The Ethereum network is undergoing one of the most significant transformations in its history—the Merge. As this pivotal upgrade approaches, OKX is committed to ensuring a seamless and secure experience for all users. This article provides a comprehensive overview of the Merge, its timeline, potential scenarios, and how OKX is preparing to support you every step of the way.
Understanding the Ethereum Merge
The Ethereum Merge marks the transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) model. This shift not only enhances network sustainability but also improves scalability and security. The Merge occurs in two key phases: Bellatrix and Paris, each playing a crucial role in aligning Ethereum’s execution and consensus layers.
Bellatrix Upgrade – September 6, 2022 (UTC)
The first phase, Bellatrix, is a consensus layer upgrade on the Beacon Chain. It activates the Merge readiness by enabling communication between the Beacon Chain and the Ethereum Mainnet. This occurs when the Beacon Chain reaches epoch 144,896—expected around September 6, 2022 (UTC).
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Paris Upgrade – Around September 15, 2022 (UTC)
The second and final phase, Paris, triggers the actual Merge at the execution layer. This happens when Ethereum’s PoW chain reaches a Terminal Total Difficulty (TTD) of 58,750,000,000,000,000,000,000, estimated around September 15, 2022 (UTC). At this point:
- The Ethereum Mainnet merges with the Beacon Chain.
- Proof-of-stake fully takes over.
- The legacy PoW chain is retired.
This moment signifies the completion of the Merge and the beginning of a new era for Ethereum.
ETH Deposits and Withdrawals: What You Need to Know
To ensure system stability during both upgrade events, OKX will temporarily suspend certain services:
ETH and ERC-20 token deposits and withdrawals will be paused during:
- The Bellatrix upgrade (around September 6, 2022)
- The Paris upgrade (around September 15, 2022)
Exact timing will be announced in advance. We recommend depositing your ETH before these dates to avoid service interruptions.
Possible Scenarios During the Merge
Two potential outcomes may unfold during the Merge:
Scenario A: No New Token Is Created
If no hard fork occurs and no new token emerges:
- OKX will resume ETH and ERC-20 deposits, withdrawals, and cross-chain bridge services once network stability is confirmed.
- All services will return to normal operation without additional actions required from users.
Scenario B: A Hard Fork Creates a New Token
In the event of a contentious hard fork resulting in a new Ethereum PoW token:
- OKX will recognize the PoS chain as the official ETH.
- Tokens on the PoW chain will be treated as forked tokens.
- Forked tokens will be distributed via an airdrop at a 1:1 ratio based on your ETH holdings at the time of the snapshot.
- These tokens must go through OKX’s standard listing review process before trading becomes available.
Important: If you have outstanding ETH loans—including negative equity in multi-currency margin mode—you may be required to repay using forked tokens if Scenario B occurs. We strongly recommend repaying loans in advance to avoid complications.
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Trading Services During the Merge
OKX has implemented measures to maintain trading continuity while managing volatility risks.
Spot Trading
- Unaffected: Spot trading for ETH and ERC-20 tokens will continue normally.
Margin Trading
- Cross and isolated margin trading for ETH pairs remains active.
- However, ETH margin borrowing and VIP borrowing services will be suspended.
- Interest rates may be adjusted prior to suspension based on market conditions.
Futures & Perpetual Swaps
- ETHUSDT and ETHUSD perpetual swaps and futures contracts are unaffected.
- No changes to trading functionality are expected.
Options Trading
- ETHUSD options trading will proceed as usual.
Due to potential price volatility:
- Reduce leverage or close high-risk positions ahead of the Merge.
- Consider increasing your margin to avoid liquidation.
OKX may implement additional risk controls, including:
- Adjusting margin tiers
- Modifying discount rates in multi-currency and portfolio margin modes
- Changing funding rates and price limits
- Updating index price components and mark prices
All changes will be communicated via official announcements.
Grow Services: Staking, Savings & More
Your participation in yield-generating products remains largely uninterrupted.
Savings, Staking, Dual Investment & Smart Gain
- These services are not affected by the Merge.
- Your staked ETH will be included in any relevant snapshots.
- Be mindful of increased price volatility during contentious forks—apply appropriate risk management strategies.
Loans
- ETH-backed loans remain operational.
- Collateral and liabilities in ETH will be included in the snapshot.
- In case of a fork, repayment obligations may apply to forked tokens.
ETH 2.0 Staking
- New staking subscriptions will be suspended on September 6 and September 15.
- BETH rewards will be distributed as usual.
- Whether staked ETH qualifies for forked token claims depends on how the PoW chain handles ETH2.0 smart contracts—details will follow in a separate update.
DeFi Mining
- Subscriptions remain active.
- On-chain staking and redemption functions will be paused on upgrade days.
- Redemption processing and profit distribution may experience delays.
Fiat & Convert Services
Fiat Transactions
- Buying or selling ETH with fiat currency will not be disrupted.
Convert Functionality
- The ETH conversion service remains fully operational throughout the Merge.
Frequently Asked Questions (FAQ)
Q: Will I lose my ETH during the Merge?
A: No. Your ETH balances are safe. The Merge is a protocol upgrade, not a token swap. As long as you hold ETH in a secure wallet or on OKX, your assets remain intact.
Q: Do I need to do anything to receive new tokens if there’s a fork?
A: If a fork occurs and OKX lists the new token, eligible users will automatically receive it via airdrop based on their snapshot balance. No action is required unless otherwise announced.
Q: Can I still trade ETH during the upgrade?
A: Yes. Spot, futures, perpetual, and options trading for ETH will continue uninterrupted. However, borrowing and withdrawals may be temporarily suspended.
Q: What happens to my staked ETH or BETH?
A: Your staked assets remain secure. BETH rewards will be paid out normally. Any impact from a fork will depend on how the new chain treats staking contracts—OKX will provide updates accordingly.
Q: How does the Merge affect margin positions?
A: Open positions can be held, but new ETH borrowing will be paused. High volatility increases liquidation risk—consider reducing leverage ahead of time.
Q: When will deposits and withdrawals resume?
A: Once network stability is confirmed post-upgrade. Monitor OKX announcements for exact timing.
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Final Recommendations
As the Ethereum Merge approaches:
- Deposit ETH early to avoid delays.
- Repay outstanding loans to prevent repayment issues with forked tokens.
- Monitor official OKX channels for timely updates.
- Stay informed about potential forks and their implications.
The Merge represents a transformative milestone for Ethereum—one that promises greater efficiency, lower energy consumption, and enhanced security. OKX stands ready to support you through this evolution with robust infrastructure, clear communication, and user-first policies.
By staying proactive and informed, you can navigate this transition smoothly and continue building your digital asset strategy with confidence.
Core Keywords: Ethereum Merge, ETH staking, proof-of-stake upgrade, ETH trading, Ethereum hard fork, ETH deposits and withdrawals, Beacon Chain, Bellatrix upgrade