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Details Regarding Phemex Support of Ethereum Merge

Author: Alan W.

Dear Phemex Users,

According to the Ethereum Foundation’s announcement, the Ethereum Merge will be conducted through two upgrades:

The first upgrade has been named Bellatrix, which will upgrade the ETH consensus layer when the Beacon Chain reaches an epoch height of 14,896, estimated to occur around Sept. 6, 2022.

The second upgrade is called Paris and will be applied to Ethereum’s execution layer. It will occur when Ethereum’s PoW chain achieves a Terminal Total Difficulty (TTD) value of 58750000000000000000000. At that time Ethereum’s Proof-of-Work chain will cease and the execution layer will be merged into the Ethereum network and run through Proof-of-Stake, thereby completing the Ethereum Merge upgrade. This is estimated to occur around Sept. 15, 2022.

To ensure the security of your assets, it’s recommended that you deposit ETH onto Phemex ahead of time and we will help you navigate any technical issues that may arise due to the Merge.

The Merge may result in the creation of new tokens. We will take the following steps to reduce transaction risks associated with market fluctuations resulting from the Merge:

1. Suspension of Deposits and Withdrawals

During the two major upcoming upgrades mentioned above, Phemex plans to temporarily suspend the deposit and withdrawal of ETH and all ERC-20 tokens. Estimated times are as follows (specific service suspension times may be notified in a later announcement):

  • Estimated time of Bellatrix upgrade: September 6, 2022 (SGT)
  • Estimated time of Paris upgrade: September 15, 2022 (SGT)

2. Regarding the Ethereum Merge

There are two likely scenarios that will take place during The Merge:

Scenario 1

No new tokens are created during The Merge. Phemex will then resume deposits and withdrawals for ETH and ERC-20 tokens once we confirm the stability and security of the Ethereum Mainnet.

Scenario 2

New tokens are created from the Merge. In this case, Phemex will treat the tokens generated on the Ethereum PoS chain as “ETH” and treat tokens generated on the Ethereum PoW chain as forked tokens. Prior to the Paris upgrade (estimated to be Sept. 15, 2022), a snapshot of users’ ETH holdings will be taken. Based on this snapshot, forked tokens will be airdropped to users at a 1:1 ratio with deposits and withdrawals supported. More details regarding such airdrops may appear in later announcements.

Forked tokens will undergo Phemex’s standard internal review process for listing. Tokens that pass our internal review will be listed for trading, and we will notify this through a separate announcement.

3. Trading & Services

Spot Trading: Spot trading of ETH and ERC-20 tokens will not be affected

Contract Trading:ETHUSD USD-Margin,and ETHUSD ETH-Margin contracts will not be affected

Earn:Phemex Earn products for ETH will not be not affected

ETH Swap: For actual terms regarding ETHS and ETHW, refer to this page

Buy Crypto with credit card:Purchases of ETH and ERC20 tokens will be credited to your account after the Merge is completed

OTC:Purchases of ETH and ERC20 tokens will be credited to your account after the Merge is completed

P2P:P2P services for ETH will not be affected

Converter:The crypto converter for ETH will not be affected

 

Note:

  • The specific time of when deposit and withdrawal services resume will be notified in a separate announcement after Merge is complete and network is stable.
  • The Ethereum Merge will take place at Ethereum mainnet block height 15,540,293. The estimated time is for reference only and may change depending on the network’s block processing speed.

For any inquiries contact us at support@phemex.zendesk.com
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