imToken supports the upcoming Ethereum merge
The Ethereum mainnet is estimated to merge with the Beacon Chain on September 15th, 2022 and move from PoW to PoS.
The actual merge time will slightly change due to network conditions. Check The Merge countdown: https://wenmerge.com/
What imToken Users Need to Do?
imToken will support The Merge. Users don’t need to do anything. At the same time, to ensure the safety of users’ assets, imToken will briefly pause the transfer and staking functions for ETH wallets during The Merge, and resume the related functions after Ethereum is successfully upgraded to PoS.
The Merge refers to the integration of the current Ethereum mainnet (launched in 2015, also known as the execution layer) with the Beacon Chain (launched in 2020, also known as the consensus layer). Through The Merge, PoW-based Ethereum will be transformed into a PoS-powered network.
After this upgrade, miners in the PoW mechanism will be replaced by validators who stake 32 ETH to run validator nodes for maintaining network security. The upgrade is also a new milestone for Ethereum since it signals the end of proof-of-work.
The economic model of Ethereum will be significantly changed after The Merge. For example, the inflation speed of ETH will greatly decrease. The token can even be deflationary.
The Merge is expected to be seamless from a user perspective, and users don’t need to do anything.
- Beacon Chain
The Beacon Chain (also known as the consensus layer of Ethereum) is a network based on PoS
PoW, or Proof of Work, is a consensus mechanism under which miners compete to solve a mathematical puzzle through mining rigs (computing power). This is how they can prove their work to get block rewards.
PoS, or Proof of Stake, is a consensus mechanism under which users stake tokens to become validators and get rewards for block production.
imToken & Ethereum
As one of the early Ethereum wallets, imToken has been committed to building the Ethereum ecosystem and strives for building a secure and easy-to-use wallet.
Sharding (the next milestone after The Merge) and Layer2 have been the focus of our work. Both of them play significant roles in reducing thresholds for better user experience.
imToken is supportive of The Merge and sharding in the future as deeply as its engagement in the Layer2 ecosystem.
Support for ETH Staking
ETH staking has been available in imToken since the early stage of the Beacon Chain launch. In imToken, users can find suitable staking solutions to earn yields as validators, regardless of the ETH amount they hold.
After The Merge, imToken users can continue to stake ETH on the Ethereum PoS chain.
- How to Participate in Non-Custodial ETH Staking in imToken?
- How to Participate in Custodial ETH Staking in imToken?
Some miners state that they will continue to mine on the legacy PoW chain through forking the Ethereum mainnet after The Merge.
A smooth transition to PoS is crucial to the Ethereum ecosystem and the sound development of the network in the long run. Thus, imToken will not support the potential PoW fork .
- Will there be a forked PoW chain after The Merge?
The community has reached a consensus and all support the Ethereum PoS chain. However, some miners may fork the Ethereum mainnet to continue to mine on the legacy PoW chain.
- Will imToken support the potential forked PoW chain after The Merge?
No. A stable transition to PoS is very important to the Ethereum ecosystem and its sustainable development. So imToken will only support the Ethereum PoS chain.
- Can imToken users claim ETHPoW and other forked tokens after The Merge?
Yes. If there are forked tokens after The Merge, imToken will provide tutorials to help users claim these tokens.
- Please be aware of any potential scams during The Merge. Don’t share your mnemonic with others.
- imToken users don’t need to do anything for The Merge. Please email us through email@example.com if you have any questions.