DearKuCoinUsers,
Ethereum’sProof-of-Work(PoW)chainwillmigratetotheProof-of-Stake(PoS)chainuponhittingtheTerminalTotalDifficulty(TTD)valueof58750000000000000000000.KuCoinwillsupportEthereumProof-of-Work(POW)mergetoProof-of-Stake(POS).
Theconsensuslayer’supgrade(Bellatrix)isscheduledforepoch144,896ontheBeaconChainat11:34:47onSeptember6,2022(UTC).
Theexecutionlayer'supgrade(Paris)isexpectedtooccurbetweenSeptember10-20,2022.TheexactdateatwhichTTDisreacheddependsontheproof-of-workhashrate.ThecurrentestimationliesattheETHmainnetblockheightof15,540,293,orapproximatelyat2022-09-1415:51:02(UTC).
Asanewtokenmightbecreatedduringahardfork,KuCoinhastakenthefollowingstepstomaintainthesafetyofuserfunds.
Thearrangementsareasfollows:
1.ETHDeposits&Withdrawals
KuCoinwillsuspendthedepositandwithdrawalforETHandERC-20tokensatapproximately:
11:00onSeptember6,2022(UTC)fortheBellatrixconsensuslayerupgrade15:51onSeptember14,2022(UTC)fortheParisexecutionlayerupgradeTheactualtimetosuspendthedepositandwithdrawalwillbeannouncedseparately.
2.RegardingtheMerge
ThetwolikelyscenariostooccurwiththeEthereum(ETH)Mergeare:
ScenarioA:
Nonewtokeniscreated.KuCoinwillthenreopendepositsandwithdrawalsforETHandERC-20tokensassoonaspossible.Afurtherannouncementwillbeposted.
ScenarioB:
Thechainsplitsintotwocompetingchains,creatinganewtoken.The“ETH”tickerwillbeusedfortheEthereumPoSchain.KuCoinwillairdropthenewforkedtokentotheusersbasedonthesnapshotofETHbalancesbeforetheParisexecutionlayerupgradeandwillsupportwithdrawalsfortheforkedtoken.Thedetailsrelatedtothisairdropwillbeannouncedseparatelyassoonaspossible.
3.ETHandERC-20TokensSpot&MarginTrading
Spottrading:SpottradingforETHandERC-20tokenswillnotbeaffected.KuCoinremindsyoutotakesufficientriskmeasuresaspricevolatilityisoftenhighduringcontentioushardforks.
Margintrading:
1.TradingforETHCrossandIsolatedMarginpairswillnotbeaffected.
2.KuCoinwillsuspendlendingandborrowingservicesofETHbeforetheMerge.
IfyouhaveanyoutstandingETHloansatthetimeofthesnapshot,youwillhavetoreturntheforkedtokens,regardlessofbeinglistedonKucoin.Therefore,itisrecommendedthatyourepayyourETHloansinadvance！
Toprotectthefairnessoftradingandusers'interest,ifyoufailtorepaytheforkedtokensintime,KuCoinreservestherighttosettletheoutstandingbalanceregardingtheforkedtokensunderyourmarginaccountwiththelatestmarketpriceandreturntheforkedtokens.
3.Ifthereisanyrelevantupdate,itwillbenotifiedseparatelyintheformofanannouncement.
4.ETHLeveragedTokens–ETH3L,ETH3S
ThetradingofETH3L/USDTandETH3S/USDTtradingpairswillnotbeaffected.
Duringthemergeperiod,KuCoinreservestherighttosuspendthetrade,subscription,andredemptionofETH3LandETH3S.
KuCoinremindsyoutotakesufficientriskmeasuresaspricevolatilityisoftenhighduringcontentioushardforks.
5.ETHFuturesTrading
BothUSDT-marginedandCOIN-marginedETHcontractswillnotbeinfluenced.Toprotectusers’rightsandinterests,KuCoinwillmakeanextrariskcontroloverETHcontractsduringtheupgrade.Involvedadjustmentsincludebutarenotlimitedto:maxleverage,positionsizelimit,maintenancemargin,andpriceindexconstituents.Foranychangesontheadjustments,relatedfollow-upstothissubjectwillbeannouncedseparatelyassoonaspossible.Ifanewtokeniscreatedafterthehardfork,userswhoholdETHintheirFuturesAccountsbeforethehardforkwillreceiveanairdropofthenewtoken.Ifthereareanychangestotheunderlyingassetsofthecontracts,KuCoinwillprovidefurtherinformationinthefollowingannouncement.KuCoinremindsyoutotakesufficientriskmeasuresaspricevolatilityisoftenhighduringcontentioushardforks.
6.KuCoinConvert
ETHConvertwillnotbeaffected.
7.KuCoinPool
AftertheMerge,KuCoinPoolwilldelisttheETHminingservice.UsersoftheETHPoolcantransfertheirhashratetotheETCPool.
8.KuCoinTradingBot
ETHtradingonTradingBotwillnotbeaffected.Inthecaseofanewtokenbeingcreated,KuCoinwillsnapshotthetradingbotaccountandairdropthenewtokenstotheSpotaccount(Mainaccount),
9.KuCoinEarn
KuCoinEarnwillnotbeaffected.However,inthecaseofanewtokenbeingcreated,KuCoinwillsnapshottheearnaccountandairdropthenewtokenstothespottradingaccount.
ForConvertETH2,yourETH2stakingrewardswillbedistributedregularly.However,intheeventofScenarioB,ETH2holdersmayormaynotreceivepotentialairdropsfromtheforkedchain,dependingonhowtheforkedchainhandlesETH2.0depositingcontracts.Thedetailsrelatedtothisairdropwillbeannouncedseparatelyassoonaspossibleifneeded.
PleaseNote:
1.Tokensinpendingdepositorwithdrawalatthetimeofthesnapshotswillnotcounttowardsyourbalance.KuCoinwilltaketheactualassetsinusers’accountsasthesnapshotfordistribution.
2.ThesnapshotrecordshaveincludedbalancesinTrading/Margin/TradingBot/Futures/FinancialAccount.Therefore,ifthechainsplitsintotwocompetingchainsandanewtokeniscreated,thenewtokenwillbedistributedtoqualifiedSpotaccountsofusers.
3.TheParisexecutionlayerupgradeisestimatedtotakeplaceattheETHmainnetblockheightof15,540,293.Theestimatedtimeisforusers’referenceonly;theactualtimeforthemergeisbasedontheannouncementfromEthereum.
Forfurtherinformation,pleaserefertothefollowing:
TheMerge
MainnetMergeAnnouncement
Thankyouforyoursupport!TheKuCoinTeam
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