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The Merge, one of the most anticipated Ethereum updates, was supposed to have zero downtime, but members of the cryptocurrency community made the decision to take preventative action to guarantee the security of investor funds. In this effort, cryptocurrency exchange FTX declared that it would freeze all trades of Ether (ETH) on different blockchains until the September update is finished.
In order to save energy and enable sharding, the Merge upgrade will permanently switch the Ethereum blockchain's consensus process from proof-of-work (PoW) to proof-of-stake (PoS).
The terminal total difficulty (TTD), which ensures the transition based on the total mining power that goes into generating a chain, is how Ethereum developers claim the Merge is planned to switch to PoS with zero downtime. FTX decided to halt "deposits and withdrawals until the Merge is finalized and networks are stable" despite the justification.
As the ETH merge approaches, FTX will temporarily disable blockchain transfers of secondary chains for ETH to make sure that settlement is clean; main chain ETH transfers will stay active for longer.
The trade suspension for Ethereum on various blockchains has been assigned to commence at different times but remains subject to change based on anticipated complications.
It is your obligation to understand the ramifications of this message, FTX added as it made clear that the cryptocurrency exchange is not responsible for any losses in the event of significant price swings.
The Ethereum Foundation clarified that the impending upgrade will not lower gas fees, dispelling one of the major myths surrounding The Merge. According to the official statement:
"Gas fees are a product of network demand relative to the network's capacity. The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput."
Instead, the upgrade aims to purely eliminate the need for energy-intensive mining.