Blockchain News

Update to How Binance is Supporting the ETH Merge

Binance will distribute Ethereum Proof-of-Work tokens to eligible users if it is implemented, based on users' ETH holdings at the time of The Merge.

Binance Shares Information on ETHW Distribution

Binance announced that the Ethereum Merge was completed when the Terminal Total Difficulty (TTD) of 58750000000000000000000 was triggered at a block height of 15,537,393 -- or, in other words, just before 7 a.m. UTC Sept. 15.

Following the completion, the leading Centralized Exchange resumed ETH and ERC-20 token withdrawals and deposits on the new Proof-of-Stake (PoS) chain. While there is a possibility of generating a potential forked Ethereum Proof-of-Work (PoW) chain and its native ETHW token, Binance updated users on its distribution.

According to Binance's official blog statement after the Merge, the ETHW token, if implemented, will be distributed to eligible users based on their ETH balance as of Sept. 15 at 6:42 UTC, when the Merge took effect. The exchange will distribute ETHW at 1 ETH: 1 ETHW, to users' spot wallets within two to five days.

Further, Binance stated that the team would update users if the Ethereum PoW chain was implemented or unsuccessful.

"We will notify users in a separate announcement once the distribution is complete and when deposits and withdrawals for ETHW are enabled, or if the ETHW chain is unsuccessful," according to the blog.

BSC News will follow Binance's announcements and update users if the ETHW chain is indeed executed. In the meantime, we recommend users to visit the protocol's publication for more information about the rewards distribution and eligibility.

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