Based on the latest information from the Ethereum Foundation, Ethereum is scheduled to start The Merge around September 15, 2022. Phemex will fully support this upgrade through the following ways.
ETH Swap
At 12:00 UTC on September 14, 2022, Phemex will suspend our ETH Swap feature between ETH and ETHS & ETHW. See our announcement here for more information on this and details regarding potential forked tokens.
ETH and ERC20 Deposits & Withdrawals
During The Paris execution layer upgrade, Phemex will pause deposits and withdrawals of ETH and ERC-20 tokens at 12:00 UTC on September 14, 2022. Deposits and withdrawals for these assets will be resumed once we deem the network to be stable. Please make deposits or withdrawals in advance to avoid any inconvenience.
ETH & ERC20 Trading
Spot and contract trading of ETH and ERC-20 tokens will not be affected. Market volatility may accompany the Merge, so please manage risk carefully when trading.
The Merge
A snapshot of users’ ETH assets will be made at 14:00 UTC on September 14, 2022. The Merge may end with two possible scenarios:
- Scenario 1: No new tokens are created
- Phemex will resume deposits and withdrawals of ETH and ERC-20 tokens as soon as possible. This will be notified via later announcement.
- Scenario 2: New fork tokens are created
- 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.
- A snapshot of users’ ETH assets will be made at 14:00 UTC on September 14, 2022. This snapshot will calculate ETH assets in a user’s spot wallet (all), contract trading account (excluding trading bonuses and unrealized PnL), and investment account (excluding unpaid interest).
- Users can obtain new forked tokens on a 1:1 basis according to their ETH snapshot balance.
