Dear VirgoCX users,
Based on the Ethereum Foundation's announcements, the Merge will occur when Ethereum Mainnet reaches a block height of 15,540,293. This will happen sometime between September 10-20, 2022, perhaps around September 15, 2022 (UTC). The Merge will occur in two steps, Bellatrix and Paris and now Bellatrix is live.
Paris is the execution layer's transition from proof-of-work ("PoW") to proof-of-stake ("PoS"). It will occur when Ethereum's PoW chain achieves a Terminal Total Difficulty (TTD) value of 58750000000000000000000, around September 15, 2022 (UTC).
At this point, Ethereum's execution layer will merge into the proof-of-stake Beacon Chain, and Ethereum's PoW chain will shut down, completing The Merge.
To ensure the security of your assets, we recommend that you deposit ETH to VirgoCX ahead of time. VirgoCX will assist you in handling any technical issues that may arise during the Merge.
As a new token might be created during a hard fork, VirgoCX will take the following steps during the hard fork:
1. Suspension of ETH deposits and withdrawals
VirgoCX will suspend ETH and other Ethereum-based (ERC-20) token deposits and withdrawals during Paris upgrade events. We will announce the specific date and time before the upgrade.
- September 15, 2022 (UTC) for the Paris execution layer upgrade
2. Regarding The Merge
There are two likely scenarios that will take place during The Merge.
Scenario A
No new tokens are created during The Merge. VirgoCX will resume ETH and ERC-20 token deposits and withdrawals once we confirm that the Ethereum Mainnet is stable and secure.
Scenario B
New tokens are created during The Merge. VirgoCX will treat the tokens generated on the Ethereum PoS chain as "ETH" and treat tokens generated on the Ethereum PoW chain as forked tokens.
Before the Paris upgrade, our system will take snapshots of your ETH balances. Forked tokens will then be airdropped to you at a 1:1 ratio to your accounts and will be available for deposits and withdrawals. Further details regarding the airdrop will be included in a separate announcement if needed.
The forked tokens will go through our normal listing review process before anyone can trade them on VirgoCX. We will notify you in a separate announcement if the tokens pass the review.
3. Trading services
The Merge will not affect trading for ETH and ERC-20 tokens.Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
4. Fiat services
The Merge will not affect fiat services.
Resumption of Depositing and Withdrawals Services will be resumed when the ETH mainnet is stable. Please refer to our further announcements on the resumption time.
Comments
0 comments
Please sign in to leave a comment.