The Merge, the biggest change ever for Ethereum, is finally happening. Here’s everything you need to know about The Merge and what Nuri does to support it. But first things first: your assets will remain safe, and no action is required on your part.

What is The Merge?

First the technical definition, mostly taken from The Merge is an upgrade to the Ethereum platform that will merge the Ethereum Mainnet with the Beacon Chain, marking a transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism.

If you’re not too deep into blockchain and cryptocurrencies, that might have made little sense, so here’s a simpler explanation: The Merge is an Ethereum upgrade that changes the way the network is run and new coins are created. It ditches traditional mining – having powerful computers solve complex math puzzles – in favour of a fundamentally different system. With the new system, holders of the underlying currency, ether (or ETH), can stake it (hence proof-of-stake).

This has huge consequences for Ethereum’s power usage. According to the Ethereum Foundation, Ethereum’s energy consumption will be reduced by around 99.95% following The Merge. This is a topic Nuri cares about too and supports via the Clean Crypto Alliance. 

The Ethereum Foundation also states that t he upgrade will set the stage for future scaling upgrades – including a concept called sharding, which will increase the speed of transactions and reduce the fees in the long run.

When is the Merge happening?

The Ethereum proof-of-stake upgrade has been in the making for years, with the exact date of The Merge always looking like something set to happen in the not-so-clear distant future. If all goes smoothly, Ethereum developers now expect The Merge to take place between 13-15 September 2022. The exact date and time depend on a number of complex factors. You can view a helpful countdown here. 

How does The Merge affect trading and ether held with Nuri?

Nuri will temporarily halt ether trading for about 2 hours leading into The Merge as a precaution. Ether deposits and withdrawals in the Wallets may also be paused during the hours of the Merge.

Although The Merge is expected to be seamless from a user perspective, this downtime allows us to ensure that the transition has been successfully reflected by our systems. We anticipate trading and transactions to resume within a few hours after The Merge. For updates on our services follow our Twitter page

During the Merge, your assets will remain safe and no action is required on your part. You don’t have to convert your existing ether into anything else before, during, or after the event. It will continue to be visible as ether in your Wallet and Vault balances.

We’re excited about this event and the changes The Merge will bring – and how it revolutionises the blockchain once again.