The Ethereum blockchain is scheduled to transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism on or around September 13, 2022. During this event, referred to as “The Merge”, Ethereum's consensus mechanism will change to a mechanism in which owners of ETH can stake their holdings to achieve consensus at a much lower energy cost than traditional PoW mining. While PoS doesn’t lower gas fees, it does prepare Ethereum for future upgrades to dramatically improve scalability.
Client holdings of Ethereum-based digital assets, including ETH and ERC-20 tokens, will remain secure throughout the merge upgrade. Again, no action is required from you as a valued Abra client.
Pause Deposits and Withdrawals for Ethereum Network
Shortly before the merge upgrade, Abra will temporarily pause deposits and withdrawals of Ethereum-based digital assets, including ETH and ERC-20 tokens, until the upgrade is complete and deposits and withdrawals are deemed safe to resume.
- Trading will remain active during this period.
- Users will be notified via our status page and Twitter feed when Ethereum-based digital assets, including ETH and ERC-20 tokens, become available for deposits and withdrawals.
Post Merge Support
Following the merge upgrade, Abra will continue to support all Ethereum-based digital assets that were supported prior to the upgrade, including ETH and ERC-20 tokens via the upgraded Ethereum PoS chain. As a reminder, please find the updated list of cryptocurrencies that Abra supports here.
At Abra our goal is to list assets that are internally vetted and deemed both legal and safe to list, creating a level playing field for all digital assets while continuing to protect our customers. Should an ETH PoW fork arise following the merge upgrade, this asset will be reviewed with the same rigorous evaluation process as any other digital asset listed on Abra.