The Ethereum Merge process will start today with the Bellatrix update. So far about 75% of ETH clients have been updated, what creates a bit of anxiety among the Ethereum community with Vitalik Buterin and Tim Beiko urging all validators to update. Furthermore, some exchanges like Binance have decided to suspend deposits and withdrawals of ETH on some networks until the Merge is complete:
To prepare for the Ethereum Merge and secure the allocation of forked tokens in the case of a chain split, Binance will suspend deposits and withdrawals for Ether (ETH) and Wrapped Ether (WETH) on multiple networks on 2022-09-06 at 02:00 (UTC). The suspension will last until the Merge is complete. Deposits and withdrawals of Ether (ETH) and Wrapped Ether (WETH) on the impacted networks will resume when the networks are deemed stable.
Impacted Tokens: ETH (Arbitrum) - ETH on the Arbitrum network; ETH (OP) - ETH on the Optimism network; WETH (RON) - WETH on the Ronin Network
Concretely, if ETH holders on Optimism network want to deposit their funds on Binance, they will not be able to use ETH directly. Therefore, they will have two options:
- Bridge their ETH to Binance Smart Chain through Anyswap (or an equivalent) and withdraw them to Binance from there. It might be perceived as a risky option with the upcoming Bellatrix update since the transfer from Optimism to Binance Smart Chain might be stuck in the traffic.
- Swap their ETH for OP and withdraw their OP to Binance: despite the volatility risk, this option seems to be the most secure one.
Due to this situation, we can assume a significant part of ETH holders will swap their ETH for OP, which could pump the OP price.
Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.
Please find below a few links to earn a few coins...
