Okcoin is getting ready for Ethereum's network upgrade, the Merge! Here's what the Merge means for our customers
What is the Merge?
The Merge is Ethereum's upgrade from a Proof of Work (PoW) to a Proof-of-Stake (PoS) blockchain consensus mechanism. It's called "the Merge" because Ethereum's current PoW chain will connect, or merge, with Ethereum's separate PoS chain, the Beacon chain.
The Merge will make Ethereum over 99% more energy efficient. It will also prepare Ethereum for a series of upgrades over the coming months that will make the network more scalable, secure, efficient, inexpensive, and fast. More information about the Merge is available on our blog!
How and when will the Merge happen?
The Merge consists of two upgrades, Bellatrix and Paris.
Bellatrix: An upgrade to make the Beacon Chain "merge aware." It will occur on or about September 6, 2022 (UTC).
Paris: Ethereum's upgrade from proof-of-work ("PoW") to proof-of-stake ("PoS"). The upgrade is timed to Ethereum's process of adding new blocks, which can vary in speed depending on network activity. So, it's impossible to know the exact date or time that the upgrade will happen. But the Merge is likely to occur around September 14, 2022 (UTC).
Okcoin is ready for the Merge
The safety of your crypto assets on our platform is our highest priority. The Merge is the culmination of a multi-year process and has undergone repeated trial runs on Ethereum test networks. Okcoin has been following and planning for this upgrade along the way and is fully prepared.
To be safe, if you want to deposit or withdraw ETH and other Ethereum-based tokens (ERC-20) on Okcoin around the time of the Merge, we recommend that you do so before September 12, 2022 (UTC).
How will the Merge affect Okcoin's products and services?
Okcoin will take a few precautions to ensure a smooth transition.
Temporary suspension of ETH and ERC-20 deposits and withdrawalsWe will suspend ETH and other Ethereum-based (ERC-20) deposits, withdrawals, send and receive during the two Merge upgrade events. When the upgrades are complete, Okcoin will confirm that the network is stable and lift any suspensions. Specific timing will be announced as the date approaches.
Accommodating new tokens created around the MergeThere is a possibility that a new token will be created during the Merge. This scenario would happen if a hard fork of the Ethereum blockchain results in a new blockchain with its own token. In this case, Okcoin will treat the upgraded Ethereum PoS blockchain as "ETH," and the new tokens generated on the hard-forked Ethereum blockchain as forked tokens. These forked tokens will go through a thorough review process before being available on Okcoin. Details will be announced at a later date.
Local currency deposits and withdrawals are unaffectedOkcoin will not interrupt its local currency services during the Merge. It will be possible to swap local currency for crypto or make deposits and withdrawals as usual.
For more updates, please follow Okcoin on Twitter!
And if you have any questions about this announcement, please contact our Support Center.
Prices may be volatile during the Merge. Remember to please trade crypto responsibly!
August 29, 2022