As Ethereum (ETH) prepares to complete the network update known as the Merge, here's how Okcoin is preparing for it.
What is the status of the Merge?
On September 6, Ethereum completed the Bellatrix upgrade, preparing its Proof-of-Stake (PoS) Beacon Chain to merge with its Proof-of-Work (PoW) mainnet.
The next and final step is the Paris upgrade when the Ethereum mainnet will convert from a PoW to a PoS consensus mechanism. The Ethereum Foundation predicts this will happen on or around September 15, 2022 (UTC).
How will the Merge affect Okcoin services?
To ensure customer asset safety around the Merge, Okcoin will temporarily pause some services. We'll make a separate announcement when we know the exact timing of this pause.
Withdrawals and Deposits – We'll pause deposits and withdrawals related to ETH and other Ethereum (ERC-20) tokens around the time of the Merge.
Earn – The six ERC-20 tokens in our Earn program – DAI, SNX, YFI, UNI, USDT, and USDC – will continue to accrue interest during the service pause.If you deposit ERC-20 tokens into the Earn program during the service pause, you may see a "processing" status. When service resumes, these tokens will begin to earn interest.You will not be able to redeem ERC-20 tokens from the Earn program until service resumes.
The service pause will not affect any other Okcoin services. You can trade and convert crypto and deposit/withdraw local currency throughout the Merge.
How will Okcoin handle possible new tokens created around the Merge?
Before Ethereum completes the Merge, some network members may split off from Ethereum and create a separate version of the network that will not undergo the Merge. This new version of Ethereum may issue a crypto token.
In that case, after the Merge, Okcoin will treat ETH tokens from the updated Ethereum PoS chain as Ether (ETH) tokens. We will treat tokens issued by the new version of Ethereum as tokens of a separate blockchain (forked tokens).
It's possible that no one will issue a new token for a new version of Ethereum before the Merge. In that case, Okcoin will pause ETH and ERC-20 token deposits, withdrawals, and services around the time of the Merge. After the Merge is complete, we will confirm that the updated Ethereum mainnet is functional and secure. Then, we will resume deposits, withdrawals, and services for ETH and ERC-20 tokens.
We will provide another service update when we have more information to share.
How will Okcoin support customers during the Merge?
Okcoin is ready to assist our customers with any questions and concerns related to the Merge. These issues are top of mind:
Safety – As always, our highest priority is to ensure your ETH and ETH-20 tokens are safe on our platform.
No customer action required for the Merge – As an Okcoin customer, there is nothing you must do to prepare for the Merge. Your ETH and ERC-20 tokens will work on the updated Ethereum network automatically.
Forked token airdrop – If a forked token airdrop occurs, here's how that process will work on Okcoin.
You'll receive forked tokens at a 1:1 ratio with your ETH balance at the time of the hard fork, based on a snapshot of your account.
We can't know when a hard fork might happen, so we'll take snapshots of your ETH balance every minute leading up to the Merge.
We'll notify you when the airdrop is complete, and you can find forked tokens in your Okcoin account.
Once you receive forked tokens, you can withdraw them, but not trade or deposit them on Okcoin.
We'll submit the forked tokens for our standard listing review process.
If the forked tokens pass the listing review, we'll notify you that you can trade and deposit them on Okcoin.
Where can I learn more about Okcoin's plans for the Merge?
For more updates, please follow Okcoin on Twitter!
And if you have any questions, please get in touch with our Support Center.
Prices may be volatile during the Merge. Remember to please trade crypto responsibly!
September 13, 2022