As per announced by the Ethereum Foundation, the execution layer Paris upgrade, marking the migration from proof-of-power to proof-of-stake, is around the corner. This historical event will be triggered when the Terminal Total Difficulty value reaches 58750000000000000000000, which is expected to happen between Sept 10 to Sept 20, or more specifically at around 2022-09-15 00:30 (UTC) at an approximate ETH mainnet block height of 15,540,293.
The Merge is a two-step process. The first step prior to the Paris upgrade is a network upgrade on the consensus layer, the Bellatrix, which is scheduled for an epoch height of 144896 at 11:34:47 a.m. on Sept 6, 2022 (UTC).
As a new token might be created during a hard fork, XT.com 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:
1. ETH Deposits & Withdrawals
XT.com will suspend the deposit and withdrawal services for ETH and ERC-20 tokens from 11:00 on Sept 6, 2022 (UTC) (the consensus layer upgrade) till further notice of the recovery of these services. We kindly advise you to spare a sufficient time buffer for your deposits and withdrawals of the affected tokens, which should be scheduled before the said time. We will publish another notice to let you know whether the deposit and withdrawal services would be affected by the Paris upgrade.
2. Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
No new token is created. XT.com 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’ XT.com 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 2022-09-15 00:30 (UTC)). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a separate announcement.
XT.com reserves the right to update the treatment of the chain split in a further announcement.
In order to protect XT.com users, the forked token will go through the same strict listing review process as XT.com does for any other coin/token. XT.com does not guarantee any listings as per our internal policy.
3. 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 hard forks.
Margin trading: Trading for ETH cross and isolated margin pairs will not be affected. However, XT.com will suspend ETH cross and isolated margin borrowing from 00:00 on Sept 14, 2022 (UTC) to approximately 00:00 on Sept 16, 2022 (UTC).
Please note that liquidations remain possible under extreme price volatility. XT.com 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 liability of ETH are required to return the forked token in the case of Scenario B.
4. ETH Savings Products
Savings products on ETH are be unaffected in either subscription or redemption.
5. ETH, ETF Products Trading
The trading of ETH3S/USDT、ETH3L/USDT、ETH5S/USDT、ETH5L/USDT trading pairs will continue unaffected. Please be aware that in the event of extreme price movements, token subscription and redemption may be suspended.
- Uncredited ETH deposits, pending ETH withdrawals, and ETH used as loan collateral 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 Wallet, Spot, Fiat, Margin, Futures and Savings accounts. Any new tokens resulting from the hard fork 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.
XT.com will keep you informed of the latest progress. For more about the Merge, please visit the following Ethereum websites:
Thank you for your support!
September 6, 2022
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XT.COM reserves the right, at its discretion, to change, modify, or remove portions of the announcement at any time by posting the amended version on the website.