Ethereum Merge 101

With the Ethereum Merge rapidly approaching, Wyre wants to make sure that our end users know what to expect. Because we’re always looking out for our customers, Wyre will be taking measures to ensure the protection of both our end users and our partner companies.

To get track of when the Merge will occur, check out this countdown timer: https://wenmerge.com/

Here’s what you can expect before, during, and after the Merge:

Before the Merge

  • Wyre will pause all on-chain transactions on Ethereum starting at 10:00 PM EST, September 14th.
    • All withdrawals of Ethereum based assets will be paused. This includes ETH as well as all ERC-20 tokens. Be sure to take any actions necessary prior to the pause of withdrawals.
    • Users will be able to make orders to purchase ERC-20 tokens via Wyre’s services, but they will remain pending until Wyre re-enables Ethereum transactions.
  • The rest of Wyre’s services will be enabled as normal.

During the Merge

  • Wyre will be monitoring the state of the Merge closely.
  • Any crypto held in a Wyre wallet will be safe and secure.
  • Wyre recommends not to make any purchases or deposits of supported ERC-20 tokens. This is because any transactions made during the merge will take an extended amount of time.
  • Ethereum Deposits will not be credited during this time. Any Ethereum assets sent to Wyre during this time may be lost
  • Any transactions of non-Ethereum-based tokens should not be delayed. This includes purchases, deposits, and transfers of any supported token that is not an Ethereum-based token. There should also be no interruption to interacting with any other blockchain during the Merge.
  • If you have any questions about the merge, Wyre employees will be hanging out in our Discord server to help out our end users and partners.
  • Keep an eye on our Twitter account for the latest Merge updates.

After the Merge

  • Wyre will re-enable all Ethereum transactions.
    • We’ve prepared an internal checklist of items that we must validate before we can safely turn the functionality back on. 
    • We are refraining from predicting a time frame as it depends on a number of factors. Wyre will make public announcements regarding this status.
  • After the Merge, the normal usage experience on Ethereum will remain relatively unchanged. 
    • All of your tokens and smart contracts will be automatically transferred over to the new PoS chain and general activity should feel exactly the same as with PoW prior.
    • Transaction speeds will remain relatively unchanged.
    • Gas fees will remain generally the same until there are further updates.

 

For a more detailed explanation of the Merge and its implications for Wyre partners, check out our blog post HERE.

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