Based on the latest information from the Ethereum Foundation, Ethereum is scheduled to start The Merge around September 15, 2022. To support this upgrade, Phemex has released our ETH Swap feature and listed ETHS (ETH2, PoS) and ETHW (ETH1, PoW) on our spot markets.
In preparation for the Paris upgrade to the Ethereum execution layer as part of the Merge, we will be implementing the following actions regarding ETH Swap:
ETH Swap Suspension
At 12:00 UTC on September 14, 2022, Phemex will suspend our ETH Swap feature between ETH and ETHS & ETHW. The swap page will be retired sometime after The Merge.
At 14:00 on Sept 14., users’ net balance of ETHS and ETHW will be snapshotted.
If new fork tokens are created from Merge:
ETHS will be delisted. Upgraded ETH will be airdropped to users’ spot wallet on a 1:1 basis according to ETHS snapshot.
Phemex will evaluate forked chains arising from the Merge. The PoW chain with strongest computing power and community support will represent the main chain for ETHW holders and will be renamed according to consensus. Valid forked tokens will be airdropped to users’ spot wallet on a 1:1 basis according to ETHW snapshot.
If no fork tokens are created from Merge:
ETHS and ETHW assets will be delisted. Upgraded ETH will be airdropped to users’ spot wallet on a 1:1 basis according to ETHS snapshot.