The Ethereum Merge Notice: ETH/ERC20 Tokens Deposit & Withdrawal Suspended
Sep 5, 2022
As the announcement in relation to the Mainnet Merge of Ethereum, the upgrade will be kicking off as of tomorrow (September 6, 2022) and the whole process shall be executed in two phases.
The Bellatrix Upgrade of The Merge
The Bellatrix is the first network upgrade on the consensus layer (CL) that is going to be activated for epoch 144896 on the Beacon Chain.
Beacon Chain provides the tempo for the harmony and consensus of Etheruem’s system (an epoch is by definition the span of 32 slots between two different checkpoints; each slot is 12 seconds, hence an epoch 6.4 minutes).
If all goes smoothly, this very first phase of upgrade will be scheduled to commence at 19:30-ish on September 6, 2022.
The Paris Upgrade of The Merge
Following the Bellatrix upgrade, the Paris upgrade on the execution layer (EL) removes any dependency on proof-of-work (PoW) mining, triggered by a specific terminal total difficulty (TTD) threshold.
Upon the TTD hitting an expected value, Ethereum will be migrating from a PoW chain to a proof-of-stake (PoS) system, setting a stage for future scaling upgrades.
The second phase of upgrade is expected to be completed somewhere between September 10 to 20, 2022, though most have been assuming the Merge might come about sooner than expected.
The Merge’s Impact on Steaker
The Ethereum Mainnet ERC20, which currently supports Steaker’s tokens for investment, will be switched to Beacon Chain using PoS in the wake of the two-step process.
With regard to the impact of the Ethereum Merge on our users along with the measures for the chain-splitting hard fork following the Merger, please check below for more detailed info.
ETH/ERC20 Tokens Deposit & Withdrawal
In response to the Merge, Steaker will suspend the deposit and withdrawal service of ETH and other ERC20 Mainnet tokens – USDT, USDC, BUSD, and DAI – half an hour prior to the start of the upgrade work.
The estimated time is as follows, but please pay close attention to the announcement on our official website for the exact timing and ensure sufficient time for any deposit and withdrawal operations.
● 2022/09/06 The Bellatrix upgrade on the consensus layer (epoch 144,896 on the Beacon Chain)
● 2022/09/15 The Paris upgrade on the execution layer (ETH mainnet block height of 15,540,293)
● The above terms of upgrade should be according to the identifier UTC+08:00. The Merge will be taking place at a block height 15,540,293 on the mainnet. The precise timing may vary depending on the processing time of each block (transaction per second, or TPS).
● The exact time for the suspension and restoration of ETH/ERC20 tokens’ deposit & withdrawal service will be announced on our official website separately. Active portfolios, the Swap function, and Auto-Invest Plan will remain untouched.
● If Ethereum’s hard fork is successful, Steaker will NOT support the deposit/withdrawal service of the hard fork tokens.