Ethereum’s proof-of-work (PoW) chain will migrate to a proof-of-stake (PoS) chain when it reaches a Total Terminal Difficulty (TTD) value of 58750000000000000000000. The timeline is expected to be between September 10, 2022 and September 20, 2022 (UTC). The current estimate is at Ethereum mainnet block height 15,540,293 or approximately on September 15, 2022 00:30 (UTC).
Previously, the consensus layer upgrade (Bellatrix) was planned at epoch 144,896 on the beacon chain, 2022/09/06 10:34:47 (UTC).
As new tokens may be generated during the hard fork, SuperEx will take the following measures to reduce the transaction risk caused by price fluctuations and maintain the safety of user funds during the hard fork, as follows:
1. About ETH deposit and withdrawal
SuperEx will suspend the deposit and withdrawal of ETH and ERC-20 network tokens. The time is tentatively scheduled as follows:
1. Consensus layer upgrade (Bellatrix) at 10:00 on September 06, 2022 (UTC)
2. At 10:00 (UTC) on September 14, 2022, the execution layer upgrade (Paris) will be performed.
Please ensure that you allow sufficient time for deposits and withdrawals, SuperEx will handle any technical issues in the hard fork for users holding ETH and ERC20 tokens.
2. About the merger
There are two things that could happen with this Ethereum merger:
If no new tokens are generated after the hard fork, SuperEx will resume the deposit and withdrawal of ETH and ERC-20 network tokens as soon as possible and it will be announced separately.
After the hard fork, two competing blockchains are created and a new token is created. The "ETH" code will be used for the Ethereum PoS chain. SuperEx will also take a 1:1 ratio from a chain with less work done based on a snapshot of ETH holdings before the implementation layer upgrade (expected at Ethereum mainnet block height 15,540,293 or 00:30 UTC on September 15, 2022) distributes forked tokens to users. The withdrawal business of forked tokens will be supported. Details on distribution will be announced separately.
SuperEx will reserve the right to update the announcement regarding chain fork processing.
In order to better protect SuperEx users, all forked coins need to go through SuperEx's strict listing review process like other tokens. According to internal policy, SuperEx will not make any guarantee of listing.
3. About the Spot trading of ETH and ERC-20 network tokens
Spot trading: The spot trading of ETH and ERC-20 network tokens will not be affected, but the hard fork may be accompanied by relatively violent price fluctuations. Please evaluate the risks before trading.
4. About ETH Futures trading
ETH-margined standard Futures transactions will not be affected. The SuperEx Futures will take additional protective measures, including but not limited to:
1. Adjust the margin level, the maximum leverage value, position value and maintenance margin of each level;
2. Update the funding rate including interest rate, premium, cap funding rate and settlement frequency;
3. Change the composition of the price index and use the last price protection mechanism to update the mark price. See Price Indices for details.
If a new token is generated after the hard fork, the price index of the USDT-margined contract will track the "ETH" code of SuperEx spot trading and major spot market trading platforms. If there is any change in the underlying assets of the contract, SuperEx will notify it in an announcement.
Crypto assets are innovative investment products with large price fluctuations. Please rationally judge your investment ability and make investment decisions prudently.
August 26, 2022