Dear AAX Users,
The Proof of Work (PoW) chain of Ethereum will migrate to a Proof of Stake (PoS) chain when it reaches a Terminal Total Difficulty (TTD) value of 587500000000000000000000000, expected between September 10-22, 2022. It is currently estimated to be located at Ethernet Mainnet block height of 15,540,293 or approximately at 00:30 on September 15, 2022 (UTC).
Previously, the consensus layer upgrade (Bellatrix) was scheduled for epoch 144,896 on the Beacon chain at 11:34:47 am UTC on Sept 6, 2022.
As new tokens may be created during the Hard Fork, AAX will take the following measures to reduce transaction risks associated with price fluctuations and to maintain the safety of user funds, details as follows:
1. About ETH deposit and withdrawal service
AAX will suspend ETH and ERC-20 network tokens’ deposit and withdrawal services, the timeline is as follows
● September 06, 2022, 11:00 (UTC) for Consensus Layer upgrade (Bellatrix)
● September 15, 2022 at 00:00 (UTC) for the Execution Level upgrade (Paris)
Please ensure that you have enough time for the deposit and withdrawal service. AAX will handle any technical issues during the Hard Fork for all users who hold ETH and ERC20 tokens.
2. About the Merge
In the event of this Ethernet merge, a hard fork will create two competing blockchains and a new token. The "ETH" code will be used in the Ether PoS chain.
AAX will distribute forked tokens to users in a 1:1 ratio from chains with less work completed, based on a snapshot of ETH positions prior to the Execution Layer upgrade (expected at Ether mainnet block height of 15,540,293 or 00:30 (UTC) on September 15, 2022), and will support the withdrawal of forked tokens. Details of the distribution will be announced later.
AAX reserves the right to update the announcement regarding chain fork processing.
In order to better protect AAX users, all forked tokens will be subject to the same stringent AAX coin-listing review process as other tokens. According to the internal policy, AAX does not make any guarantee of coin-listing.
3. Spot, Margin and Battle Trading for ETH and ERC-20 Network Tokens
Spot trading: Spot trading of ETH and ERC-20 network tokens will not be affected, but drastic price fluctuations may be accompanied during the Hard Fork, please evaluate the risk before trading.
Margin trading: ETH Margin trading will not be affected. However, AAX will suspend ETH borrowing service from 00:00 on September 14, 2022 to 00:00 on September 16, 2022 (UTC).
Please note that liquidation may still occur in the event of drastic price fluctuations, and AAX reserves the right to update the suspension period of ETH borrowing service and adjust ETH rates with or without prior notice.
Battle trading: ETH Battle trading will not be affected.
4. About ETH Futures trading
Trading of ETH USDT-margined futures trading will not be affected.
If a new token is created after the Hard Fork, the price index of the USDT-margined futures will track the "ETH" code on the AAX spot trading and major spot market trading platforms. AAX will provide further details or updates in further announcements if there are any changes to the contracts underlying assets. To view the composite index of Price, please refer to the AAX Indexes page for details.
5. About Convert
Convert on ETH will not be affected, but drastic price fluctuations may be accompanied during the Hard Fork, so please evaluate the risk before trading.
6. About Staking Investments
ETH single-coin and dual-coin staking investments will not be affected. Due to the high price volatility during the Hard Fork, please ensure that you take adequate measures against the risk.
7. About Savings
Transactions in ETH Savings will not be affected. Due to the high price volatility during the Hard Fork, please ensure that you take adequate measures against the risk.
If your ETH deposit is not credited or is being withdrawn at the time of the position snapshot, it will not be counted in the position snapshot statistics, please handle the deposit and withdrawal in time, AAX will help you to deal with any technical problems during the Hard Fork.
The snapshot will count the net balance of ETH in Spot accounts, Cash accounts, Margin accounts, Futures accounts and Financial accounts. New tokens generated after the Hard Fork will be distributed to eligible users.
The reopening time of the deposit and withdrawal service will be announced after the Hard Fork is completed and the network is running stably.
The Hard Fork will be conducted at Ethernet Mainnet block height of 15,540,293. The estimated time is for users' reference only and may change according to the processing speed of the block.
If you have any questions, please contact the official customer service. Thank you for your support of AAX!
August 30, 2022
Risk notice: Digital currency deals are risky. Please pay serious attention to your trading and purchase with care. AAX is not responsible for your loss due to any behavior of your trading.
AAX Exchange: https://www.aax.com/
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Email Help Desk: firstname.lastname@example.org
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AAX Savings Community https://t.me/aaxsavings
AAX reserves all rights in this announcement, including but not limited to, the right to adjust, interpret and terminate it at any time without prior notice.