Dear BitMart Users,
Ethereum’s Proof-of-Work (PoW) chain will migrate to the Proof-of-Stake (PoS) chain upon hitting the Terminal Total Difficulty (TTD) value of 58,750,000,000,000,000,000,000. The execution layer upgrade (Paris) is expected to take place between 09/10/2022 and 09/20/2022. The current estimation lies at the ETH Mainnet block height of 15,540,293, or approximately at 09/15/2022 00:30 (UTC).
Prior to this, the consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain at 09/06/2022 11:34:47 (UTC).
As a new token might be created during a merge, BitMart has taken the following steps to reduce the trading risks brought about by price volatility and to maintain the safety of user funds during the hard fork:
Regarding the Merge
The two likely scenarios might occur with the Ethereum (ETH) Merge are:
No new token is created. Bitmart will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted.
The chain splits into two competing chains and a new token is created. The “ETH” ticker will be used for the Ethereum PoS chain. We will then credit to users’ BitMart 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 ETH mainnet block height of 15,540,293, or 09/15/2022 00:30 AM (UTC)). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a separate announcement.
BitMart reserves the right to update the treatment of the chain split in a further announcement. In order to protect BitMart users, the merged token will go through the same strict listing review process as BitMart does for any other coin/token. BitMart does not guarantee any listings as per our internal policy.
1. ETH Deposits & Withdrawals
BitMart will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately:
- 09/06/2022 10:30 AM (UTC) for the Bellatrix consensus layer upgrade
- 09/15/2022 00:00 (UTC) for the Paris execution layer upgrade
Please ensure that you leave sufficient time for your ETH and ERC-20 tokens transfers to be fully processed prior to the above time. We will handle all technical requirements for users holding ETH and ERC-20 tokens on BitMart.
And the deposit and withdrawal features of NFT on ETH chain will be suspended at the same time.
2. ETH and ERC-20 TokensSpot & 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 merges.
Margin Trading: Trading for ETH isolated margin pairs will not be affected. However, BitMart will suspend ETH isolated margin borrowing from 09/14/2022 00:00 (UTC) to approximately 09/16/2022 00:00 (UTC).
Please note that liquidations remain possible under extreme price volatility. BitMart reserves the right to update the suspension time of ETH isolated margin borrowing and adjust the borrowing interest rates for ETH, with or without prior notice. In addition, users with ETH liabilities need to return the unforked ETH token in the case of scenario B. For the net assets after repaying the loan and interest, BitMart will refer to the spot assets and take a snapshot of the ETH holdings before the implementation layer upgrade, and distributes forked tokens to users at a 1:1 ratio from chains with less work done.
3. ETH Futures Trading
The trading of USDⓈ-M and COIN-M ETH Futures Contracts will continue unaffected. BitMart Futures will undertake additional protective measures, which include but not limited to:
- Adjusting the margin tiers including maximum leverage value, position value and maintenance margin in each tier.
- Updating the funding rates including the interest rate, premium, capped funding rate and settlement frequency.
- Changing the constituents of the price index.
- Using the Last Price Protected mechanism to update the Mark Price.
In the event that the chain splits into two competing chains and a new token is created, the price index of USDⓈ-M and COIN-M ETH Futures Contracts would be tracking the “ETH” ticker (i.e., the Ethereum PoS chain) on BitMart Spot and the major Spot Market Exchanges. Should there be any changes to the underlying assets of the Futures contracts, BitMart will provide more details or updates in further announcements.
To check for the constituents of the price index, please refer to the Price Index.
4. ETH Earn Product
Savings: ETH Flexible Savings and ETH Fixed Savings will continue unaffected. Please ensure you take sufficient risk measures as price volatility is often high during contentious merges.
ETH Dual Investment will continue unaffected. Please ensure you take sufficient risk measures as price volatility is often high during contentious merges.
- Uncredited ETH deposits, and pending ETH withdrawals will not count toward the snapshot of users’ ETH balances before the Paris execution layer upgrade.
- This snapshot includes the total net ETH balances across Spot, Margin, Futures and Earn wallets. Any new tokens resulting from the merge will be credited to eligible users’ accounts.
- A further announcement will be made 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 Paris execution layer upgrade is estimated to take place at the ETH mainnet block height of 15,540,293. The estimated time is for users’ reference only and is subject to change depending on block propagation times.
For further information, please refer to the following:
Thanks for your support!
Sept 4, 2022
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