Dear users,
Pionex.US 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.US 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.US 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.US 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.US will then credit to users’ Pionex.US 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 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.
Please note:
This snapshot includes the total net ETH balances across the Trade wallet. 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.
Risk warning:
Trading in the crypto market carries a substantial risk and the possibility of making both significant profits and losses. Please trade cautiously. Though Pionex.US will make its best efforts to choose high-quality assets, Pionex.US could not assure any profit and will not be responsible for your trading loss.
Thanks for your support!
Pionex.US Team
Sep 13th, 2022
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Trading in the crypto market carries a substantial risk and the possibility of making both significant profits and losses. Please trade cautiously, Pionex.US could not assure any profit. Risk Disclaimer