

ETHW may be listed on the platform after verification applied by Binance to all assets. Support for the distribution of the token does not guarantee the launch of trading for it, the exchange team emphasized.

The developers of the fork project announced the launch of the mainnet and published the main network identifiers.

At the time of writing, users are complaining about connectivity issues. The blockchain explorer is not working.

In early August, the Poloniex exchange announced support for potential Ethereum PoW forks. Today, the company announced that it has chosen not the ETHW project promoted by Chandler Goh, but the EthereumFair (ETF) chain from the ClassZZ platform as the main alternative to the PoS blockchain.

According to the statement, this fork was launched almost immediately after The Merge. According to explorermore than 350 transactions were made in the network.

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Source: Cryptocurrency

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