Dear 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 58750000000000000000000. The execution layer upgrade (Paris) is expected to take place between 2022-09-10 and 2022-09-20. Current estimation lies at the ETH mainnet block height of 15,540,293, or approximately at 2022-09-15 00:30 (UTC).
Prior to this, the consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain at 2022-09-06 11:34:47 (UTC).
As a new token might be created during a hard fork, Tapbit 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:
- ETH Deposits & Withdrawals
Tapbit will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately:
2022-09-06 11:00 (UTC) for the Bellatrix consensus layer upgrade
2022-09-15 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 Tapbit.
- Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
Scenario A:
No new token is created. Tapbit will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted.
Scenario B:
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’ Tapbit 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.
Tapbit reserves the right to update the treatment of the chain split in a further announcement.
In order to protect Tapbit users, the forked token will go through the same strict listing review process as Tapbit does for any other coin/token. Tapbit does not guarantee any listings as per our internal policy.
- ETH and ERC-20 Tokens Spot
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.
- ETH Perpetual Trading
The trading of USDⓈ-M ETH Perpetual Contracts will continue unaffected. Tapbit Perpetual 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 ETH Perpetual Contracts would be tracking the “ETH” ticker (i.e., the Ethereum PoS chain) on Tapbit Spot and the major Spot Market Exchanges. Should there be any changes to the underlying assets of the Perpetual contracts, Tapbit will provide more details or updates in further announcements.
To check for the constituents of the price index, please refer to the Price Index.
- Earn
ETH Flexible Savings will continue unaffected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
Further notes:
Uncredited ETH deposits, 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, Perpetual and Earn wallets. 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.
For further information, please refer to the following:
Notice: ETH in the account is less than 0.01 will not be airdropped.
Thanks for your support!
Tapbit Team
2022-08-31
