At block height 12,965,000 — or at approximately 11:45 am UTC on Aug. 5 — the Ethereum blockchain is scheduled to undergo the London network upgrade, or hard fork.
To ensure the security of your assets, we recommend that you deposit ETH to OKX before the upgrade occurs. OKX will assist you in handling any technical issues that may arise during the upgrade.
If the network hard fork results in the creation of an additional asset, OKX has taken the following steps to reduce trading risks brought about by price volatility and to maintain the safety of user funds during the process:
1. Suspension of ETH deposits and withdrawals
OKX will suspend ETH and other Ethereum-based (ERC-20) token deposits, withdrawals and Bridge services around 9:00 am UTC on Aug. 5.
In the case that no new asset is generated during the hard fork, OKX will open ETH and other ERC-20 token deposits, withdrawals and Bridge services after confirming the stability and security of the Ethereum mainnet. The specific timing for this will be announced separately.
2. Potential asset distribution
If the Ethereum network splits into two competing chains and a new asset is created, OKX will treat the asset with more computing power as ETH. We will then credit users with the forked coin (the asset from the minority chain) at a ratio of 1:1 based on a snapshot of users’ ETH balance at block height 12,965,000, or approximately 11:55 am UTC on Aug. 5. The snapshot process will last for 10 minutes. To ensure the accuracy of your ETH balance snapshot, do not transfer ETH in or out of your account during the snapshot period.
Further details regarding the distribution process of a potential new asset will be stated in a separate announcement.
The snapshot will take into account ETH balances held across each user’s trading account (unified account), classic account (spot, margin, perpetual swap, futures and options), funding account and Finance products (with the exception of ETH held in SushiSwap contracts via Earn DeFi services).
Please note, OKX reserves the right to update the treatment of the chain split in a further announcement.
3. Trading services
Spot trading: ETH and ERC-20 tokens spot trading will not be affected.
Margin trading: OKX will suspend ETH borrowing at 8:00 am UTC on Aug. 3. Unfulfilled orders that lead to an increase in your ETH borrowing amount will be canceled. Margin position will not be affected. The recovery time for the ETH borrowing service will be announced separately.
Futures trading: The trading of USDT-margined and coin-margined futures contracts will continue unaffected.
Options trading: Options trading will continue unaffected.
Relatively large price fluctuations may accompany the London upgrade. Therefore, please remain alert and manage your risk in advance by reducing or closing positions.
4. Finance services
ETH Savings services: After pausing the borrow function, users with ETH in the Savings service will continue to receive interest from the existing borrow orders. You do not need to transfer your assets from Savings to any other account. The ETH in the Savings service will count towards your ETH balance snapshot.
Loan service: The loan service for ETH will not be affected. ETH assets as collateral will participate in asset snapshot.
ETH 2.0 staking: OKX will pause ETH 2.0 staking services via Earn at 6:00 am UTC on Aug. 4. We will announce when staking services resume in a separate announcement. Please note: BETH holders will not receive the 1:1 asset allocation if a new asset is created in the hard fork.
DeFi services: ETH DeFi services via Earn, namely SushiSwap offerings, will not be affected. However, whether or not you will receive a new forked asset based on the ETH you have deposited into SushiSwap via Earn depends on whether SushiSwap officially issues the new asset.
Aug. 3, 2021