OKX, a cryptocurrency trading platform, has launched a service upgrade to prepare its users for the impending ETH Merge. The cryptocurrency app announced the service change in a press release distributed on its platform. OKX highlighted its standards, asset protection information, and the foundation of the much-anticipated merger in the update.
During a hard fork, a new token may be created, according to OKX. As a result, it has decided to take many preventive measures in order to reduce the trading risks caused by price volatility during the hard fork. The protocol aspires to assume complete responsibility for protecting its users’ assets. OKX reiterates its commitment to assisting users with any technical challenges that may arise during the Merge.
What is the expected outcome of the ETH Merge?
The Ethereum Foundation has previously said that the merge would take place when the Ethereum Mainnet reached a block height of 15,540,293. This development is expected to occur between September 10 and 20, 2022, according to reports. Also, as planned, the merger would take place in two stages: Bellatrix and Paris. According to the Ethereum Foundation, Bellatrix is used as a consensus layer update to make the Beacon Chain “Merge aware.” This stage, as previously stated, will occur when the Beacon Chain reaches a height of 144,896 by September 6, 2022. (UTC).
Paris, on the other hand, is the execution layer’s move from proof-of-work (PoW) to proof-of-stake (PoS) (PoS). The Ethereum Foundation predicts that this stage will occur when Ethereum’s PoW chain achieves a Terminal Total Difficulty (TTD) value of 58,750,000,000,000,000,000,000 by September 15, 2022. (UTC). At this point, Ethereum’s execution layer will merge with the proof-of-stake Beacon Chain. Following that, Ethereum’s PoW chain will be shut down, signaling the completion of the Merge.
OKX encourages consumers to deposit ETH before the deadline.
OKX is advising all users to secure their funds ahead of the merge by transferring ETH to its network on time. The bitcoin trading program guarantees to handle any technical issues that may develop as a result of the Merge.
OKX also stated that during the two upgrade events, it will suspend ETH and other Ethereum-oriented (ERC-20) token deposits and withdrawals. If the merge does not result in new tokens, the protocol states that “ETH and ERC-20 token deposits, withdrawals, and cross-chain bridge services will continue after we certify that the Ethereum Mainnet is stable and secure.”
OKX stated that if the merger results in new coins, it will be compensated. “will treat the tokens generated on the Ethereum PoS chain as “ETH” and treat tokens generated on the Ethereum PoW chain as forked tokens.”
The crypto trading platform stated that the merger would have no effect on ETH cross and isolated margin pairs trading. However, it intends to “suspend ETH margin and VIP borrowing services.” It may “adjust the margin borrowing interest rate based on market conditions.”
Similarly, OKX claims that “the Merge will have no effect on ETHUSD options trading.” However, the platform encourages users to reduce or close their positions, reduce their leverage, or increase the margin in advance as “ETH prices might experience extreme fluctuations during the Merge.” OKX commits to implement additional risk-control techniques based on market conditions.