Dear Community,
We would like to let you know that 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 September 10, 2022 and September 20, 2022. Current estimation lies at the ETH mainnet block height of 15,540,293, or approximately at 06:00 AM (IST) on September 15, 2022.
Prior to this, the consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain at 05:04 PM (IST) on September 6, 2022.
Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
Scenario A:
No new token is created. This will result in all operations and services continuing as usual. A further announcement may or may not 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’ CoinDCX 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 06:00 AM (IST) on September 15, 2022). Withdrawals for the forked token will be supported (timeline will be shared in future announcements).
CoinDCX reserves the right to update the treatment of the chain split in a further announcement. In order to protect its users, the forked token will go through the same strict listing review process as CoinDCX does for any other coin/token. We do not guarantee any listings as per our internal policy.
Important to note:
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- CoinDCX will support “The Merge”. In case new forked tokens are created, we will evaluate the support for distribution and update you the details in separate announcements.
- There will be NO impact for Spot (INR / fiat-to-crypto) users trading on ETH/INR and ERC-20 tokens. Trading shall continue as usual.
- There will be NO impact for Spot (crypto-to-crypto) and Margin users. Trading shall continue as usual.
- There will be NO impact on Futures trading. Users can continue to trade as usual.
- There will be NO impact on Staking. ETH will be staked as is and will be liquidated post 6 months to 1 year of the Gray Glacier upgrade (this upgrade).
- All ERC-20 tokens will be upgraded automatically to 2.0 for users.
- Liqueth (LQTH) will be live and an update regarding the same will be shared to users once we have the ETH 2.0 starting to be released slowly.
- We will keep you updated with more details in further announcements.
If you wish to learn more, you can read our blog here 👉 Ethereum Merge Closer than Ever! Why it Matters & What to Expect
Additional information:
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- For the forked token, new ETH (ETHW), we will share details as soon as we receive updates from the exchange/protocol.
- Please note that we may or may not support trading for the new token ETHW.
- Forked tokens may not be supported for the amount of ETH that has been staked.
- We will keep you updated with more details in further announcements.
For more details, please refer to the following links:
We appreciate your support and cooperation while we work on this. In case of any further queries, please reach out to us at Support here.
Regards,
Team CoinDCX
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