Announcement on the Support for Upcoming Ethereum Merge

Dear 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).

As a new token might be created during a hard fork, MEXC 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

MEXC will suspend deposits and withdrawals for ETH and ERC-20 tokens from 2022-09-06 11:00:00 UTC (the consensus layer upgrade) till further notice.
Please spare a sufficient time buffer for your deposits and withdrawals of the affected tokens, which should be scheduled before the said time.
We will publish another notice to let you know whether the deposit and withdrawal services would be affected by the Paris upgrade.

2. Regarding the Merge

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

Scenario A:

No new token is created. MEXC will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be released.

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’ MEXC 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.
MEXC reserves the right to update the treatment of the chain split in a further announcement.
MEXC will not distribute forked tokens to users who have swapped ETH into ETHS & ETHW on MEXC. For details, please refer to: MEXC Supports Ethereum (ETH) 2.0 Upgrade & Lists Potential Hard Fork Tokens

3. ETH and ERC-20 Tokens Spot & Margin Trading

Spot trading: 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.

Margin trading: MEXC will suspend ETH margin borrowing service with the following timeline (ETH margin trading will be unaffected):

At 2022-09-10 00:00 (UTC), MEXC will suspend ETH isolated margin borrowing. Please repay your borrowings in time.
At 2022-09-12 00:00 (UTC), MEXC will close all ETH margin positions, conduct an automatic settlement and cancel all pending ETH margin orders.
At 2022-09-16 00:00 (UTC), MEXC will reopen ETH isolated margin borrowing. A further announcement will then be released.

Please note that liquidations remain possible under extreme price volatility. MEXC reserves the right to update the suspension time of ETH cross and isolated margin borrowing and adjust the borrowing interest rates for ETH, with or without prior notice.

4. ETH Futures Trading

The trading of USDⓈ-M and COIN-M ETH Futures Contracts will continue unaffected. MEXC Futures will undertake additional protective measures, which include but not limited to:

Adjusting risk limit 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.

5. ETH and ERC-20 Tokens ETF Trading
ETF trading for ETH and ERC-20 tokens will not be affected.

6. Regarding BETH

If a new token is created by the hard fork, it remains to be determined by the new chain whether BETH holders will receive forked tokens from the new chain. We will keep you posted.
Though the existing subscription orders for ETH 2.0 Staking are not affected, new subscription applications will not be accepted during the period from 2022-09-14 00:00 (UTC) to 2022-09-16 00:00 (UTC).

Please note:

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 balances across Spot, Funding, Margin, Futures and Earn wallets. Any new tokens resulting from the hard fork will be credited to eligible users’ accounts.
Regarding the staked ETH on MEXC, if a new token is created, MEXC will decide whether to airdrop new tokens according to the actual on-chain staking situation. A separate announcement will then be released.
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, please refer to the following:

Thanks for your support!

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