Published September 13, 2022
What is the Merge?
The Ethereum network is planning to migrate from a proof-of-work consensus algorithm to a proof-of-stake consensus algorithm to increase scalability and reduce energy consumption. This transition is known as ‘the Merge’ and is currently estimated to occur between September 14th-15th, 2022.
How will this impact Choice clients?
During the transition, we will be pausing all ETH and ERC20 token movements starting Wednesday, September 14. This applies to all movement types, including in-kind deposits, contributions, transfers and withdrawals; and to all ERC20 tokens, including: Aave (AAVE), Basic Attention Token (BAT), Chainlink (LINK), Maker (MKR), Uniswap (UNI), and yearn.finance (YFI).
At this time there are no plans to pause trading for ETH or ERC20 tokens during the Merge. However, clients should be aware that this is a possibility in the event that the exchanges which Choice uses pause ETH and/or ERC20 transactions as the Merge is occurring, or for a period thereafter.
There is also a possibility that new forked tokens may be created as a result of the Merge.
Will Choice support the forked tokens in this event?
This decision will depend on a number of factors, including support for the new asset from our technical service providers.
Please refer to our policy regarding blockchain forks for more information.
Will Choice support staking on Ethereum?
At this time Choice does not support staking on Ethereum. However, clients have expressed interest in this feature and it is tentatively on our product roadmap for release in 2023.