The upcoming Ethereum Merge will transition the Ethereum blockchain from Proof-of-Work to Proof-of-Stake. This is taking place so that Ethereum becomes more eco-friendly and future-proofed. By switching from Proof-of-Work to Proof-of-Stake, energy required to sustain the system will go down 99.95% and overall security will be enhanced.
The Merge is a two-step process. The first step, updating the Mainnet, was completed September 6th. The second step, reaching or exceeding Terminal Total Difficulty and thereby producing a new block on Beacon Chain, will occur instantaneously sometime between between September 12th to 16th. To learn more about the technicalities behind The Merge, read more here.
At Fairmint, we use the Ethereum blockchain as our base layer for all transactions. We fully support USD Coin (USDC) and will continue to do so post-Merge.
The Merge is expected to be frictionless, with very little chance of disruption. We do not anticipate any disruption to on-chain USDC leading up to, during, and after it. We are vigilantly monitoring the situation around the clock to ensure the smoothest transition possible. Because of this, we at Fairmint have decided not to pause our offering during this period. However, customers who would like to take extra precautions are free to pause their offerings in their admin panels between September 12th to 16th.
There is no action required by Fairmint customers, and we are expecting business to operate as usual. In the off-chance that there is a disruption, our customers will be notified via email and on social media.
We are extremely excited about this momentous milestone in Ethereum’s growth. It is a significant achievement that has taken years of work.
If you have additional questions, please email us at team@fairmint.com.