Dear CoinW users,
As per announced by the Ethereum Foundation, the execution layer Paris upgrade, marking the migration from proof-of-power to proof-of-stake, is around the corner. This historical event will be triggered when the Terminal Total Difficulty value reaches 58750000000000000000000, which is expected to happen between Sept 10 to Sept 20, or more specifically at around 2022-09-15 00:30 (UTC) at an approximate ETH mainnet block height of 15,540,293.
The Merge is a two-step process. The first step prior to the Paris upgrade is a network upgrade on the consensus layer, the Bellatrix, which is scheduled for an epoch height of 144896 at 11:34:47am UTC on Sept 6, 2022.
CoinW will support the two upgrades and is ready for a possible hard fork and a new token that may be produced from it. CoinW is to take the following measures to protect user asset security and reduce the trading risks that may arise from price volatility during the hard fork.
1. ETH Deposits & Withdrawals
CoinW will suspend deposits and withdrawals for ETH and ERC-20 tokens 2022/9/13 2:00(UTC)
At around 2022-09-06 11:00 (UTC) for the Bellatrix consensus layer upgrade
At around 2022-09-15 00:00 (UTC) for the Paris execution layer upgrade
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 CoinW.
2. Asset and trading services will remain unaffected
- Asset status, spot trading: Services for ETH and ERC-20 tokens will not be affected during the hard fork. But the market may fluctuate in response to the hard fork. It’s well-advised to act prudently.
3. Possible scenarios regarding the Merge
There are two possible scenarios regarding the Merge:
1). No new token is created: CoinW will confirm the stability and security of the Ethereum mainnet before recovering the deposit, withdrawal services for ETH. We will make another announcement and let you know the exact time for this matter.
2). The network forks into two competing chains and a new token is created: Then the symbol ETH will be used in the ETH PoS chain. CoinW will then send users the forked tokens at a 1:1 ratio based on ETH balances snapshots taken before the Paris upgrade (approximately at the mainnet block height of 15,540,293 and around 2022-09-15 00:30 (UTC)). The forked tokens will be credited to users' spot accounts. A specific announcement will also be published to inform our users of the airdrop crediting of the forked token.
4. About airdrop crediting of the forked tokens
1) Spot Account: The airdrop amount depends on the sum of the snapshot ETH balances in the main account and sub-accounts.
5. About financial products
CoinW Earn will not be affected. Your invested ETH will be included in the snapshots.
- The forked tokens will be credited to users' spot accounts. A notice will be announced to inform users of the completion of the airdrop crediting.
- A single position (including open orders) of less than 0.003 ETH, as shown in balance snapshots, is not included in the forked token airdrops.
- The snapshot balances do not include the ETH assets that have not arrived in the destination accounts, are in the withdrawal process, or are already sold at the time when snapshots are taken.
CoinW official site: https://www.coinw.com/
CoinW download :https://www.coinw.com/mobile/download.html
At present, CoinW has covered multiple social media matrices such as WeChat, QQ, Twitter, Telegarm, covering hundreds of thousands of users, supporting 7*24 real-time communication between users at home and abroad, welcome to join the CoinW community!