OKX will briefly suspend certain activities during ‘The Merge’! On August 27th, OKX updated the community on what they will do during ‘The Merge’.
Another crypto exchange gives updates on what they will do during ‘The Merge’. After Coinbase and Binance, now it is OKX. On August 27th, the crypto exchange announced its plans during ‘The Merge’ via Twitter.
🔎 Suspension of ETH deposit and withdrawal is expected for a few hours on Sept. 6 & Sept. 15.
👉 Snapshot of user positions will happen at the fork and #OKX will deliver all forked coins received back to the user.
— OKX (@okx) August 27, 2022
To add the information, ‘The Merge’ is a change in Ethereum from Proof-of-Work (PoW) to Proof-of-Stake (PoS). There are two phases for ‘The Merge’ to complete, Bellatrix and Paris.
OKX will briefly suspend ETH and ERC-20 token deposits and withdrawals two times. For a few hours, it will happen on September 6th for the Bellatrix upgrade and September 15th for the Paris upgrade.
Not only informing the community on what they will do during ‘The Merge’, but OKX also made two scenarios that may happen. These scenarios can help users to prepare for any possibilities.
OKX stated two scenarios:
“1. No new tokens are created during The Merge. OKX 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; 2. New tokens are created during The Merge. OKX will treat the tokens generated on the Ethereum PoS chain as ‘ETH’ and treat tokens generated on the Ethereum PoW chain as forked tokens.”
In addition, the forked tokens will go through the normal listing review process before anyone can trade them on the platform. In this case, OKX will make a separate announcement to inform the result.
Following up on our #ETH merge updates this week, we received a lot of questions related to the scenario in which no new tokens are created and another scenario where new tokens are created during the merge. Pls read our position and process below https://t.co/l7eeT0i3Ag https://t.co/6s4CJ23Dz7 pic.twitter.com/qLffbUUKJp
— Haider (@HaiderSF) August 27, 2022
As the event will happen next month, the community is waiting for more updates from other crypto exchanges on whether they will take the same steps.