Ethereum’s proof-of-work (PoW) chain will migrate to a proof-of-stake (PoS) chain when it reaches a Total Terminal Difficulty (TTD) value of 58750000000000000000000. The timeline is expected to be between September 10, 2022 and September 20, 2022. The current estimate is at Ethereum mainnet block height 15,540,293 or approximately on September 15, 2022 08:30 (GMT +8).
Previously, the consensus layer upgrade (Bellatrix) was planned on the beacon chain at epoch 144,896, 2022-09-06 19:34:47 (GMT +8).
As new tokens may be generated during the hard fork, JPEX will take the following measures to reduce the trading risk caused by price fluctuations and maintain the safety of user funds during the hard fork, as follows:
- About ETH deposit and withdrawal business
JPEX will suspend the deposit and withdrawal of ETH and ERC-20 network tokens. The timeline is about:
Consensus layer upgrade (Bellatrix) at 19:00 on September 06, 2022 (GMT +8)
Execution layer upgrade (Paris) at 08:00 (GMT +8) on September 15, 2022
Please ensure that you allow sufficient time for deposits and withdrawals, JPEX will handle any technical issues in the hard fork for users holding ETH and ERC20 tokens.
- About the merger
There are two things that could happen with this Ethereum merger:
If no new tokens are generated after the hard fork, JPEX will resume the deposit and withdrawal of ETH and ERC-20 network tokens as soon as possible. and announced separately.
After the hard fork, two competing blockchains are created and a new token is created. The “ETH” code will be used for the Ethereum PoS chain. According to the snapshot of ETH’s holdings before the implementation layer upgrade (expected at the Ethereum mainnet block height 15,540,293 or 08:30 on September 15, 2022 (GMT +8), JPEX will distribute points from the chain with less work completed to users. Forked tokens. The withdrawal business of forked tokens will be supported. Details of distribution will be announced separately.
JPEX will reserve the right to update announcements regarding chain fork processing.
In order to better protect JPEX users, all forked coins need to pass the strict listing review process of JPEX like other tokens. According to internal policy, JPEX will not make any guarantee of listing.
- Spot and contract transactions of ETH and ERC-20 network tokens Spot Trading:
Spot transactions of ETH and ERC-20 network tokens will not be affected, but the hard fork may be accompanied by relatively violent price fluctuations. Please evaluate the risks before trading.
Contract transactions: ETH contract transactions will not be affected.
Note that liquidations are still possible in the event of sharp price fluctuations.
- About ETH and ERC20 contract transactions
ETH U-margined and coin-margined contract transactions will not be affected. JPEX contracts will take additional protective measures, including but not limited to:
Adjust the margin level, the maximum leverage value, position value and maintenance margin for each level;
If a new token is created after the hard fork, the price index of U-margin and coin-margin contracts will track JPEX spot transactions and major spot market transactions. If there are any changes to the underlying assets of the contract, JPEX will provide more details or updates in further announcements.
Assets and spot transactions: During the hard fork, your ETH and ERC20 series currency assets, earn ( staking) and spot transactions on JPEX will be normal and unaffected. However, the hard fork may be accompanied by relatively violent price fluctuations, please participate with caution. Please do position management and risk control in advance.
The forked tokens will be distributed to the user’s spot wallet, and will be notified in the form of an announcement after the distribution is completed.
Snapshot positions (including pending orders) less than 0.003ETH are not included in the scope of the airdrop forked tokens.
When the snapshot is generated, if the ETH is in the state of unaccounted or withdrawn or sold successfully, it will not be included in the statistics.