On September 15th, Ethereum successfully deployed The Merge, marking an important milestone of this blockchain platform. After The Merge, ONUS announces the plan to list and distribute ETHW to users as follows:
Listing ETHW on ONUS
Starting from 05:30 AM UTC, September 17th, we officially list Ethereum Proof-of-Work (ETHW) on the ONUS application. Soon after ETHW is added, users can perform the following features:
- Off-chain transactions: Send and receive ETHW with other users in the ONUS network.
- Exchange: Swap from VNDC or USDT to ETHW and vice versa.
More features (P2P transaction, On-chain transaction) will be enabled and announced soon.
According to Ethereum’s plan and according to the latest announcement from Binance, after The Merge event, users who own ETH will receive back the corresponding amount of ETHW (Ethereum Proof-of-Work) tokens. As follows:
- Users with ETH balance at the main wallet before 6:42:42 UTC on September 15, 2022 will be distributed the amount of ETHW at the ratio of 1 ETH = 1 ETHW.
- ONUS system will automatically transfer ETHW to all eligible user’s account after 2 – 5 days from this announcement.
About The Merge
The Merge (also known as Ethereum Merge) is the upgrade event of the Ethereum network when moving from Proof-of-Work (POW) consensus mechanism to Proof-of-Stake (POS). Once the upgrade is completed, the Ethereum 2.0 blockchain will be born with the fusion of the existing Ethereum chain and the Beacon chain.
This is expected to be a breakthrough in the development journey of the Ethereum ecosystem, helping the network reduce energy consumption by more than 99%. With the improvement in capacity, projects built on Ethereum will be more convenient with significantly improved cost and speed.