On September 6, 2022, the Ethereum network underwent the Bellatrix upgrade, which is the first stage of the Merge update. Ethereum is now anticipated to complete the Merge on September 14-15 with the Paris upgrade, which implies the migration of Ethereum’s proof of work (PoW) chain to the proof of stake (PoS) chain.
Please keep in mind that the exact timing of the update is estimated because the network is using Terminal Total Difficulty (TTD) as a trigger. Once TTD reaches a value of 58750000000000000000000, the Ethereum network is expected to begin the migration. Visit our Merge page to track the update and learn more about its process.
On our end, we will take the following steps to handle the hard fork:
Shortly before the Paris upgrade, approximately at 00:00 UTC on September 15 (or about 1 hour before its start time if it happens earlier), we’ll temporarily suspend deposits and withdrawals of ETH and ERC-20 tokens.
The maintenance may last for 1-3 hours depending on the upgrade progress. Follow our Status page for regular maintenance updates.
Once we determine the network is stable, we will restore deposits and withdrawals for ETH and ERC-20 tokens.
After the upgrade, ETH and ERC-20 tokens kept on the platform will be PoS.
Spot trading for ETH, ERC-20 tokens, and users’ balances will not be affected.
In case of a network split, we will take a snapshot of ETH balances beginning at the top of the hour when the Paris Upgrade commences (therefore, if the merge happens at 00:30, the snapshot will begin at 00:00).
If the Ethereum network splits into any number of competing chains after the Merge, the “ETH” ticker will be used for the Ethereum PoS chain. New tokens will be subject to our standard listing procedure. In the case of listing tokens arising after the Merge update, they will be credited to user accounts at the project’s ratio.
Note: Although we plan to add a staking option for ETH holders, this feature won’t be enabled immediately after the Merge. We will communicate more details about ETH staking as they become available.
Update: ETHW airdrop
On September 15, 2022, the Merge update completed Ethereum’s transition from the proof of work, to the proof of stake chain. However, the network experienced a split and new EthereumPoW (ETHW) tokens have emerged. EthereumPoW will continue utilizing a proof of work (PoW) consensus mechanism.
Per network rules, ETH holders are eligible for an airdrop of the ETHW tokens at a 1:1 ratio. And CEX.IO will airdrop ETHW to its users. The snapshot to determine ETHW airdrop sizes was taken when the Merge update took place.
It is planned that CEX.IO users will receive airdropped tokens on September 16, 2022. Keep in mind that it may take some time for all airdrops to be delivered. You can check your ETHW balance on the Finance page.
Once we distribute the ETHW airdrop to users’ balances, they will be notified via email. Unverified users, as well as users from Russia, Belarus, and the U.S., will not participate in the ETHW airdrop due to compliance restrictions.
Make sure to research the risks associated with trading this asset. The EthereumPoW may terminate service due to insufficient computing power, or a possible lack of support from developers or the PoW community. This may cause ETHW tokens to either lose value or be delisted from CEX.IO. Please be cautious before making any decisions.