Operational announcements
Ethereum Merge, 15 September 2022: What it Means for You
Overview
- The Merge is set to happen on the 15th of September 2022.
- It will have no noticeable impact on how you use your Ethereum accounts in Ledger Vault.
- It's completely safe to keep your ETH, NFTs and ERC20 tokens in your Ledger Vault Ethereum account during and after the Merge.
- It's recommended to avoid high-value transactions and NFT transfers during the Merge.
- As we approach The Merge, beware of scams trying to take advantage of users. Do not send your ETH anywhere in an attempt to "upgrade to ETH2." There is no "ETH2" token, and there is nothing more you need to do for your funds to remain safe.
Frequently Asked Questions
What is the Merge?
The Merge is arguably the most important milestone in Ethereum's history to date. The Merge will change the way the Ethereum network comes to consensus. Consensus means agreeing on how new blocks are produced and ordered in the Ethereum blockchain.
Ethereum currently relies on proof-of-work (POW) to create and order new blocks. After the Merge, POW will be "retired" and proof-of-stake (POS) will become the new consensus mechanism. You can learn more about the Merge here.
When will the Merge happen?
The Merge is currently scheduled to happen around September 15, 2022. However, this date might be subject to slight changes. You can track the latest status here.
Do I need to prepare for the Merge?
As a holder of ETH, NFTs and ERC-20 tokens on Ledger Vault, you do not need to do anything with your Vault accounts or their funds before The Merge.
The entire history of Ethereum since genesis remains intact and unaltered after the transition to proof-of-stake. All funds and tokens held in your Vault accounts before The Merge will still be accessible after The Merge. No action is required on your part.
As we approach The Merge, beware of scams trying to take advantage of users. Do not send your ETH anywhere in an attempt to "upgrade to ETH2." There is no "ETH2" token, and there is nothing more you need to do for your funds to remain safe.
I have Lido stETH tokens in my Ethereum account; what happens to them after the Merge?
Nothing will happen. Your stETH (and Lido) will function normally after the Merge. You will keep receiving stETH staking rewards in your Vault Ethereum accounts. You will still be able to swap stETH for ETH in Ledger Vault via Paraswap.
Will Ledger Enterprise support the legacy Ethereum PoW chain?
A minority of Ethereum miners have expressed their intention to continue mining on the legacy POW chain after the Merge. However, there is no guarantee that this will be the case.
Should the POW chain survive the Merge, Ledger Enterprise will not support it until we're certain it's safe to use and has attracted enough hash rate to be secure. This means that you won't be able to see your ETHW (ETHpow) balance or other Ethereum POW assets in Ledger Vault after the Merge. We will actively monitor developments and keep our customers informed.
Bitcoin Cash Fork, 15 November 2020: What it Means for You
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Key Takeaways:
- Bitcoin Cash (BCH) will undergo a contentious fork on the 15th of November 2020, which could cause a split in the network
- Ledger will suspend their BCH services from the 12th of November at 07:00 UTC for security reasons
- We’ll be keeping an eye on the developments after the fork to see which chain will remain viable both technically and economically
- For more information please get in touch with your Technical Account Manager
On the 15th of November, the Bitcoin Cash (BCH) network will be undergoing a fork. However, it looks like a consensus won’t be reached on it. Let’s go over what this means for you as a Ledger Vault user.
Bitcoin Cash Fork: The Situation So Far
The Bitcoin Cash network is facing a fork that isn’t reaching consensus, meaning those participating in the network aren’t agreeing on whether or not to implement the coming fork. This fork will take place on the 15th of November, and could possibly result in a split of the network.
The outcome of the fork is currently uncertain. It could be that two completely viable chains will start existing, similarly to the split of BCH and BSV exactly two years ago. It’s also possible that only one chain will remain viable in the end. Unfortunately, only time can tell the exact outcome of this split.
So what does this mean for me as a Ledger Vault user?
For security reasons, Ledger will suspend its Bitcoin Cash (BCH) service at 07:00 UTC on 12 November 2020, meaning you can’t transact with your BCH after that time. This is to prevent so-called Replay Attacks from causing our users to lose funds. At this point, we cannot say anything about when BCH service will be restored. We’ll first need to see what the result of this fork will be, notably which fork will become the most viable from both a technical and economic standpoint.
While we might be suspending Ledger Vault’s Bitcoin Cash service, not to worry: your BCH private keys remain secured within Ledger Vault. Its security is not impacted by the fork.
What are my options?
From here, you basically have two options. Let’s go over them:
Option 1: Sending out your Bitcoin Cash
If you want to continue using your Bitcoin Cash (BCH) during our service interruption, you could opt to send your Bitcoin Cash elsewhere, to a platform that will keep its services running during this time period. This way, you could use your BCH. Do kindly note that this might bring the risk of the previously mentioned replay attacks though.
Option 2: Wait it out
Another option is to simply wait till we restore service for the most viable chain. Your Bitcoin Cash private keys will remain secured within Ledger Vault. This means that once our service is restored, you can continue using your BCH as intended.
We hope that this has clarified the situation regarding using your Ledger Vault for BCH during its upcoming fork. In short, we’ll be suspending our service on the 12th of November and we’ll be keeping an eye on its progress and results to see when we can resume it.