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OKX issues service update ahead of ETH merge

The Ethereum Merge
The Ethereum Merge

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Crypto trading app OKX has released a service update to prepare its users for the imminent ETH Merge. The crypto app issued the service update in a press release conveyed on its platform. OKX, in the update, highlighted its protocols, information on asset protection, and the basis of the much-anticipated merge.

According to OKX, a new token may be initiated during a hard fork. This has necessitated its resolve to take numerous precautionary measures to reduce the trading risks occasioned by price instability during the hard fork. The protocol intends to take full responsibility for protecting the assets of its users. OKX reiterates its readiness to aid users in dealing with any technical issues that may arise during the Merge.

How is the ETH Merge expected to manifest?

Ethereum Foundation had announced that the merge would unfold when Ethereum Mainnet attained a block height of 15,540,293. According to reports, this development is predicted to manifest between September 10-20, 2022. Also, as designed, the merge will unfold in two phases, Bellatrix and Paris. Ethereum foundation says Bellatrix runs as a consensus layer upgrade to enable the Beacon Chain “Merge aware.” This stage, as reported, will manifest when the Beacon Chain attains the height of 144,896 by September 6, 2022 (UTC).

On the other hand, Paris serves as the execution layer’s transition from proof-of-work (PoW) to proof-of-stake (PoS). Ethereum foundation says this stage is likely to manifest when Ethereum’s PoW chain secures a Terminal Total Difficulty (TTD) value of 58,750,000,000,000,000,000,000 by September 15, 2022 (UTC). This stage will see Ethereum’s execution layer merging into the proof-of-stake Beacon Chain. Ethereum’s PoW chain will shut down afterward, marking the Merge’s completion.

OKX wants users to deposit ETH before the time

Ahead of the merge, OKX is urging all users to secure their assets by depositing ETH to its network on time. The crypto trading app promises to handle any technical complications that will likely arise from the Merge.

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OKX further announced its plan to halt ETH and other Ethereum-oriented (ERC-20) token deposits and withdrawals during the two upgrade events. According to the protocol, if the merge does not produce new tokens, it will resume “ETH and ERC-20 token deposits, withdrawals, and cross-chain bridge services once we confirm that the Ethereum Mainnet is stable and secure.”

OKX said if the merge produces new tokens, it “will treat the tokens generated on the Ethereum PoS chain as “ETH” and treat tokens generated on the Ethereum PoW chain as forked tokens.”

The crypto trading platform insisted that the merge would not impact trading for ETH cross and isolated margin pairs. However, it intends to “suspend ETH margin and VIP borrowing services.” It may “adjust the margin borrowing interest rate based on market conditions.”

Similarly, OKX further states that “the Merge will not affect ETHUSD options trading.” However, the platform encourages users to reduce or close their positions, reduce their leverage, or increase the margin in advance as “ETH prices might experience extreme fluctuations during the Merge.” OKX promises to instill more risk control mechanisms depending on the prevailing market conditions.

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