According to current estimation, the Ethereum Merge (Paris execution layer upgrade) will take place at the Ethereum mainnet block height of 15,540,293 – approximately on September 15, 2022, at 00:30:00 UTC. This is a transition for Ethereum consensus to migrate from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Prior to the upgrade, there will be a consensus layer upgrade (Bellatrix) launching on the Beacon chain, which is scheduled for epoch 144,896 on September 6, 2022, at 11:34:47 UTC.
As a new token is expected to be created during the hard fork, BTSE endeavors to support The Merge and will follow closely on its latest updates. The following measures will be implemented to further safeguard users’ assets during the hard fork, as well as to mitigate potential trading risks from market volatility in this period.
1. ETH Deposits / Withdrawals
BTSE will disable deposits and withdrawals of Ethereum (ETH) and other ERC-20 tokens on the platform on:
- September 6, 2022, at 10:00 UTC – for the Bellatrix consensus layer upgrade
- September 15, 2022, at 10:00 UTC – for the Paris execution layer upgrade
We will re-enable deposits and withdrawals and notify you once the upgraded network is deemed stable.
2. The Merge
There are two likely scenarios to occur after The Merge.
No new token is created after the hard fork. BTSE will then re-enable deposits and withdrawals of ETH and other ERC-20 tokens and notify users after the upgraded network is deemed stable.
If a new token is created where the chain splits into two, the ticker ETH will be used on the ETH PoS chain. BTSE will distribute to users at a 1:1 ratio after the upgrade in accordance with users’ ETH assets. A snapshot of users’ wallets on the platform will be taken at the ETH mainnet block height of 15,540,293 for new token distribution.
*BTSE reserves the right to update the treatment of the chain split via any further announcement(s).
3. BTSE Products and Services
- Spot trading services will not be affected during the hard fork.
- Futures trading services will not be affected during the hard fork. BTSE reserves the right to adjust funding rates on Ethereum futures contracts (ETHPFC, ETHU22, and ETHZ22) due to high market volatility in the period.
- Ethereum products on BTSE Earn will not be affected.
- Buy (OTC), Convert, and Streaming Quote services will not be affected.
We strongly advise you to trade cautiously and always DYOR (do your own research), as the Ethereum Merge can lead to potential high market volatility in the period.
Additional information regarding The Merge can be found here:
Thanks for your continued support!
Note: The timing and other details of the Merge are ultimately based on the information released by the Ethereum Foundation. BTSE reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reason without prior notice.
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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.