Announcement on Matrixport’s Support of Planned ETH Merge(14th September, 2022)
Dear Matrixport User,
The ETH Merge will take place at Terminal Total Difficulty Value of 58750000000000000000000 or approximately by 09:30, 15th September 2022 (GMT+8) — this marks a transition of Ethereum consensus from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
Given that at least one Hard Fork event is expected during the Merge, Matrixport endeavors to support the Merge transition, and will follow closely on the latest development of ETHW (final code subject to industry consensus) community.
Matrixport is implementing the following measures to ensure the security of assets on its platform, as well as to mitigate against potential trading risks from market volatility in this period.
1. ETH Deposit & Withdrawal
Matrixport will temporarily suspend ETH and ERC-20 token deposits and withdrawals at 07:30, 15th September 2022 (GMT+8) (subject to the merge time).
We advise users to make any deposits and / or withdrawals prior, in case of any technical issues encountered during the hard fork. Deposit and withdrawal services will resume once the blockchain stabilizes.
2. ETH Hard Fork Assets Distribution
If a new token is produced after the Hard Fork, the ETH code will subsequently be used on the ETH PoS chain. Matrixport will distribute forked coins (the ETHW token) to users at a 1:1 ratio after the upgrade, in accordance with users' ETH assets before the implement layer upgrade (est. 08:30, 15th September 2022 (GMT+8)).
If no forked coins are generated after the hard fork due to the unforeseeable uncertainties, Matrixport will resume the ETH deposit and withdrawal business as soon as possible.
3. Spot & OTC Trading & Fiat Transfer
During the merge and hard fork, Spot trading features in ETH and other ERC-20 tokens, including in-app swap, API trading, and large OTC trading, will not be affected. Please be reminded that the trading in ETH will not be settled starting from 24 hours before the snapshot timeframe, and the balance to be settled will not be counted for any ETHW distribution.
After the forked coin distribution and depending on market volatility, Matrixport will take reference from the internal procedure, and evaluate whether to launch the trading function for ETHW or not, the timeline is not guaranteed.
ETH deposit from fiat transfer via third-party payment channels will be suspended at 7:30 on September 15, 2022 (GMT+8). Some payment providers may also suspend the exchange of ERC20 tokens; please refer to their official announcement.
Fixed Income Product: ETH Fixed Income Product will not be available during the merge and fork, other tokens Fixed Income products will not be affected; ETH assets under Fixed Income orders expiring after 20:00 14th September will not be entitled to any forked coins.
Flexi-Saving Product: Users will automatically receive forked coins for the asset under ETH Flexi-Saving, therefore redeeming the asset back to your wallet will not be necessary. Your saving interest will remain unaffected during the fork.
Dual Currency Product (DCP): The platform will synchronize DCP order snapshots according to the point-in-time snapshots; if the order holds ETH, then the platform will distribute forked coins according to the order information.
Smart Trend Product: The platform will suspend the ETH in-kind investment smart trend products until the fork event is completed. If you expect your ETH assets to receive ETHW, please confirm to opt out of the automatic renewal function, so that the orders will mature before 20:00 September 14th.
Friday-Exclusive Structural Products: The platform will synchronize structural product order snapshots according to the point-in-time snapshots; if the order holds ETH, then the platform will distribute forked coins according to the order information.
Collateralized Loan Products: ETH lending function will be suspended starting from today, and will resume once the fork event is completed. We recommend that users repay the loan with ETH as collateral before 00:00 September 13. If the user decides against the repayment, as repayment and margin top-up will be suspended during the fork, it is recommended to replenish the collateral in advance to avoid excessive fluctuations in the ETH price, and eventually leading to a liquidation event.
The platform will synchronize collateralized loan order snapshots according to the point-in-time snapshots; the platform will distribute forked coins according to the order information.
Leveraged Bear: Please complete your repayment by 00:00 13th September. Users will not be eligible to repay after this deadline and Matrixport will sequentially upcharge the corresponding forked coins equivalent fee on top of your loan amount (or dock the corresponding forked coins equivalence off your margin).
Leveraged Bull: Please complete your repayment by 00:00 13th September. If you are unable to repay by the deadline, you are advised to reserve a sufficient amount of margin to prevent the Liquidation／Offset caused by any severe ETH price volatility during the fork. Please also be reminded that if a repayment is not made by the deadline, your staked margin will not receive any forked coins.
Staking Products: If your staking asset is in the locked position by 00:00 13th September, receiving forked coins would depend on how the staking protocol deals with ETH 2.0 products-related contracts. If you expect to receive forked coins for your Flexi Staking ETH asset, you are advised to redeem your order deposit back to your wallet by 00:00 13th September.
Matrixport will continue to operate diligently to ensure your assets are always safeguarded and managed in your best interest. We thank you for your support along the way.
*The timing and other details of the Merge is ultimately based on the information released by the Ethereum Foundation. Matrixport reserves the right to change the treatment of the hard fork via any further announcement(s). Per our Platform Terms and Conditions, Matrixport makes no representation or undertaking on whether any digital asset will be or will continue to be supported by Matrixport and its affiliates. Please ensure you take sufficient risk measures as price volatility may be high during a hard fork, especially if it is contentious.
September 14th, 2022