Dear users.
The Proof of Work (PoW) chain of Ethernet will be migrated to Proof of Stake (PoS) chain when it reaches the Terminal Total Difficulty (TTD) value of 58750000000000000000000. The timeline is expected to be between September 10, 2022 and September 20, 2022. The current estimate is located at 15,540,293 in the Ethernet mainnet block height or approximately at 08:30 on September 15, 2022 (Eastern Time Zone 8).
Previously, the consensus layer upgrade (Bellatrix) was planned for epoch 144,896 on the beacon chain on Sep 06, 2022 at 19:34:47 (Eastern Time Zone 8).
As new tokens may be generated during the hard fork, YIBI will take the following measures to reduce the transaction risks associated with price fluctuations and to maintain the safety of user funds during the hard fork, as follows.
1. About ETH top-up and withdrawal business
YIBI will suspend the top-up and withdrawal of ETH and ERC-20 network tokens for the following timeline
September 06, 2022, 19:00 (East 8 time) for consensus layer upgrade (Bellatrix)
September 15, 2022 at 08:00 (Eastern Time Zone 8) for the execution level upgrade (Paris)
Please make sure you leave enough time for top-up and withdrawal. YIBI will handle any technical issues in the hard fork for users holding ETH and ERC20 tokens.
2.About the Merger
There are two possible scenarios for this Ether merger.
Scenario 1.
If no new tokens are generated after the hard fork, YIBI will resume the top-up and withdrawal of ETH and ERC-20 network tokens as soon as possible. A further announcement will be made.
Scenario 2.
After the hard fork, two competing blockchains are created and a new token is created. The "ETH" code will be used in the Ether PoS chain. YIBI will also distribute the forked tokens to users in a 1:1 ratio from the chain with less work done, based on a snapshot of ETH positions prior to the execution layer upgrade (estimated at 15,540,293 Ether mainnet block height or 08:30 Eastern Time on September 15, 2022). The forked tokens will be distributed to users in a 1:1 ratio from a chain with less work done. Withdrawal of forked tokens will be supported. Details of the distribution will be announced separately.
YIBI reserves the right to update the announcement about chain fork processing.
In order to better protect YIBI users, all forked tokens will be subject to YIBI's stringent token vetting process, just like other tokens. According to the internal policy, YIBI does not make any guarantee for coin uploads.
3. About the coin spot trading of ETH and ERC-20 network tokens
Cash trading of coins: Cash trading of ETH and ERC-20 network tokens will not be affected, but a hard fork may be accompanied by more drastic price fluctuations, please assess the risk before trading.
4.About the flash trading platform
ETH trading on the flash trading platform will not be affected.
Attention.
The resumption time of recharge and withdrawal business will be announced after the hard fork is completed and the network is stable.
The hard fork will be carried out at the height of 15,540,293 in the Ethernet mainnet. The estimated time is for users' reference only and may change according to the processing speed of the block.
For more information, please refer to
The Merge
Mainnet Merge Announcement
Thank you for your support of YIBI!
YIBI Team
August 25, 2022