Binance Ready to Support Ethereum Merge, But Anticipate Fork

The imminent update of The Merge Ethereum is now getting official support from the Binance crypto exchange.

The Merge update will later polish the Ethereum network for the better, by switching consensus to proof-of-stake (PoS) which also cuts gas costs and increases transaction speed.
Most importantly, this update is expected to reduce the network's energy consumption by 99.9 percent and reduce ETH issuance by about 90 percent as the network no longer has to pay miners to add new blocks.

This update is also expected to raise the prospect of decentralized finance (DeFi) and non-fungible tokens (NFT) sectors, as currently the majority of these two sectors run on the Ethereum network.Binance Supports The Merge Ethereum

According to a Crypto Briefing report, Binance's support comes after the crypto community intends to maintain a proof-of-work (PoW) version of Ethereum after The Merge update.

Officially, Binance revealed that they are currently closely monitoring the progress of Ethereum network updates.“The Merge could potentially lead to the creation of multiple Ethereum tokens forks. We will evaluate support for token fork distribution and withdrawals,” said Binance.

That means, the cryptocurrency exchange has hinted that it will support the PoS version of Ethereum, while anticipating a token fork.Of course, in the event of a fork, new cryptocurrencies will be created. So, Binance is anticipating it by saying it will support the new token, should it ever be created.

Indeed, The Merge has been considered by many investors as one of the historic moments that is predicted to have a major impact on the crypto market. In fact, BTC's dominance in the crypto market will continue to be stuck with Ether, which is expected to be displaced by it.

In any case, the Ethereum network update will occur in mid-September, so retail investors are expected to anticipate everything that happens after that.