Important Notice Regarding Upcoming Ethereum Update
Dear KickEX users,
The Ethereum Proof-of-Work (PoW) chain will move to the Proof-of-Stake (PoS) chain after reaching the Total Terminal Complexity (TTD) value of 5875000000000000000000000. The execution layer upgrade (Paris) is expected to occur between 2022–09–10 and 2022–09–20. The current estimate refers to the ETH mainnet block height of 15,540,293 or approximately September 15, 2022 00:30 (UTC).
Prior to this, the consensus level update (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain at September 6, 2022 11:34:47 (UTC).
Since a new token might be created during a hard fork, KickEX has taken the following steps to mitigate trading risks caused by price volatility and ensure user funds are safe:
1. ETH Deposits & Withdrawals
KickEX will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately:
- 2022–09–06 11:00 (UTC) for the Bellatrix consensus layer upgrade
- 2022–09–15 00:00 (UTC) for the Paris execution layer upgrade
Please ensure that you leave sufficient time for your ETH and ERC-20 tokens transfers to be fully processed prior to the above time. We will handle all technical requirements for users holding ETH and ERC-20 tokens on KickEX.
2. Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
Scenario A:
No new token is created. KickEX will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted as well.
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’ KickEX 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 00:30 (UTC)). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a separate announcement.
KickEX reserves the right to update the treatment of the chain split in a further announcement.
In order to protect KickEX users, the forked token will go through the same listing review process as KickEX does for any other coin/token. KickEX does not guarantee any listings as per our internal policy.
3. ETH and ERC-20 Tokens
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.
Further notes:
- Uncredited ETH deposits and pending ETH withdrawals will not count toward the snapshot of users’ ETH balances before the Paris execution layer upgrade.
- This snapshot includes the total net ETH Spot balances and wallets. Any new tokens resulting from the hard fork will be credited to eligible users’ accounts.
- 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 Paris execution layer upgrade is estimated to take place at the ETH mainnet block height of 15,540,293. The estimated time is for users’ reference only and is subject to change depending on block propagation times.
For further information, take a look at official Ethereum announcements:
Note: KickEX reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Disclaimer: No communication or information provided to you by KickEX is intended as, or shall not be considered or construed as, investment advice, financial advice, trading advice, legal or tax advice or any other sort of advice. All trades are executed automatically, based on the parameters of your order instructions and in accordance with posted trade execution procedures and you are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance.
