The Merge of Ethereum will occur when Ethereum PoW (proof of work) mainnet hits the Terminal Total Difficulty (TTD) value of 58750000000000000000000, estimated corresponding time Sep 15, 2022, at 01:30 (UTC). This marks a transitioning of Ethereum consensus from Proof-of-Work (PoW) to Proof-of-Stake (PoS). During the Merge, it will be expected that one or more hard forks will occur, and hard fork assets may emerge.
In order to best protect the assets of BIT users and to reduce the risk caused by market volatility during the fork, BIT provides the following handling plan:
I. ETH deposit and withdrawal
BIT will suspend ETH and ERC protocol assets’ deposits and withdrawals at 23:30, 14th September, 2022 (UTC) (subject to the merge time).
We advise users to make any deposits and / or withdrawals prior, in case of any technical issues encountered during the hard fork. Deposit and withdrawal services will resume once the blockchain stabilizes.
II. ETH hard fork assets arrangement
During the upgrade period, there are one or more hard fork events expected to occur, and hard fork assets may emerge. BIT will make the following arrangements in this regard.
2.1 ETH ticker
Upon completion of this upgrade, the native tokens on the Ethereum PoS chain will inherit “ETH” as asset ticker.
2.2 Potential Airdrop and Snapshot
If a canonical ETH fork asset emerges, BIT will fully support the airdrop of hard fork asset, and distribute the asset to users as soon as possible.
BIT intends to take snapshots of platform users' ETH assets (snapshot range: spot accounts, futures accounts, unified accounts) at around 00:30 (UTC) on Sep 15, 2022 (The actual snapshot time will be based on The Merge). The airdrop will be distributed to users' accounts and a separate announcement will be made when the distribution is complete.
Note: the borrowed ETH of BIT lending customers, and ETH fixed income products that have not yet matured are not included in this airdrop.
Meanwhile, BIT will adopt a new ticker for the forked asset that is different from “ETH” (will be announced separately).
2.3 Listing arrangement for ETH hard fork asset
If a canonical ETH fork asset emerges, BIT will support spot trading of ETH hard fork assets after The Merge, so please stay tuned for further announcements.
III. ETH spot, derivatives, and converting services
During the upgrade period, BIT trading services will be arranged as follows:
ETH spot and derivatives: BIT will support continuous trading for ETH spot and derivatives.
ETH futures funding rate: During the upgrade period, the funding rates for ETHUSDT perpetual swap, ETHUSD perpetual swap and ETH coin-margined perpetual swap on BIT will all be 0.
ETH Index Price and Underlying Price: During and after the upgrade, BIT will adopt ETH on the PoS chain as the source of ETH Index Price and Underlying Price.
ETH converting: Converting service for ETH will be suspended during the upgrade.
IV. ETH Earn Services
During the upgrade period, BIT will not support the purchase and redemption of ETH fixed-income products.
During the ETH upgrade period, the market might be highly volatile and may result in losses to your assets. Please make sure you understand all the related risks, be prudent in your decisions, and trade cautiously. BIT will not be responsible for your trading losses.
BIT reserves the right to make adjustments to this plan.
Thank you for your support!
The BIT Team
Sep 14, 2022