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Preparing for the Ethereum Merge

TLDR: Edge is ready for the quickly approaching Ethereum Merge, there’s nothing that users need to do in preparation. Your funds are safe. As a safety measure, we recommend not sending ETH transactions up to a few hours before The Merge, and we recommend waiting to do so until after The Merge is completed.

The Details:

After years of development, the touted “Merge” is here. Ethereum is transitioning from a proof-of-work based consensus mechanism to proof-of-stake. In doing so, there’s nothing that Edge users need to do in preparation. But we do recommend that users refrain from transacting a few hours before The Merge begins, and wait to do so until completion of The Merge.

We’ve seen various services across our industry mention that they will be suspending the ability to send Ethereum transactions during this recommended time window. Given that Edge is self-custody and does not control user funds in any way, we can’t prevent users from sending transactions. Users will need to do so on their own accord.

What is The Merge?

The Ethereum Merge (“The Merge”) is transitioning the Ethereum mainnet from a proof-of-work based consensus mechanism to proof-of-stake. In doing so, Ethereum’s mainnet will join with the Beacon Chain proof-of-stake system.

The purported benefits of doing so in many Ethereum camps are the benefits this transition will provide for future scaling upgrades, as well as claims surrounding the reduction in energy consumption this transition results in, with some claims being as high as a ~99.95% reduction.

When is The Merge taking place?

Google has made it easy to track the estimated time of The Merge based on current difficulty relative to The Merge difficulty target. Once current difficulty hits 58,750,000, The Merge will begin. General consensus assumes The Merge will take place in the morning hours of Friday, September 15, 2022 (GMT).

Will my ETH holdings in Edge change in any way?

No. Your funds are safe on the network and your full transaction history remains inside of Edge.

Will Edge support proof-of-work Ethereum (ETHPoW)?

Edge plans to support ETHPoW within 1-2 weeks after The Merge takes place. To do so, we’ll need to be able to connect to nodes that can render ETHPoW balances. We’re investigating this currently. In the meantime, any airdropped ETHPoW as a result of the fork will be safe in Edge, regardless of whether the ETHPoW balance is showing in our interface. Note that for users utilizing other applications, especially custodial exchange services, there are risks involved with this fork that you’ll want to be aware of. We’ve written a Twitter thread with the details.

If you have any questions or concerns always feel welcome to contact our support team. We’re happy to help.

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