Crypto exchange Binance announced zero-fee trading for the ETH and BUSD trading pair ahead of the upcoming Merge. The much-anticipated Ethereum upgrade is set to happen around September 15. Recently, there has been vast activity around ETH trading as the market prepares for the event.
In an announcement on August 23, Binance said there would not be any zero maker and taker fees on the pair as the crypto market anticipate soaring interest in ETH in the coming days.
The zero-fee trading will be enabled 20 days ahead of the Merge event. According to an announcement, Binance will introduce zero-fee trading for the ETH/BUSD spot trading pair on August 26.
“All users will enjoy zero maker and taker fees for the ETH/BUSD spot trading pair. The ETH/BUSD spot trading pair will be excluded from BNB fee discounts, fee rebates, or any other form of fee adjustments or fee promotions,” said an official statement.
The Ethereum Merge will shift the network from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Once completed, the PoS transition would help Ethereum increase scalability. Also, the cryptocurrency could turn into a deflationary asset after the Merge due to the decrease in supply in the future as per the Ethereum burning process.
Similarly, the crypto exchange temporarily zeroed Bitcoin trading fees for its 13 trading pairs in July, attributed to celebrating Binance’s 5th year anniversary. The offering follows a similar announcement from the firm’s US subsidiary in June.
Meanwhile, the coin’s price is expected to rise in near future. Ethereum co-founder Vitalik Buterin suggested that ETH’s price could rise about eight months following the Merge. In July, ETH gained a massive spike in address activity as traders anticipated demand for the asset as Merge approached. However, last week saw ETH price drop by around 13%.