Service updates for ETH Merge

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Dear users,

 

The Merge will occur when Ethereum Mainnet hits the Terminal Total Difficulty (TTD) value of 58750000000000000000000. The Merge will occur in two steps, Bellatrix consensus layer upgrade and Paris execution layer upgrade.

 

FTX will suspend ETH and ERC-20 token deposits and withdrawals at approximately half an hour before the Bellatrix consensus layer upgrade (epoch 144896 on the Beacon Chain) and the Paris execution layer upgrade

  • ETH and ERC-20 token spot trading, spot margin trading, and futures trading will not be affected. 
  • On September 15, 6am UTC, FTX will disable ETH and erc20 withdrawals
  • On September 15, 6:15am UTC, FTX will snapshot ETH balances. This snapshot will be used to determine airdrop sizes.
  • Soon after the snapshot occurs, users will be granted ETHW 1:1 with snapshotted balances. ETHW is a token representing the canonical potential PoW ETH fork, should it emerge. Note that borrowers will be charged (receive a negative airdrop). These will be reflected in user balances and visible on the ftx.com/fillls page in the Airdrops & Rebases table.
  • ETHW will start with a 0.1 collateral weight and price treatment of $17. If suitable spot markets emerge (including possibly on FTX), ETHW's price will start to track what those markets reflect, and its collateral weight may be adjusted.
  • FTX reserves the right to update the treatment of any forked PoW ETH at any time.
  • FTX will evaluate the listing of the forked PoW ETH at a later date.
  • The “ETH” ticker will be used for ETH PoS chain after the Merge. 

 

* Please take note of the timeline and manage your positions accordingly.

Note: Trading digital assets confers high risk due to large price fluctuations. Before trading, please have a full understanding of all the risks associated with investing in digital assets.

It is your responsibility to understand the implications of the Merge. FTX is not liable for any losses incurred.

If you have any questions, please contact ftx.com/support.

 

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