Hotbit Supports the Upcoming ETH(Ethereum) Merge

Dear Hotbit 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 execution layer upgrade (Paris) is expected to take place between 2022-09-10 and 2022-09-20. Current estimation lies at the ETH mainnet block height of 15,540,293, or approximately at 2022-09-15 00:30 (UTC).

Prior to this, the consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain at 2022-09-06 11:34:47 (UTC).

Considering that a new token might be created during a hard fork, Hotbit has taken the following steps to maintain the safety of user funds during the hard fork:

1. About the deposit and withdrawal functions of ERC-20 tokens:

Since the deposit and withdrawal services are suspended on Hotbit now, users do not need additional operations.

2. About the merge: 

The two likely scenarios to occur with the ETH(Ethereum) Merge are:

A. If new token isn't created, users' assets will remain as they are.

B. If 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’ 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.

Hotbit reserves the right to update the treatment of the chain split in a further announcement.

In order to protect Hotbit users, the forked token will go through the same strict listing review process as Hotbit does for any other coin/token. Hotbit does not guarantee any listings as per our internal policy.

 

3. About users' assets in ETF area:

All ERC-20 tokens' products in the ETF area were liquidated on August 28th according to the net value at 12:00 PM UTC on August 10th. Therefore, the hard fork of Ethereum chain will not affect the users' assets in the ETF area.

4. About Investment area:

The existing ERC-20 tokens' investment products will not be affected.

 

Note: Hotbit executes only for users whose balance is greater than or equal to 0.1 ETH

 

For more information, please refer to:

• The Merge
• Mainnet Merge Announcement
• Hotbit Supports the airdrop of the ETH hard fork

Thanks for your support to Hotbit!

Hotbit Team

September 1st, 2022