Dear LBank users,
Ethereum’s Proof-of-Work (PoW) chain will migrate to the Proof-of-Stake (PoS) chain upon hitting the Terminal Total Difficulty (TTD) value of 58750000000000000000000. The migration time is expected to take place between 2022-09-10 and 2022-09-20. The possible time point is 08:30 on September 15, 2022 (UTC+8) or the Ethereum mainnet block height reaches 15,540,293.
The consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain at 2022-09-06 19:34:47 (UTC+8).
As a new token might be created during a hard fork, LBank has taken the following steps to reduce the trading risks brought about by price volatility and to maintain the safety of user funds during the hard fork:
1.ETH Deposits & Withdrawals
LBank will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately:
-
2022-09-06 19:00 (UTC+8) for the Bellatrix consensus layer upgrade
-
2022-09-15 08:00 (UTC+8) for the Paris execution layer upgrade
Please ensure that you leave sufficient time for your ETH and ERC-20 tokens deposits and withdrawals to be fully processed prior to the above time. We will handle all technical requirements for users holding ETH and ERC-20 tokens on LBank.
2.Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
Scenario A:
No new token will be created. LBank will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible.
Scenario B:
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’ LBank 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 08:30 (UTC+8)). Withdrawals for the forked token will be supported.
The announcement of the resumption of deposit and withdrawal service and further details regarding this distribution will be stated in a separate announcement.
3.About spot trading of ETH and ERC-20 network tokens
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.About futures trading of ETH
The trading of ETH futures will not be affected. LBank Futures will undertake additional protective measures, which include but not limited to:
-
Adjusting the margin tiers including maximum leverage value, position value and maintenance margin in each tier.
-
Updating the funding rates including the interest rate, premium, capped funding rate and settlement frequency.
-
Changing the constituents of the price index.
-
Using the Last Price Protected mechanism to update the Mark Price.
In the event that the chain splits into two competing chains and a new token is created, the price index of USDT-ETH Futures Contracts would be tracking the “ETH” ticker (i.e., the Ethereum PoS chain) on LBank Spot and the major Spot Market Exchanges. Should there be any changes to the underlying assets of the Futures contracts, LBank will provide more details or updates in further announcements.
5. About LBank Earn-flexible savings and grid trading
LBank Earn-flexible savings and grid trading will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
Further notes:
- Uncredited ETH deposits, pending ETH withdrawals will not count toward the snapshot of users’ ETH balances before the Paris execution layer upgrade.
- This snapshot includes the net balance of ETH in the Spot account, Gird account and Earn account. New tokens generated after the hard fork will be distributed to eligible users.
- A further announcement will be made regarding the timing for the resumption of deposits and withdrawals, as well as further information about the potential ETH chain split that may affect the above information.
- The estimated start time of the hard fork is for user reference only and may change according to the processing speed of blocks;
- LBank will reserve the right to update announcements regarding the Ethereum merger processing.
Click here to download for iOS or Android
LBank Community
https://twitter.com/LBank_Exchange
https://www.facebook.com/LBank.info
https://www.linkedin.com/company/lbank
If you have problems, please contact LBank official email: service@lbank.info, and we will provide sincere, friendly and immediate service for you. We also welcome you to join LBank.info official English community to discuss the latest issue, (Telegram): https://t.me/LBank_en.