BitCoke’s Plan to Support Pending Ethereum’s Merge

The current estimated time for the Ethereum Merge is at 01:30 (UTC) on September 15, 2022. BitCoke decided to support the Merge as well as potential PoW chain split ( hard-fork). Detailed arrangements are as follows:

1. Suspension of Ethereum Withdrawal & Deposit

Deposits and withdrawals for the Ethereum network, including ETH and ERC20 tokens, will be suspended starting 16:00 (UTC) on September 14, about 9 hours before the Merge.

The exact time for restarting withdrawal & deposit will be released in future announcement.

2. Asset Snapshot for PoW Hard-fork Token Airdrop

In the event of a chain hard-fork, BitCoke will handle all technical requirements involved for all users holding ETH in their BitCoke’s accounts, and credit the forked token to eligible users’ accounts at a ratio of 1:1. Any type of Ethereum assets on BitCoke is qualified for airdrop but has different timeline for snapshot:

• ETH in Earn products: snapshot time is 16:00 (UTC) on September 14
• Spot ETH in your BitCoke account: snapshot time is about 10 minutes before the Merge successfully completes.

3. Temporarily Halt Trading of ETHW/USD, ETHF/USD, ETH1/USD contracts

BitCoke has listed 3 forked Ethereum token, i.e. ETHW, ETHF, ETH1 at perpetual market as part of efforts to support miner’s PoW hard-fork. Evidently, prices of the 3 perpetual pairs will be enormously affected by the outcome of the Merge. Hence, to curtail risk associated with price fluctuation, BitCoke will halt trading of these forked token contracts starting 2022–09–15 01:00 (UTC). Resumption time of these affected token’s perpetual pairs will be announce in a separate post.

As the Merge will take place in 24 hours, please be aware of the risk invovled.

• BitCoke Website: https://www.bitcoke.com/
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