Hello INDODAX Member,
Ethereum is migrating its network from Proof of Work (PoW) to Proof of Stake (PoS) with a two-stage process called The Merge that consists of Bellatrix and Paris upgrade. The Terminal Total Difficulty (TTD) value triggering this migration is 58750000000000000000000, which is estimated to occur on September 15th, 2022, at 7.30 AM (UTC+7).*
To maintain and to ensure the security of INDODAX Member’s trading activity and #AsetMasaDepan during the Ethereum network upgrade, INDODAX will perform system maintenance on the deposit and withdrawal features for ETH, tokens with the ERC-20 network, and derivative tokens on:
- September 6th, 2022, at 6 PM (UTC+7) until the Bellatrix upgrade finished
- September 15th, 2022, at 7 AM (UTC+7) until the Paris upgrade finished
The Ethereum network upgrade will not affect ETH, tokens with the ERC-20 network, and token derivatives trading activities, so INDODAX Members can still trade on the market during the upgrade process. However, INDODAX Members cannot make a deposit and withdrawal of these tokens above until the upgrade process is complete.
There are two potential scenarios for The Merge on the Ethereum network after the upgrading procedure is finished, namely:
Scenario 1
No new token is created after the Ethereum network fork. INDODAX will then reopen deposit and withdrawal activities for ETH, tokens with the ERC-20 network, and derivative tokens after the Ethereum network upgrade is complete.
Scenario 2
The Ethereum blockchain will split into two versions with each new token to be created. Proof of Work (PoW) version of Ethereum with Proof of Work version of ETH and Proof of Stake (PoS) version of Ethereum with Proof of Stake version of ETH.
INDODAX will take a snapshot of the member’s ETH balance at a block height of 15,540,293 or on September 15th, 2022 at 12.30 PM (UTC+7). If INDODAX supports the listing of the Proof of Work version of ETH, INDODAX Members will get the Proof of Work version of ETH airdrop.**
For any questions or further information, contact [email protected] or our Call Center at 021-50658888.
*The estimated network upgrade time above is provided by the Ethereum Foundation and is subject to change.
**Further information relating to the Proof of Work version of ETH and the Proof of Stake version of ETH will be announced in the next announcement.
Regards,
INDODAX – Indonesia Bitcoin & Crypto Exchange
