OpenSea & Others does not support Ethereum forks, post-merges

Ethereum is currently getting a lot of attention as The Merge update is coming.Future updates devoted to strengthening All protocols of cryptocurrencies to make the system more efficient and secure.

With the upgrade, a major entity in the ecosystem now takes its place.

Many exchanges have been forced to decide whether to support a potential fork of Ethereum (ETH). In its latest announcement, OpenSea, the leading non-fungible token platform, announced that it will only support the Proof of Stake (PoS) version of Ethereum.

OpenSea thinks too much

high seasIt is the largest market dedicated to non-fungible tokens.

high seasGetting the majority of its processing power from the Ethereum blockchain will stick to the official version of the network. As a result, NFTs from new versions of Proof-of-Work Ethereum will be incompatible.

in short,

“First of all, the most important thing is that the upgraded Ethereum PoS chain will only support NFTs. It is not reflected.”

The platform also says it has already started preparing for The Merge update and remains bullish on this transition.

high seas Not only is it ready to support an upgraded version of the PoS blockchain, but it is also ready for OpenSea products to ensure a seamless transition.

Throughout the transition, the NFT Marketplace will maintain its commitment to oversight, control, and communication.

growth is everything

The long-awaited Merge update is due in the next few weeks, merging traditional blockchains and beacon chains to enable the transition from Proof of Work (PoW) to Proof of Stake (PoS) consensus. .

However, this update isn’t for everyone, and for good reason. Merge definitely puts an end to the process of mining Ether, especially with the difficulty bomb.

Some miners, the majority of whom have large financial investments in their devices, have expressed a desire to continue their work.

This means that future blockchains will need to make a clear distinction between being switched to PoS instead of validators and potentially being forked to maintain mining potential. .

This is why major entities in the ecosystem like OpenSea have to decide whether to support upcoming forks.

Before, binanceThe world’s largest cryptocurrency exchange has said it will support a forked version of Ethereum. Huobi Global Exchange also complies with this under certain imposed conditions.

Meanwhile, Circle, the company that issues USDC, the highest-capitalized stablecoin on the Ethereum blockchain, has announced that it will support a proof-of-stake version of Ethereum without compromise. chain link The primary oracle network in the ecosystem, , will not support potential forks of Ethereum.

it’s still the first time

participant in the cryptocurrency market We have a lot of thoughts and opinions about future updates. In fact, many analysts believe The Merge could have a huge impact on various projects.

Ethereum is not only the second most valuable cryptocurrency in the world, it is also the third most popular cryptocurrency overall. In addition to this, the token exchange platform, loan generation, and yield generation.

Billions of dollars of cryptocurrency are exchanged in the Ethereum ecosystem every day. Furthermore, as the carrier of the system, the stability of Ethereum is critical to the operation of his DeFi protocol that uses this blockchain.

The latter therefore relies heavily on the proper operation of Ethereum’s consensus mechanism.

It should also come as no surprise that the report reveals that the DeFi platform’s reliance on the Ethereum ecosystem could impact the stability of the stablecoin once the merge operation is complete. OpenSea & Others does not support Ethereum forks, post-merges

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