Dear Users,
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 2022-09-10 and 2022-09-20. The current estimation lies at the ETH mainnet block height of 15,540,293, or approximately at 2022-09-15 00:30 (UTC+8).
Prior to this, the consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain at 2022-09-06 11:34:47 (UTC+8).
As a new token might be created during a hard fork, UEEx has taken the following steps to reduce the trading risks brought about by price volatility and to maintain the safety of user funds during the hard fork:
ETH Deposits & Withdrawals
UEEx will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately:
- 2022-09-06 11:00 (UTC) for the Bellatrix consensus layer upgrade
- 2022-09-15 00:00 (UTC) for the Paris execution layer upgrade
* Please ensure that you leave sufficient time for your ETH and ERC-20 tokens transfers to be fully processed prior to the above time. We will handle all technical requirements for users holding ETH and ERC-20 tokens on UEEx.
Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
A、No new token is created. UEEx will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted.
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’ UEEx 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 2022-09-15 00:30 (UTC+8)). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a separate announcement.
* UEEx reserves the right to update the treatment of the chain split in a further announcement. In order to protect UEEx users, the forked token will go through the same strict listing review process as UEEx does for any other coin/token. UEEx does not guarantee any listings as per our internal policy.
ETH and ERC-20 Tokens Coins & Margin Trading
Coins Trading
Coins trading for ETH and ERC-20 tokens will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
Margin Trading
Trading for ETH cross and isolated margin pairs will not be affected. However, UEEx will suspend ETH cross and isolated margin borrowing from 2022-09-14 00:00 (UTC) to approximately 2022-09-16 00:00 (UTC).
* Please note that liquidations remain possible under extreme price volatility. UEEx reserves the right to update the suspension time of ETH cross and isolated margin borrowing and adjust the borrowing interest rates for ETH, with or without prior notice. In addition, users with the liability of ETH are required to return the forked token in the case of Scenario B.
ETH Futures Trading
The trading of USDT-M and COIN-M ETH Futures Contracts will continue unaffected. UEEx Futures will undertake additional protective measures, which include but are not limited to:
- Adjusting the margin tiers including maximum leverage value, position value, and maintenance margin in each tier.
- Updating the funding rates including the interest rate, premium, capped funding rate, and settlement frequency.
- Changing the constituents of the price index.
- Using the Last Price Protected mechanism to update the Mark Price.
* In the event that the chain splits into two competing chains and a new token is created, the price index of USDⓈ-M and COIN-M ETH Futures Contracts would be tracking the “ETH” ticker (i.e., the Ethereum PoS chain) on UEEx Spot and the major Spot Market Exchanges. Should there be any changes to the underlying assets of the Futures contracts, UEEx will provide more details or updates in further announcements. To check for the constituents of the price index, please refer to the Price Index.
UEEx ETHUSDT Options (App)
ETHUSDT Options trading on the UEEx App will continue unaffected.
Notice
- This snapshot will count the net ETH balance in the UEEx user account. Any new tokens resulting from the hard fork will be credited to eligible users’ accounts.
- A further announcement will be made regarding the timing for the resumption of deposits and withdrawals, as well as further information about the potential ETH chain split that may affect the above information.
- The Paris execution layer upgrade is estimated to take place at the ETH mainnet block height of 15,540,293. The estimated time is for users’ reference only and is subject to change depending on block propagation times.
UEEx Operation Team
Aug 31, 2022
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UEEx Customer Service
Official Email: official@ueex.com
Customer Service Email: customer-service@ueex.com
The final interpretation right of this event belongs to UEEx official.
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