Summary:
Crypto’s biggest decentralized exchange Uniswap announced full support for Ethereum’s transition to proof-of-stake amid rising anticipation for the watershed event.
The Merge as it is known within the crypto community marks the culmination of six years worth of building and strategizing by Ethereum developers. Some crypto proponents have likened the pivotal moment in ETH’s network history to Bitcoin’s quadrennial halving, an event that happens once every four years.
Regarding the Merge, Uniswap Labs stressed their web platform would only support Ethereum’s proof-of-stake. The announcement revealed that the dex does not plan to back any proof-of-work hard forks at press time.
“Uniswap Labs supports The Merge and does not have plans to support any forks in our web app. The move from proof of work (PoW) to proof of stake (PoS) serves as an important stepping stone to scaling the Ethereum ecosystem and to reducing its environmental footprint immediately.”
Indeed, It has become the norm for protocols to make this distinction in the days and weeks leading to the Merge. As previously reported by EthereumWorldNews, a prominent China-based ETH miner known as Chandler Guo revealed plans to fork Ethereum’s PoW chain during the PoS transition.
The move seems like a play to maintain an ecosystem where miners remain the centerpiece of an ETH chain. Notably, the proposal has received mixed support from individuals and crypto protocols alike.
Tron founder Justin Sun pledged 1 million ETH if the plans prove successful. Crypto exchanges like Deribit and OKX also hinted at possible support for forked tokens. In contrast, stakeholders like Uniswap, Chainlink, and USDC have all declared support for the Merge with zero room for ETHPoW coins.
At press time, the Merge is scheduled for sometime between September 13-15 citing remarks for Ethereum founder Vitalik Buterin. On Tuesday, September 6, the Bellatrix upgrade was deployed.
The successful deployment marked the first of two stages required for a full transition. An update dubbed Paris is expected next to complete Ethereum’s switch to PoS.
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