Notice About the Upcoming Ethereum Merge

Sep 5, 2022ETH

Disclaimer: This is a general announcement. Products and services referred to here may not be available in your region. Please refer to T&C for more details.

The Merge of the Ethereum Mainnet to the proof-of-stake (PoS) chain is currently underway, with Paris, the execution layer's portion of the transition scheduled to take place between Sept. 10, 2022 and Sept. 20, 2022.

In the event of a new token created during a chain-splitting hard fork, Bybit will take the following actions to reduce trading risks and ensure the safety of our traders' funds:

Temporary suspensions of deposits and withdrawals

Bybit will suspend deposits and withdrawals of ETH, ERC-20 tokens and NFTs of the ERC-721 standard before and after the Bellatrix and Paris upgrades.

Here are the respective timings:

Bellatrix (Consensus Layer): Sept. 6, 2022, 11AM UTC

Paris (Execution Layer): Sept. 15, 2022, 12AM (midnight) UTC

Please ensure sufficient time for deposits and withdrawals. For users holding ETH, ERC-20 tokens and NFTs of the ERC-721 standard, Bybit will handle any technical issues arising from The Merge and potential chain-splitting hard fork tokens.

Two possible scenarios may arise from The Merge:

Scenario 1:

There is no new token created. Bybit will resume the deposits and withdrawals of ETH, ERC-20 tokens and NFTs of the ERC-721 standard as soon as possible.

Scenario 2:

A chain-splitting hard fork creates two (2) competing blockchains and a new token. The ETH code will be used in the Ether PoS chain.

Bybit will distribute the forked tokens to users on a 1:1 ratio based on a snapshot of ETH positions prior to the Paris upgrade (estimated at 15,540,293 block height on the Ethereum mainnet or 12:30AM UTC on Sept. 15, 2022). Withdrawals of forked tokens will be supported after airdrop distribution is completed.

In order to better protect Bybit users, all forked tokens must pass Bybit's strict uploading review process, just like all other tokens. In accordance with our internal policy, Bybit will not make any guarantee of coin listings. Bybit will update users with an announcement on hard fork procedures accordingly.

Spot Trading

Spot trades of ETH and ERC-20 tokens will not be affected, but the chain-splitting hard fork may result in price fluctuations. Please assess the risk before trading.

Margin Trading

Margin Trading of ETH pairs will not be affected, but the lending function will be suspended from Sep 14, 2022 12AM (midnight) UTC to Sep 16, 2022 12AM (midnight) UTC. ETH borrowers will not receive the airdrop of forked tokens and your positions will be liquidated if and when the price fluctuates drastically. Please manage your risk accordingly.

Over-the-Counter (OTC) Lending

OTC lending will not be affected. If you hold ETH assets, forced liquidation may occur if and when the price fluctuates drastically. Please manage your risk accordingly.

Leveraged Tokens

ETH Leveraged Tokens may trigger a position transfer rebalance if the price of ETH fluctuates drastically, and in extreme cases, redemptions may be closed.

Bybit Earn

ETH-related products — Bybit Savings fixed or flexible term, Liquidity Mining and Dual Asset — will not be affected. During a hard fork, prices may fluctuate drastically. Please ensure you understand the potential risks and invest wisely.

Futures

Trading of ETH-related Futures contracts will not be affected. Bybit Futures contracts may be subjected to additional protective measures, including but not limited to:

1. Adjustment of margin levels and their associated trading parameters such as maximum leverage, position values and maintenance margins.

2. Updates on the funding rate, price index and mark price related calculations.

If a new token is created after a hard fork, the price index will track the ETH code of the main Spot trading platform. Should there be changes in the underlying asset, Bybit will announce more details and/or updates.

Options

Trading of ETH-related Options contracts will not be affected, while the strike price of existing Options contracts will remain unchanged.

Based on possible market risk, ETH-related Options may temporarily adjust the margin collection method, including the standard margin model and the portfolio margin model. If a new token is created after a hard fork, the Option price index will track the ETH code of the main Spot trading platform as the index and the underlying asset.

Stay up to date on the latest news by following us on our various channels:

Announcement Center l Twitter l Telegram l Discord