According to the official news of the ETH Foundation, Ethereum will undergo the merge in the near future involving two distinct upgrades, known as the Paris and the Bellatrix upgrades. After the upgrades, ETH will have migrated from PoW (Proof of Work) to PoS (Proof of Stake). The upgrade will complete when the Ethereum PoW (Proof of Work) chain reaches the total terminal difficulty (TTD) of 5875000000000000000000. The current estimated corresponding block height is 15,540,293, and the estimated time of completion currently is 08:30 on September 15, 2022 (GMT+8). Prior to this, the consensus layer upgrade (Bellatrix) is scheduled to take place on the beacon chain at 144,896, and the corresponding time is expected to be at 19:34:47 on September 6, 2022 (GMT+8).
Deepcoin will support two upgrade forks. The hard fork may generate new tokens. In order to reduce the transaction risk caused by the sharp fluctuation of market prices during the hard fork and ensure the safety of users' assets, Deepcoin's solution to this hard fork is as follows:
1. ERC20 Deposit and Withdrawal Suspension
During the two upgrades of Ethereum, Deepcoin will suspend any deposits and withdrawals of ETH and other ERC20 network tokens. The estimated time is as follows (the specific closure and reopening dates of the deposit and withdrawal functions will be sent to users separately).
Expected Bellatrix upgrade date: September 06, 2022
Expected Paris upgrade date: September 15, 2022
2. Affect on Assets & Transactions
Current Assets & Spot Transactions: During the hard fork, your ETH and ERC20 series currency assets and spot transactions in Deepcoin will resume and will not be affected, but the hard fork may be accompanied by relatively violent price fluctuations in ETH, so please be cautious of your open trades and strategize accordingly.
Banxa/Simplex Buy Crypto Feature: The purchase of ETH and other ERC20 tokens using any third-party service will be suspended at 17:00 on September 06, 2022, and the reinstatement time will be notified separately.
Contracts Trading: ETH and any ERC20 tokens contract trading will resume normally and will not be affected. However, during the merge period, the market price may fluctuate violently and extreme market conditions may occur. Please pay close attention to the merger time, manage your positions well in advance, and pay attention to your liquidation price.
3. What happens after ETH hard fork:
This ETH hard fork may result in the following two situations:
1. If no new coins are generated after the hard fork, Deepcoin will resume the deposit and withdrawal of ERC20 tokens after confirming the stability and security of the ETH main network. An email and notice inside the app will be sent to users as soon as possible informing of the time.
2. If new tokens are generated after the merger and upgrade, the "ETH" code will be used for the ETH PoS (Proof of Stake) chain. Deepcoin will take a snapshot of ETH holdings before Paris upgrade (estimated block height is 15,540,293, that is, around 08:30 (GMT+8) on September 15, 2022 [estimated time is for user reference only, as it is not a guarantee]), and in proportion [1: 1], distribute forked tokens to users. The forked tokens will be distributed to the user's wallet account, and will be notified in the form of an announcement after the distribution is completed.
ETH Merge Notice:
The new forked tokens will be distributed to the user's wallet account, and will be notified in the form of an announcement after the distribution is completed.
Snapshot positions (including pending orders) below 0.003ETH are not included in the scope of the airdrop forked tokens.
When the snapshot is generated, if the ETH is in the state of unaccounted or withdrawn or sold successfully, it will not be included in the statistics.
Deepcoin has a standardized listing process. Please refer to Deepcoin's official announcement whether to open the forked token trading business.
If there are other circumstances, Deepcoinl will make a separate announcement.
Deepcoin operation team
August 29, 2022