In September 2022, Ethereum is scheduled to start ETH 2.0's Merge upgrade. As the world's first exchange supporting Ethereum and Ethereum Classic, Biconomy will give full support to ETH's upgrade and its potential hard fork. If successful, the Merge could create two parallel blockchains after the upgrade. All Ethereum (ETH) holders on Biconomy will receive the forked assets at a 1:1 ratio when the upgrade is completed.
To mitigate the risks from market volatility during the hard fork and safeguard users' assets, Biconomy will list two "potential forked" ETH tokens and the associated markets. Details are as follows:
- Prior to the official ETH 2.0 upgrade, ETH holders on Biconomycan go to the swap pageto swap their ETH into either of the two "potential forked" tokens, ETHS [IOU] and ETHW [IOU] , at a 1:1 ratio (users are also allowed to swap their ETHS [IOU] and ETHW [IOU] into ETH at the same ratio before the upgrade). Biconomy will launch the corresponding markets, with details explained below:
- "Potential forked" token explained:
- ETHS represents the token for the new PoS (proof-of-stake) chain;
- ETHW represents the token for the PoW (proof-of-work) chain that will potentially continue to exist.
- Swap (ETH into ETHS/ETHW) opens on: August 8, 2022 at 04:00 (UTC) till the ETH 2.0 upgrade
- Swap (ETHS/ETHW into ETH) opens on: August 8, 2022 at 04:00 (UTC) till the ETH 2.0 upgrade
- The market pairs include ETHS/ETH and ETHW/ETH, and more pairs may be added for trading in the future.
- Trades will be enabled on: August 8, 2022 at 12:00 (UTC)
- Deposits and withdrawals of ETHS and ETHW will not be available.
2.1. Biconomy will take a snapshot of all ETHS balances before the upgrade. If the ETH 2.0 upgrade ends up with more than one chain, ETHS will be automatically converted into the upgraded ETH at a 1:1 ratio and the ETHS market will be delisted. After the hard fork, the PoW chain with the most hashrate will serve as the main chain of ETHW. Biconomy will also support other PoW chains resulting from the fork, if any, and fully respect the community's opinions on the token naming. Biconomy will adapt the name of the token to the final community consensus and re-enable the token's deposits, withdrawals, and trading in due course. For details about the snapshot and airdrops, please follow our upcoming announcements.
2.2. If ETH 2.0 upgrade is completed without a fork (Ethereum transitions from PoW to PoS), the ETH symbol will be retained. In this case, Biconomy will suspend and delist ETHS, ETHW, and their associated markets, and ETHS will be converted to the upgraded ETH. Please be cautious about the potential risks involved;
- Based on the latest market information and community consensus, Biconomyhas decided to take the above measures and will continue to make the utmost effort to maintain a stable market. More details will be provided in later announcements. Please note that Biconomyreserves the right to amend or change this announcement (e.g. delist the relevant trading pairs in advance) to adapt to the latest market trends.
As there are still uncertainties in the hard fork of ETH, trading or investing in "potential forked" tokens bears high risks. This potential fork may not last due to insufficient hash rate or a possible lack of support from developers or community members, which will cause the tokens to lose all value or be delisted from Biconomy. Biconomy does not guarantee the value of any "potential forked" tokens, please be prudent before making any decisions.
August 5, 2022