The Merge The Ethereum Mainnet to proof-of-stake (PoS) chain is in progress, with Paris, the execution layer part of the transition slated to take place between September 10, 2022, and September 20, 2022.
In the event that new tokens are created during a separate hard fork, Bybit will take the following actions to minimize trading risks and ensure the safety of traders’ funds.
Temporary suspension of deposits and withdrawals
Bybit will suspend deposits and withdrawals of ETH, ERC-20 and NFT tokens of the ERC-721 standard before and after the Bellatrix and Paris upgrade.
time to suspend
Bellatrix (Consensus Layer) Sept. 6, 2022 at 6:00 p.m.
Paris (Execution Layer) 15 Sep 2022 time 07.00
Please make sure there is enough time for deposits and withdrawals. For users holding ETH, ERC-20 tokens and NFTs of the ERC-721 standard, Bybit will handle any technical issues. that arises from The Merge and tokens that may be hard forked tokens.
Two possible scenarios from The Merge
Scenario 1
No new tokens are created. Bybit will continue to deposit and withdraw ETH, ERC-20 and NFT tokens of the ERC-721 standard as soon as possible.
Scenario 2
A separate hard fork will create two (2) competing blockchains and a new token. The ETH code will be used in the Ether PoS chain.
Bybit will distribute forked tokens to users in a 1:1 ratio based on snapshots of ETH positions prior to the Paris upgrade (approximately 15,540,293 block heights on Ethereum mainnet or 7:30 p.m. of September 15, 2022). Withdrawal of fork tokens will be supported after the Airdrop distribution is completed.
To protect Bybit users, all forked tokens must go through Bybit’s strict upload verification process, just like any other token. As per our internal policy, Bybit does not guarantee any coin listing. Bybit will update its users with announcements about the Hard Fork process thereafter.
spot trading
Spot trading of ETH and ERC-20 tokens is unaffected, but a chain-isolated hard fork can result in price volatility. Please assess the risk before trading.
Margin Trading
Margin trading on ETH pairs will not be affected. But the lending function will be suspended from 14 Sep 2022 07:00 until 16 Sep 2022 07.00 ETH borrowers will not receive Airdrop from Forked Tokens and Your position will be liquidated if and when the price fluctuates violently. Please manage your risk in accordance with the said requirements.
Over-the-Counter Lending (OTC)
OTC lending is not affected. If you hold ETH assets, liquidation can occur if and when prices fluctuate violently. Please manage your risk in accordance with the said requirements.
Leveraged Tokens
ETH Leveraged Tokens may cause a rebalancing of position transfers if the price of ETH fluctuates significantly. and in the worst case It may be closed for resale.
Bybit Earn
For ETH-related products, Bybit Savings, Fixed or Flexible Periods, Liquidity Mining and Dual Assets are not affected. During hard fork, prices can fluctuate wildly. Please ensure you understand the potential risks and invest wisely.
futures
Trading of ETH-related futures contracts will not be affected. Bybit futures contracts may be subject to additional safeguards, including:
1. Adjusting margin levels and related trading parameters such as maximum leverage. Position Value and Margin Maintain
2. Updates on the Funding Rate, Price Index, and Mark Price related calculations.
If a new token is created after the hard fork, the price index will track the ETH code of the major spot trading platforms. If there is a change in the underlying asset, Bybit will post additional details and/or updates.
options
Options trading on ETH-related contracts will not be affected, while the strike price of the current options contract will remain unchanged.
Options related to ETH may temporarily alter how margins are stored. This includes standard Margin Patterns and Portfolio Margin Patterns, which are subject to potential market risks. If a new token is created after a hard fork, the options price index tracks the ETH codes of the main spot trading platforms as indices and underlying assets.
Stay up-to-date with the latest news by following us through various channels. announcement center l Twitter l Telegram l Discord