Changes to ETH and ERC-20 tokens during the Ethereum Merge

On Thursday September 15, Ethereum will undergo its highly anticipated transition from Proof-of-Work to Proof-of-Stake.

Known as the Merge, the switch will cause a hard fork in the Ethereum chain and may result in temporary outages for both ETH and ERC-20 tokens.

Here’s what you need to know about your CoinJar and the Merge.

Withdrawals, deposits and trading

Withdrawals for all ETH and ERC-20 tokens will be paused for a brief period either side of the Merge event. We will let you know when withdrawals have resumed on our Status page.

You will still be able to make deposits, although they may be delayed. Trading will be unaffected.

When exactly will the Merge happen?

The Merge is scheduled to occur when the total network difficulty reaches a certain level. The best estimate for when this will happen is next Thursday at 10 am, but it could commence earlier. You can see a countdown timer here.

We will send a reminder email when we have a more exact timeline.

Do I have to do anything?

No. All your ETH and ERC-20 tokens will continue on in the same amounts with the same addresses after the Merge.

Be vigilant: anyone telling you that you have to take action to upgrade your tokens or move them to the new chain is trying to scam you.

Will I receive tokens on the ETHPOW chain?

After the Merge, there is a chance that the old Ethereum Proof-of-Work chain will continue operating, meaning two sets of Ethereum tokens will now be in existence – ETH and ETHPOW.

CoinJar is fully committed to the Merge and will not be supporting ETHPOW at this time. Any ETH and ERC-20 tokens sent to your CoinJar account on the ETHPOW chain will be lost permanently.

It is highly unlikely that ERC-20 tokens and stablecoins on the ETHPOW chain will have any value after the Merge, so always make sure you are buying or trading tokens on the new ETH mainnet.

Any questions?

For more about what the Merge means, check out our most recent Offchain newsletter. If you have any questions or concerns about the Merge and how it might affect you, get in touch with Support.

CoinJar Team