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Anouncement on Ethereum's upcoming merge

Grace - Customer Support

Fellow Coinstorers,

 

On September 6, Ethereum completed the Bellatrix upgrade, preparing its Proof-of-Stake (PoS) Beacon Chain to merge with its Proof-of-Work (PoW) mainnet.

The next and final step is the Paris upgrade when the Ethereum mainnet will convert from a PoW to a PoS consensus mechanism. This will happen when Ethereum's PoW mainnet reaches the Terminal Total Difficulty (TTD) value of 58750000000000000000000. The Ethereum Foundation predicts this will probably happen around 10:00 AM, September 15, 2022 (UTC+8). Please note, this is only an estimate and the exact timing might change as the Ethereum PoW chain's network difficulty changes. Please check Ethereum's official channels for the most recent updates.

 

Regarding the Merge
The two likely scenarios to occur with the Ethereum Merge are:
Scenario A:
No new token is created. Coinstore will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted.
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’ Coinstore 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, or2022-09-15 00:30 (UTC)). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a separate announcement.
Coinstore reserves the right to update the treatment of the chain split in a further announcement.
In order to protect Coinstore users, the forked token will go through the same strict listing review process as Coinstore does for any other coin/token. Coinstore does not guarantee any listings as per our internal policy.
 

How will Coinstore support new tokens created around the Merge?

Before Ethereum completes the Merge, some network members may hard fork Ethereum and create a separate version of the network that will not undergo the Merge. This new version of Ethereum may issue a crypto token.

In that case, after the Merge, Coinstore will treat ETH tokens from the updated Ethereum PoS chain as Ether (ETH) tokens. We will treat tokens issued by the hard-forked version of Ethereum as tokens of a separate blockchain (forked tokens).

 

What if forked tokens are airdropped before the Merge?

If a forked token airdrop occurs, you'll receive forked tokens at a 1:1 ratio with your ETH balance at the time of the Merge, based on a snapshot of your account at the moment Ethereum's PoW chain reaches the TTD value of 58750000000000000000000. The fork is predicted to happen around 10:00 AM, September 15, 2022 (UTC+8). Please note, this is only an estimate and the exact timing might change as the Ethereum PoW chain's network difficulty changes. Please check Ethereum's official channels for the most recent updates.

The snapshot includes Trading and Funding accounts.

After the airdrop, we'll submit the forked tokens for our standard listing review process. If the forked tokens pass the listing review, we'll make a separate announcement.
 
 

How will the Merge affect Coinstore services?

To ensure customer asset safety around the Merge, Coinstore will temporarily pause some services when Ethereum's TTD value reaches 58750000000000000000000 at around 2:00 AM, September 15, 2022 (UTC). Please note, this is only an estimate and the exact timing might change as the Ethereum PoW chain's network difficulty changes. Please check Ethereum's official channels for the most recent updates. We'll make a separate announcement when we know the exact timing of this pause.

After the Merge, we'll confirm that the updated ETH PoS mainnet is stable and secure. Then, we'll resume full service for ETH and ERC-20 tokens.

ETH prices may be volatile during the Merge. It may be advisable to reduce or close your options and future positions, reduce your leverage, or increase your margin before September 13.

Here's how the Merge will affect each of Coinstore's services:

  • Withdrawals and deposits – We'll pause deposits and withdrawals related to ETH and other Ethereum (ERC-20) tokens at around 22:00 PM, September 14, 2022 (UTC+8). After the Merge, when we confirm that ETH and ERC-20 token deposits and withdrawals can resume, we'll make another announcement.
  • Spot trading – ETH and ERC-20 token spot trading will not be affected. After the Merge, ETH spot trading pairs will remain the same on the PoS chain.
  • Futures  – ETHUSDT futures trades will not be affected. After the Merge, futures contracts will track the ETH prices on the PoS chain.

 

 

Coinstore 

September 14,2022