FTX Crypto Derivatives Exchange recently announced suspending deposits and withdrawals on multiple networks. These blockchains include Solana, Binance Smart Chain, and Arbitrum One.
The step will be undertaken to prepare for the upcoming Ethereum Merge. Here is a quick overview of the timeline for the suspension:-
- Arbitrum One: 7th September at 00:00 UTC
- Binance Smart Chain: 15th September at 00:00 UTC
- Solana Wormhole: 15th September at 00:00 UTC
The transactions will reopen on these networks after the Merge, and FTX deems it stable. Seeing how prominent ETH is in the blockchain space, FTX’s support for its Merge was much-needed. Shortly after the announcement, traders looked for FTX reviews to assess its reliability and functionalities.
The platform released an official post on its website to inform users about the Merge and the timeline. Besides the dates, FTX also mentioned reserving every right to update the timeline at any moment.
Users were also notified to keep track of the timeline and manage their positions. As the crypto market has witnessed several times, major network updates and Merges bring sudden price fluctuations.
Thus, traders should assess the market dynamics before investing in digital assets, especially during the Merge. Over a month ago, FTX interacted with users regarding the ETH Merge, teaching them how the Merge can affect the network.
In its post, FTX talked about the distribution of the forked tokens once the Merge wraps up. It also covered the ETH ticker for ETH proof-of-space after the upcoming development.
It has not been long since FTX successfully conducted the network upgrade for Arbitrum on its platform. Similarly, the platform announced support for the Terra Classic network upgrade. Both ventures were carried out seamlessly, so users expect the ETH Merge to conclude efficiently.