Ethereum Mainnet will soon move to the Beacon Chain, shifting the network’s consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS). “The Merge”, expected to take place between September 10-20, will make the Ethereum blockchain more scalable and environmentally friendly, with wide implications to the ecosystem that we have outlined here.
CYBAVO will support the Ethereum proof-of-stake (PoS) chain post-merge, and is preparing to facilitate a smooth transition for our clients on VAULT and Wallet SDK platforms. Our solutions underpin a wide range of mission-critical operations across a diverse set of business models, so providing clarity on the impact of this transition is imperative.
There will be 2 planned downtimes: once on September 6th UTC when the Bellatrix upgrade is activated (we’ll provide more exact timing as the date approaches), and once between September 10-20 when The Merge takes place, where we will pause all transactions and operations on the Ethereum blockchain, across all wallet types and services. This includes smart contracts, DeFi, and ERC20, ERC721, and ERC1155 operations. We will provide clear and timely communication during the downtime via existing support channels, and can be proactively reached at help@cybavo.com.
After The Merge, CYBAVO users can resume all operations as normal:
- Direct custody and treasury management of Ethereum and ERC token assets
- Automate retail fund flows through Cashflow Manager
- Tokenization and NFT management operations
- DeFi access and token authorizations will remain intact
In the event of an unplanned PoW hard fork of the Ethereum blockchain, CYBAVO will first monitor the stability, usage, and long-term viability of it before making a decision with regards to supporting the chain.
CYBAVO is excited for this upcoming seminal milestone for our community, and the continued progress of Ethereum. If you are using CYBAVO as the foundation of your crypto business and have further questions on how this may impact you, please check Ethereum Foundation Tim Beiko’s blog post on the impact of the merge to Ethereum’s application layer, or reach out to us at help@cybavo.com.