The Ethereum mainnet will merge with the Beacon Chain proof-of-stake (PoS) system in approximately two weeks around September 15th, 2022. There are the two steps:
1. The Bellatrix upgrade. The Bellatrix upgrade brings Ethereum’s consensus layer into a state ready for the Merge. The Bellatrix upgrade is scheduled on or around Sept. 6, 2022 for epoch 144896 on the Beacon Chain.
2. The Paris upgrade. The Paris upgrade will be triggered when the “Total Terminal Difficulty” (TTD) reaches 58,750,000,000,000,000,000,000. After TTD is achieved or exceeded, the next block will be produced by validators on the Beacon chain, which marks the completion of the Merge. TTD achievement is expected on Sept.15, 2022.
New tokens might be created during the upgrades as a result of “hard forks”. To lower your trading risks due to the ETH price volatility, AscendEX will take the following measures to reduce technical complexity on user behalf and ensure a smooth trading experience:
1. Deposit and withdrawal services for ETH and all ERC-20 tokens will be suspended during both the Bellatrix and Paris upgrades on est. Sept. 6 and Sept. 15, 2022, respectively.
2. The deposit and withdrawal services for ETH and ERC-20 tokens will be resumed as soon as possible once the upgrades are completed. Stay tuned for further announcements.
3. If there are new tokens created as a result of a hard fork, the ETH ticker will refer to the PoS token. AscendEX will take snapshots of users’ ETH holdings before the Paris upgrade and will credit the potential forked token at a 1:1 ratio to users’ accounts. Withdrawal will be supported for qualified forks, stay tuned for further announcements.
4. Cash, margin, futures trading services, leverage token trading, fiat trading, conversion, and Staking for ETH and ERC-20 tokens will not be affected. Forked tokens will be distributed to ETH stakers at a 1:1 ratio.
5. ETH cross and isolated margin borrowing will be suspended starting around Sept. 15, 2022 until the Merge is completed. Please stay tuned for further notice of resumption. If forked tokens are created, users with outstanding ETH loans will be required to repay the forked token as well. To avoid further problems, we recommend that you repay your ETH loan in advance.
6. Post Merge, AscendEX will evaluate any potential forked tokens for listing based on our standard criteria.
Learn more about the Ethereum Merge here>>
- Further information regarding the resumption of deposit and withdrawal services will be released after the completion of the Ethereum Merge.
- ETH in users’ cash account, margin account, futures account, and investment account will be snapshotted. The new token created after the Merge will be credited to qualified users’ accounts as per the snapshots.
- Given the potentially high price volatility during the upgrades, we suggest that you pay close attention to risk management.
We appreciate your continued support!