Okcoin is going to support Ethereum's planned merge to become a proof-of-stake (PoS) chain.
What does this mean?
Currently, Ethereum runs on a proof-of-work (PoW) algorithm to secure its network. Ethereum's PoW chain is planned to merge in a few weeks with the Beacon chain, the Ethereum proof-of-stake (PoS) chain that's currently undergoing a final round of testing. This merge would make Ethereum run entirely on PoS and could reduce its energy consumption by over 99%. It is the first in a series of upgrades planned for Ethereum over the coming months. Once fully upgraded, Ethereum could be almost 7,000 times faster than it is now.
How does this affect customers?
You can rest assured that your tokens will be safe throughout this upgrade. You don't need to take any action — all Ethereum PoW tokens will be migrated to the PoS chain.
What happens in case of hard fork?
If the Merge is followed by a hard fork, announcements on wallet upgrades, asset snapshots, airdrop rules, and possible adjustments to the trading rules of certain products will follow.
Please note: If a new token is generated by such a hard fork, it will have to pass our review in order to be listed, as does any other token. If there is a forked token and if it passes our review, we will let you know in another announcement."
We'll share more details about our plan as we get closer to the Merge.
Okcoin
August 15, 2022