ETH Merge Service Update

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The Ethereum Merge represents one of the most significant upgrades in blockchain history, transitioning the network from energy-intensive proof-of-work (PoW) to a more sustainable proof-of-stake (PoS) consensus mechanism. As this pivotal event approaches, OKX is committed to ensuring a seamless experience for all users. This update outlines key timelines, service adjustments, and risk management strategies related to the Merge.

Understanding the Two-Phase Merge Process

The Merge will occur in two distinct phases: Bellatrix and Paris. Each phase plays a critical role in aligning Ethereum’s execution and consensus layers.

Bellatrix Upgrade – September 6, 2022 (UTC)

The Bellatrix upgrade is a consensus-layer activation on the Beacon Chain, designed to prepare the system for integration with Ethereum Mainnet. It will be triggered when the Beacon Chain reaches epoch 144,896—expected around September 6, 2022 (UTC). This step makes the Beacon Chain “Merge aware,” setting the stage for full convergence.

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Paris Upgrade – Around September 15, 2022 (UTC)

The Paris upgrade marks the execution-layer transition. When Ethereum’s Total Terminal Difficulty (TTD) hits 58,750,000,000,000,000,000,000, mining will cease, and proof-of-stake will take over. At this point, Ethereum Mainnet merges with the Beacon Chain, officially ending PoW and completing The Merge.

This shift is expected around September 15, 2022 (UTC), though the exact timing depends on network conditions.

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Service Adjustments During the Merge

To maintain platform stability and protect user assets during this technical transformation, OKX will implement temporary service modifications.

Suspension of ETH and ERC-20 Deposits/Withdrawals

OKX will temporarily suspend deposits and withdrawals for ETH and all ERC-20 tokens during both upgrade events:

These pauses allow our systems to synchronize with the evolving blockchain state and prevent transaction failures or fund loss due to chain reorganizations.

We will publish precise timing details in advance through official announcements.

Possible Outcomes of The Merge

Two primary scenarios could unfold following the Paris upgrade:

Scenario A: No New Token Created

If no hard fork occurs and only one valid Ethereum chain emerges (the PoS chain), OKX will resume normal ETH and ERC-20 deposit, withdrawal, and cross-chain bridge services once network stability is confirmed.

Scenario B: Hard Fork Creates a New PoW Token

In the event of a contentious hard fork resulting in both a PoS and a PoW chain:

Forked tokens may be distributed via an airdrop at a 1:1 ratio based on your ETH holdings at the time of the snapshot. However, these tokens must first undergo OKX’s standard listing review process before trading becomes available.

Users will be notified separately if and when forked tokens are listed.

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Impact on Trading Services

Spot Trading

Spot trading for ETH and ERC-20 tokens will continue uninterrupted. Market depth and order execution are not expected to be affected.

Margin Trading

While ETH margin trading pairs (both cross and isolated) remain active, ETH margin borrowing and VIP borrowing services will be suspended temporarily.

Additionally, OKX may adjust borrowing interest rates prior to suspension based on market dynamics. Users with outstanding ETH loans—including negative equity in multi-currency margin accounts—should note:

If a hard fork occurs (Scenario B), you will be required to repay your loan using the forked PoW token.

We strongly recommend repaying ETH liabilities in advance to avoid complications.

Futures & Perpetual Swaps

ETHUSDT and ETHUSD perpetual swaps, along with futures contracts, will operate normally during The Merge.

However, due to potential extreme price volatility, OKX reserves the right to implement additional risk controls, including:

These measures aim to protect traders from abnormal market behavior.

Options Trading

ETHUSD options trading will proceed without disruption.

Grow Services: Staking, Savings & DeFi

OKX’s financial products are designed with resilience in mind. Most services remain unaffected:

Savings, Staking, Dual Investment & Smart Gain

All active positions will be included in any relevant snapshots. While services continue running, we advise users to monitor exposure closely—hard forks often bring heightened price swings.

Loan Services

ETH-backed loans are unaffected by The Merge. Collateralized ETH will be included in snapshots. In case of a fork, any ETH-denominated debt must be repaid using the corresponding forked token.

ETH 2.0 Staking (BETH)

Subscriptions to ETH 2.0 staking will pause on September 6 and September 15, but BETH rewards will be distributed as usual. Whether staked ETH is eligible for forked token claims depends on how the PoW chain handles ETH2.0 smart contracts—a determination that will be clarified in a future announcement.

DeFi Mining

Project subscriptions remain active. However, on-chain staking and redemption functions will be paused on both upgrade dates. This may cause delays in withdrawals and profit distributions until operations normalize post-upgrade.

Fiat & Conversion Services

Fiat on-ramps and off-ramps for ETH will function normally throughout The Merge. Users can continue buying or selling ETH using fiat currencies without interruption.

Similarly, Convert services—allowing instant swaps between cryptocurrencies—will remain fully operational.

Frequently Asked Questions (FAQ)

Q: Will I lose my ETH during The Merge?
A: No. Your ETH holdings 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 balance remains intact.

Q: Do I need to do anything before The Merge?
A: Yes. To avoid service disruptions, deposit your ETH to OKX before September 6. Also consider repaying any open ETH loans to prevent repayment issues if a hard fork occurs.

Q: Will I get free tokens from a potential hard fork?
A: If a PoW fork happens and OKX lists the new token, eligible users will receive it via airdrop at 1:1 based on their snapshot balance—subject to technical feasibility and platform rules.

Q: Can I still trade ETH during The Merge?
A: Yes. Spot, futures, perpetuals, and options trading continue unaffected. Only deposits/withdrawals are temporarily paused.

Q: What happens if I try to withdraw ETH during the suspension period?
A: Withdrawal requests submitted during the pause will be queued and processed after services resume. No funds will be lost.

Q: How will OKX decide whether to list a forked token?
A: All forked tokens go through our standard listing review process, assessing security, community support, liquidity, and compliance before any decision is made.

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Final Notes

The Ethereum Merge is more than a technical upgrade—it's a transformative moment for decentralized technology. While opportunities abound, so do risks tied to volatility and uncertainty around potential forks.

OKX remains dedicated to transparency, security, and user empowerment throughout this transition. By preparing in advance—securing assets, managing leverage, and staying informed—you can navigate The Merge with confidence.

For further assistance, visit the OKX Support Center.