Pionex will support the ETH(Ethereum) Merge, and ETH(Ethereum) Proof-of-Work (PoW) chain will migrate to the Proof-of-Stake (PoS) chain upon hitting the Terminal Total Difficulty (TTD) value. The estimated time is expected to take place between 2022-09-10 and 2022-09-20 (UTC).
As a new token might be created during a hard fork, Pionex will take the following steps during the hard fork:
1. ETH Deposits & Withdrawals
The upgrades of ETH(Ethereum) are scheduled at the timelines below:
- 2022-09-06 11:00 (UTC) for the Bellatrix consensus layer upgrade
- 2022-09-15 00:00 (UTC) for the Paris execution layer upgrade
Prior to this, Pionex will suspend deposits and withdrawals for ETH and ERC-20 tokens. Please ensure that you leave sufficient time for your ETH and ERC-20 tokens transfers to be fully processed prior to the above time.
2. Regarding the Merge
The two likely scenarios to occur with the ETH (Ethereum) Merge are:
- Scenario I: No new token is created. Pionex will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible.
- Scenario II: The chain splits into two competing chains and a new token is created. The “ETH” ticker will be used for the Ethereum PoS chain. If a new token is created, Pionex will then credit to users’ Pionex accounts the forked token from the minority chain at a ratio of 1:1, based on the snapshot of ETH balances before the Paris execution layer upgrade (approximately at 2022-09-15 00:30 (UTC)). Further details regarding this distribution will be stated in a separate announcement.
3. ETH and ERC-20 Tokens' Spot & Margin Trading
- Spot trading: Spot trading for ETH and ERC-20 tokens will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
- Margin trading: Pionex reserves the right to update the suspension time of ETH cross and isolated margin borrowing and adjust the borrowing interest rates for ETH, with or without prior notice. In addition, users with a liability of ETH are required to return the forked token in the case of Scenario II.
4. Pionex Leveraged Tokens - ETH and ERC-20 Tokens
Pionex Leveraged Tokens for ETH and ERC-20 tokens will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
5. Pionex Dual Investment
ETH Dual Investment will not be affected. Users won't receive the forked token for the non-settlement condition of ETH Dual Investment while snapshotting. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks. A further announcement will be posted if needed.
6. Pionex ETH Staking
In the event of Scenario II, a new token is created after the ETH (Ethereum) Merge. ETH holders may or may not receive potential airdrops from the forked chain, depending on how the forked chain handles ETH 2.0 depositing contracts. A further announcement will be posted if needed.
- This snapshot includes the total net ETH balances across Trade and Earn wallets. Any new tokens resulting from the hard fork will be credited to eligible users’ accounts.
- A further announcement will be posted regarding the timing for the resumption of deposits and withdrawals, as well as further information about the potential ETH chain split that may affect the above information.
- The snapshot of ETH is estimated to take place before the Paris execution layer upgrade. Uncredited ETH deposits will not count toward the snapshot of users’ ETH balances before the Paris execution layer upgrade. Please contact online customer service via WEB or APP as soon as possible for further assistance on the technical issue during the ETH (Ethereum) Merge.
Trading in the crypto market carries a substantial risk and the possibility of making both significant profits and losses. Please trade cautiously. Though Pionex will make its best efforts to choose high-quality assets, Pionex could not assure any profit and will not be responsible for your trading loss.
Thanks for your support!
Sep 13th, 2022