Ethereum 2.0 is about to make a shocking debut. If you hold Ether (ETH), stay tuned

What will happen to the integrated Ethereum?

In September 2022, Ethereum is about to be integrated, which will temporarily replace the Ethereum mainnet with the beacon chain and several shard chains . The move marks the end of Ethereum’s proof-of-work (PoW) model, completing the final transition to a proof-of-stake (PoS) model.

In simple terms, we can imagine Ethereum as a racing car, and the Beacon Chain as a new, more fuel-efficient engine that will replace the old engine in the race. Everything else about the car will remain the same except for one major change, the way the car runs.

Disclaimer: The information in this article may change as more details about the integration become available.

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How can long-term Ethereum holders prepare for the integration?

In short, Binance users don’t have to do anything – the integration will not affect the funds of Ethereum holders. All ethereum funds will be transferred after integration, and ethereum will still appear as “ETH” in user wallets. However, Binance will suspend Ethereum deposits and withdrawals until the integration is complete.

Binance users should be wary: scammers will ask to buy “ETH2” tokens, or transfer funds to a random wallet address in order to “complete the upgrade,” and Binance will never ask users to send funds in such a way.

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How will the integration affect Binance products?

With the exception of delisting Ethereum from mining services and suspending Ethereum lending, deposits, and withdrawals, most Binance services will remain largely unaffected by the integration. Additionally, users who locked Ethereum in the Binance Ethereum 2.0 staking service can exchange their BETH tokens back to Ethereum after integration if they wish.

We will detail the impact of this integration on Binance products in a later announcement.

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If a fork occurs

Note that if Ethereum splits into two different networks, i.e. a fork , the “ETH” code will refer to the new Ethereum PoS chain. On the other hand, forked tokens still need to go through the strict listing process of Binance exchange.

Note that forks may or may not happen. According to the Ethereum team, any hard fork during the integration period is an unofficial operation. In the event of an “unofficial” fork, Binance will release more details on the token distribution in a follow-up announcement.

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Speed, Gas, and Staking

Below is an overview of how the integration affects transaction speeds, gas fees, and staking for Ethereum holders .

1. Transaction speed
After the upgrade, Ethereum holders can expect similar transaction speeds as before. To the average user, these small changes are insignificant.
2. Fuel cost
Ethereum gas fees are currently unchanged. In theory, the Ethereum upgrade sets the stage for sharding, creating the possibility for more affordable gas fees in the future.
3. Staking
Ethereum stakers will help secure the network, not miners. Note that stakers will not be able to withdraw their staked Ether for 6 to 12 months after integration. However, after Ethereum performs the “Shanghai upgrade,” daily withdrawals in the network can be capped at 40,000 staked ETH.

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With Binance, Get Ready for Integration

The integration is an important milestone for the Ethereum network and the larger Web3 ecosystem. At Binance, they aim to ensure a seamless transition for Binance users who hold Ether. Binance will continue to update the blog and official Binance Twitter as more details become available.

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