Ethereum’s Proof-of-Work (PoW) chain will migrate to the Proof-of-Stake (PoS) chain upon hitting the Terminal Total Difficulty (TTD) value of 58750000000000000000000. The execution layer upgrade (Paris) is expected to take place between 2022-09-10 to 2022-09-20. Current estimation lies at the ETH mainnet block height of 15,540,293, or approximately at 2022-09-15 00:30 (UTC).
Prior to this, the consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain at 2022-09-06 11:34:47 (UTC).
As a new token might be created during a hard fork, Mandala has taken the following steps to reduce the trading risks brought about by price volatility and to maintain the safety of user funds during the hard fork:
1. ETH Deposits and Withdrawals
Mandala will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately:
- 2022-09-06 11:00 (UTC) for the Bellatrix consensus layer upgrade
- 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 Mandala .
2. Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
No new token is created. Mandala will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted.
The chain splits into two competing chains and a new token is created. The “ETH” ticker will be used for the Ethereum PoS chain. We will then credit to users’ Mandala accounts the forked token from the minority chain at a ratio of 1:1, based on the snapshot of ETH balances before the Paris execution layer upgrade (approximately at ETH mainnet block height of 15,540,293, or 2022-09-15 00:30 (UTC)). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a separate announcement.
Mandala reserves the right to update the treatment of the chain split in a further announcement.
In order to protect Mandala users, the forked token will go through the same strict listing review process as Mandala does for any other coin/token. Mandala does not guarantee any listings as per our internal policy.
3. ETH and ERC-20 Tokens Spot Trading
Spot trading for ETH and ERC-20 tokens will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
- Uncredited ETH deposits, pending ETH withdrawals, will not count toward the snapshot of users’ ETH balances before the Paris execution layer upgrade.
- A further announcement will be made regarding the timing for the resumption of deposits and withdrawals, as well as further information about the potential ETH chain split that may affect the above information.
- The Paris execution layer upgrade is estimated to take place at the ETH mainnet block height of 15,540,293. The estimated time is for users’ reference only and is subject to change depending on block propagation times.
For further information, please refer to the following:
Thank you for choosing Mandala Exchange for your crypto trades.
Mandala Exchange Team
Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. Mandala Exchange will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.
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Mandala Exchange reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.