At block height 12,965,000, or approximately at 11:55 a.m. UTC on Aug 5, 2021, the Ethereum (ETH) blockchain is scheduled to undergo the London Hard Fork.
As a new token might be created in the hard fork, AscendEX will take the following steps to reduce users' potential trading risks brought about by price volatility and to protect users' funds during the hard fork:
1. Deposits and Withdrawals for ETH and ERC-20 Tokens
AscendEX will suspend deposit and withdrawal functions for ETH and ERC-20 tokens at approximately 11:45 a.m. UTC on Aug 5, 2021. Please ensure to leave sufficient time for the ETH and ERC-20 tokens transfers to be fully processed prior to the suspension of trading. AscendEX will handle all technical requirements for users holding ETH and ERC-20 tokens on AscendEX.
2. About the ETH Hard Fork
There are two likely result scenarios with the Ethereum (ETH) London mainnet activation:
No new token is created. AscendEX will then resume deposits and withdrawals functions for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted to keep users updated.
A new token is created when the ETH chain splits into two competing chains. AscendEX will credit users with ETH from the chain with the most work done and then credit users with the token from the other chain at a ratio of 1:1 based on the snapshot of ETH balances at block height 12,965,000, or approximately at 11:55 a.m. UTC on Aug 5, 2021. Further details regarding this distribution will be stated in a later announcement.
AscendEX will update users on the ramifications of the chain split in a later announcement.
3. Cash, Margin and Futures Trading for ETH and ERC-20 Tokens
- Cash Trading: Cash trading for ETH and ERC-20 tokens will not be affected. Please ensure to utilize risk management while trading as the price of an asset is often highly volatile during a hard fork.
- Margin and Futures Trading: Margin and futures trading for ETH and ERC-20 tokens will not be affected. Please ensure to utilize risk management while trading as liquidations remain possible under extreme price volatility.
- Uncredited ETH deposits and pending ETH withdrawals will not be counted in users' snapshot balances.
- Please stay tuned for a further announcement regarding when deposit and withdrawal functions will be resumed once the network is stable.
- The Ethereum network upgrade and the hard fork will take place on the Ethereum mainnet block height 12,965,000. Please note this is an estimated time to complete the upgrade as a reference because the time is subject to block propagation times and may be delayed.
Please see below for more information:
Thank you for continued support!
The AscendEX Team
Telegram Group: https://t.me/AscendEXEnglish