The current estimated time for the Ethereum Merge is 2022-09-15 at 01:30 (UTC). Deposits and withdrawals for the Ethereum network (ERC-20) will be suspended one hour before the Merge happens, approximately starting from 2022-09-15 at 00:30 (UTC). This is an estimated time and subject to change, depending on when the Terminal Total Difficulty Value of 58750000000000000000000 is reached.
In the event of a chain split, the Ethereum Proof-of-Work (PoW) Mainnet and its forked token would assume the “ETHW” ticker.
If the ETHW chain persists, Pexpay will handle all technical requirements involved for all users holding ETH and WETH in their Pexpay accounts, and credit the forked token (ETHW) to eligible users’ Pexpay accounts at a ratio of 1:1. Withdrawals for ETHW will also be available at a later date. Further details regarding this distribution will be provided in a separate announcement.
Pexpay will also be taking the following additional measures prior to the Merge:
1. ETH Deposits & Withdrawals
Pexpay will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately:
- 2022-09-06 11:00 (UTC) for the Bellatrix consensus layer upgrade
- 2022-09-15 00:00 (UTC) for the Paris execution layer upgrade
Please ensure that you leave sufficient time for your ETH and ERC-20 tokens transfers to be fully processed prior to the above time. We will handle all technical requirements for users holding ETH and ERC-20 tokens on Pexpay.
2. Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
No new token is created. Pexpay will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted.
The chain splits into two competing chains and a new token is created. The “ETH” ticker will be used for the Ethereum PoS chain. We will then credit to users’ Pexpay accounts the forked token from the minority chain at a ratio of 1:1, based on the snapshot of ETH balances before the Paris execution layer upgrade (approximately at ETH mainnet block height of 15,540,293, or 2022-09-15 00:30 (UTC)). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a separate announcement.
Pexpay reserves the right to update the treatment of the chain split in a further announcement.
In order to protect Pexpay users, the forked token will go through the same strict listing review process as Pexpay does for any other coin/token. Pexpay does not guarantee any listings as per our internal policy.
3. ETH and ERC-20 Tokens Spot Trading
Spot trading for ETH and ERC-20 tokens will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
4. ETH Futures Trading
The trading of USDⓈ-M and COIN-M ETH Futures Contracts will continue unaffected.
5. Pexpay Convert
ETH trading on Pexpay Convert will continue unaffected.
ETH Flexible Savings and ETH Locked Savings will continue unaffected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
Pexpay reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Pexpay is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice.