Hello Flitpay FAM!
As many of you might know, Ethereum’s upgrade, ‘The Merge’, is about to transfer Ethereum from proof of work (PoW) to proof of stake (PoS).
It will be a double-step process composed of Bellatrix (consensus layer upgrade) and Paris (execution layer upgrade).
The Bellatrix upgrade will take place on Sep 6, 2022, for epoch 144896 on the Beacon Chain. And the Paris layer execution is expected between Sep 10, 2022, to Sep 20, 2022. The current expected date for the Paris upgrade is Sep 15, 2022.
To make this upgrade smooth for our users and to ensure the safety of their funds, we have made a few arrangements which are as follows:
1. Suspension of ETH and ERC-20 token deposits and withdrawals will commence on
- On Sept 6, 2022, for the Bellatrix upgrade
- From Sept 14 to Sept 16, 2022, for the Paris upgrade
This time is subject to change according to the upgrade requirements and announcement by Ethereum.
2. Trading for ETH and ERC-20 tokens will NOT be affected.
3. All the pending orders (ETH or ERC 20 tokens) from the order book will be considered invalid once the above suspension period begins.
4. Your staking balance of ETH, ERC-20 or other tokens will be unaffected and safe with Flitpay.
5. Deposits and withdrawals for ETH and ERC20 tokens will restart once the upgraded Ethereum network becomes stable.
Possibilities associated with “The Merge”:
If the upgrade becomes successful, no new token will emerge. In this case, Flitpay will reopen its deposits and withdrawals as soon as the Ethereum network stabilizes.
If the merge event does not occur as per the planning, the Ethereum blockchain will split into two and create a new token. In this case, Flitpay will airdrop this new token to all ETH holders in the 1:1 ratio based on their ETH balance available before the Paris execution layer upgrade. However, this possibility is less likely to happen.
- If you are planning any withdrawal or deposit of ETH or ERC-20 tokens, make sure that you do it before enough time from the upgrades begin.
- The actual time for the Merge depends entirely on the announcement by Ethereum. Flitpay does not have any control or say in the process.
Flitpay will keep informing you about this upgrade and any associated changes.
Thanks for supporting us!