Thu. Sep 29th, 2022


Coinbase Will Freeze ETH Deposits And Withdrawals Temporarily During Ethereum’s Merge — And Here’s Why

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ETH stakers on several platforms will not be receiving the ETHW airdrop when it occurs; notable platforms include Binance and Lido. While most stakers anticipate some new tokens in the form of ETHW airdropped to their wallets should the Ethereum fork occur, Binance, Lido, and others have announced nonsupport for the airdrop.

Binance and Lido will not airdrop ETHW to ETH stakers

On September 10, liquid staking service Lido published an article to address several frequently asked questions about The Merge. Through the article, Lido noted that ETH stakers would not receive any airdrop in the form of ETHW if the Ethereum hard fork happened. This is a big blow to proponents who were looking forward to getting the ETHW airdrop.

As an answer to the question, “Will Lido support ETHPoW?” Lido said, “There have been no gov proposals to do so, so unless there is one, Lido will not support the distribution of ETH PoW tokens to stETH holders.” Being the largest staking service for Ethereum, Lido’s stance affects the majority of ETH stakers despite a few other exchanges declaring support for the ETHW airdrop. 

Besides Lido, the largest cryptocurrency exchange by trade volume, Binance has declared that it will not support new forked tokens for ETH stakers. The exchange noted this in an article on Tuesday’s updated policies regarding The Merge.

Despite its broader support for ETHW, Binance highlighted that holders of BETH (staked ETH on Binance) would not be receiving any ETHW airdrops. In the event of a chain split (Scenario B), users holding BETH will not receive credit for forked tokens,” Binance said.

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The Ethereum Merge has successfully occurred

Currently, we have the largest Ethereum staking service and the world’s largest exchange stating that ETH stakers on their platforms will not be receiving any ETHW airdrop. Lido and Binance are home to the majority of ETH stakers. Consequently, their decisions affect a large portion of stakers.

At the time of reporting, the Ethereum Merge had already successfully occurred, with congratulations directed towards the team and concerned proponents. The Merge occured on September 15 at a Total Terminal Difficulty (TTD) of 58,750,000,000,000,000,000,000.



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