Dear ViteX community,
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 on Sept 15, 2022 (UTC+8).
1.Deposits & Withdrawals
Deposits and withdrawals for ETH and ERC-20 tokens will be suspended at 20:00 (UTC+8) Sept 14, 2022.
The service will be restored once the network is stable without further announcement.
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.
2.Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
Scenario A(No Airdrop)
No new token is generated. Deposits and withdrawals for ETH and ERC-20 tokens will restored once our tech team confirm the network is stable. No further announcement will be posted.
The chain splits into two competing chains and a new token is generated. The “ETH” ticker will be used for the Ethereum PoS chain; a new ticker will be used for PoW chain. The forked token will then be credited to users at a ratio of 1:1, based on the snapshot of ETH balances before the Paris execution layer upgrade (approximately at 08:30 UTC+8 Sept 15, 2022). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a further announcement.
Note: Since the fork time cannot be accurately estimated, snapshots will be taken frequently when the Ethereum Proof of Work chain reaches the total terminal difficulty (TTD) value of 58750000000000000000000, and the snapshot data closest to the fork time will be taken as the final result.
At the time of the snapshot there must be at least $2 worth ETH in your address to get the airdrop.
Due to the large fluctuations in the market, in order to ensure the accuracy of the snapshot, please try to avoid operations such as fund transactions during the snapshot period. In the end, your account rights and interests are subject to the snapshot.
3.ETH and ERC-20 Tokens Trading
Trading for ETH and ERC-20 tokens will not be affected.
Sept 13, 2022
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