Source: Globe Newswire / OKX
OKX, a leading cryptocurrency platform, has released a critical service update in preparation for the upcoming ETH Merge event scheduled for September. This announcement aims to inform users about OKX's protocols and asset protection measures during the transition.
Key Details of the ETH Merge
The Ethereum Merge will occur in two phases:
Bellatrix Upgrade
- Consensus layer upgrade to prepare the Beacon Chain for the Merge.
- Expected around September 6, 2022 (UTC) at epoch height 144,896.
Paris Upgrade
- Execution layer transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
- Triggered when Ethereum’s PoW chain reaches Terminal Total Difficulty (TTD) of 58,750,000,000,000,000,000,000.
- Expected around September 15, 2022 (UTC).
Upon completion, Ethereum’s execution layer will merge with the Beacon Chain, marking the end of PoW mining.
OKX’s Precautionary Measures
To mitigate risks during the Merge, OKX will implement the following steps:
1. Suspension of ETH Deposits and Withdrawals
- ETH and ERC-20 token transactions will be paused during both upgrades.
Specific timelines:
- Bellatrix Upgrade: September 6, 2022 (UTC).
- Paris Upgrade: September 15, 2022 (UTC).
2. Handling Potential Hard Forks
- Scenario A: No new tokens created. Normal services resume post-Merge.
Scenario B: New tokens emerge. OKX will:
- Designate PoS chain tokens as ETH.
- Treat PoW chain tokens as forked tokens (subject to listing review).
👉 Learn more about ETH fork token policies
3. Trading Services
- Spot Trading: Unaffected.
- Margin Trading: ETH borrowing suspended; existing loans must be repaid with forked tokens if applicable.
- Futures/Perpetuals: ETHUSDT and ETHUSD contracts remain active.
- Options: ETHUSD options trading continues.
Note: Extreme volatility may trigger additional risk controls (e.g., adjusted margin tiers, funding rates).
4. Grow Services
- Savings/Staking: Operational but included in snapshots.
- ETH 2.0 Staking: Subscriptions paused on upgrade dates; BETH rewards unaffected.
- DeFi Mining: On-chain operations suspended during upgrades.
5. Fiat and Conversion Services
- No disruptions expected.
FAQs
Q1: Should I deposit ETH to OKX before the Merge?
A: Yes. Depositing ETH beforehand ensures OKX can assist with technical issues and airdrop eligibility.
Q2: How will OKX handle forked tokens?
A: Forked tokens undergo listing reviews. If approved, they’ll be tradable with details announced separately.
Q3: Are futures contracts safe during the Merge?
A: Yes, but OKX may adjust risk parameters (e.g., leverage, margins) due to volatility.
Q4: Will my ETH loans be affected?
A: Outstanding loans must be repaid with forked tokens if a hard fork occurs.
Final Recommendations
- Monitor official OKX announcements for real-time updates.
- Reduce leveraged positions to mitigate volatility risks.
- Repay ETH loans pre-Merge to avoid complications.
For support, visit OKX’s 👉 Help Center or join their Telegram community.
About OKX
OKX is a top-tier crypto exchange and Web3 ecosystem, trusted by 20+ million users globally. Partnered with Manchester City F.C. and McLaren Racing, OKX bridges finance and fandom through innovation.
Disclaimer: Dates and protocols are subject to change based on Ethereum’s progress.
### Keywords:
- ETH Merge
- OKX updates
- Ethereum hard fork
- PoS transition
- ETH trading risks
- OKX asset protection
- ETH 2.0 staking