Dear Users,

The ETH 2.0 merge event is currently scheduled to occur in September 2022, and may also result in an Ethereum network hard fork. At this time, Phemex intends to support the merge and tokens arising from the potential hard-fork. Therefore, we will list two “potential forked” ETH tokens and associated markets along with releasing an ETH Swap feature that allows you to start swapping your ETH into the potential forked tokens.

Potential Forked Tokens

• ETHS (Ethereum PoS) represents the token for the new PoS (proof-of-stake) chain
• ETHW ( Ethereum PoW) represents the token for the PoW (proof-of-work) chain that will potentially continue to exist

We will be listing and opening trading for both ETHS/USDT and ETHW/USDT trading pairs on our spot market at 12:00 UTC on August 23, 2022. Also at this time, we are releasing our new ETH Swap feature that allows ETH holders on Phemex to swap ETH to ETHS and ETHW at a 1:1 ratio (1 ETH = 1 ETHS + 1 ETHW). ETHS and ETHW can also be swapped back into ETH prior to the fork.

How to use ETH Swap

Step 1: On the Phemex homepage, access your spot wallet by hovering over Assets in the top right corner and clicking “Spot Wallet.”

Step 2: In your spot wallet, find “ETH 2.0 Swap” button or “Swap” button to access ETH Swap.

Step 3: On the ETH Swap interface, ETH can be swapped to ETHS and ETHW at a 1:1 ratio, and vice-versa (1ETH = 1ETHS + 1ETHW).

Further details on the ETH Swap can be found below

• Swap (ETH into ETHS+ETHW) availability: From 12:00 UTC on Aug. 23, 2022 until the ETH 2.0 Merge
• Swap (ETHS+ETHW into ETH) availability: From 12:00 UTC on Aug. 23, 2022 until the ETH 2.0 Merge
• New spot market pairs: ETHS/USDT, ETHW/USDT
• Trading for ETHS & ETHW: 12:00 UTC on Aug. 23, 2022
• Deposits & Withdrawals of ETHS and ETHW will not be enabled

Phemex will take a snapshot of all ETHS balances before the upgrade. If the ETH 2.0 upgrade results in more than one chain, ETHS will be automatically converted into the upgraded ETH at a 1:1 ratio and the ETHS market will subsequently be delisted. Following the hard fork, the PoW chain with the most hashrate will serve as the main chain of ETHW. Phemex will also support any other PoW chains resulting from the fork and fully respect the community’s consensus on the token naming. Phemex will adapt that token name and re-enable the token’s deposits, withdrawals, and trading in due course. Future announcements will communicate more specific details on this.

If the ETH 2.0 Merge is completed without a fork (Ethereum transitions from PoW to PoS), the ETH symbol will be retained. In that case, ETHS will be converted to the upgraded ETH and Phemex will suspend and delist ETHS, ETHW, and their associated markets. Please manage your risks wisely.

Note: Due to the many uncertainties surrounding the potential Ethereum (ETH) hard fork, Phemex retains the right to make further reasonable changes and adjustments to this program based on evolving news and circumstances. Phemex does not make any guarantees as to the value of forked tokens. Please perform your own due diligence and proceed with caution.