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Announcement on DigiFinex's Plan for The Ethereum Merge (Updated)

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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 2022-09-14 and 2022-09-20. 

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

DigiFinex will suspend deposits and withdrawals for ETH and ERC-20 tokens on September 14th, 2022 9:00 (UTC). We will enabled deposits and withdrawals for ETH once we deem the network to be stable.

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 on DigiFinex.

2. 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:Trading for ETH cross and isolated margin pairs will not be affected. 
 
3. Potential forked tokens ETHS and ETHW
 
Digifinex will suspend the trading of ETHW and ETHS related trading pairs on September 14th, 2022 4:00 (UTC), and suspend the exchange service of ETHW, ETHS and ETH. The specific recovery time will be announced after the end of the ETH POW fork.
 
Suspend Trading Pairs: ETHS/USDT；ETHS/ETH；ETHW/USDT；ETHW/ETH
 
For more information on ETH forks:https://digifinex.zendesk.com/hc/en-us/articles/9253325570457
 
Risk warning: 
As there are still many uncertainties in the Ethereum (ETH) fork, this potential fork chain may not be able to continue due to lack of support such as computing power, development team or community. Trading, investing or holding related fork tokens will Risk of zeroing or delisting. DigiFinex does not make any commitments for the value of any forked tokens, please make rational judgments and make prudent decisions.
 
4. About the Wealth Management product: staking mainstream tokens to get forked ETH token “Candy” —ETHW 
 

Digifinex will suspend the Wealth Management product (staking mainstream tokens to get forked ETH token “Candy” —ETHW ) on September 14th, 2022 4:00 (UTC). The time to resume the product will be posted after the ETH PoW Forking.

For more information about the wealth management product, please view: https://digifinex.zendesk.com/hc/en-us/articles/9324579910937

 
5. ETH Contract Trading
 
The trading of ETH Perpetual Contracts will continue unaffected, but the MOVE contract of ETH will suspend on September 14th, 2022 6:00 (UTC).
 
6. Regarding the Merge
 
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
 
Scenario A:
No new token is created. DigiFinex will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted.
 
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’ DigiFinex 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 atETH mainnet block height of 15,540,293, or2022-09-15 00:30 (UTC)). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a separate announcement.
 
Further notes:
  • Uncredited ETH deposits, pending ETH withdrawals, and ETH used as loan collateral 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.
  • 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 theETH 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 more information, please see:


Thanks for your support!

DigiFinex Team
September 14th, 2022

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DigiFinex (digifinex.com)DIGIFINEX LIMITED. reserves all rights of this event, including but not limited to adjustment, explanation and termination at any time!

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