Dear Narkasa Users;
The Ethereum Foundation has announced that the Proof of Work (PoW) chain will be replaced by the Proof of Stake (PoS) chain. The merge is scheduled to take place between September 10 and September 20, 2022. The merge will occur in two stages, Bellatrix and Paris.
Given the possibility of a new token being created during hard fork, Narkasa will take the following steps to mitigate trading risks caused by price volatility during the hard fork:
1. Spot Trading
The merge will have no effect on trade for ETH and ERC-20 tokens.
2.ETH Withdrawals and Deposits
During the two upgrades, Narkasa will suspend ETH and other Ethereum-based (ERC-20) token deposits and withdrawals. The precise time and date will be announced.
Estimate upgrade dates:
- Bellatrix consensus layer upgrade may be scheduled for September 6, 2022;
- Paris execution layer upgrade may be scheduled for September 15, 2022
3. The Merge Process Scenarios
There are two scenarios that could occur during the merge.
Scenario A:
During the merge, no new tokens are created. Deposits and withdrawals of ETH and ERC-20 tokens will be reopened once Narkasa confirms that the Ethereum Mainnet is stable and secure.
Scenario B:
The chain is split into two competing chains, each with its own token. Tokens created on the Ethereum PoS chain will be treated as "ETH," while tokens created on the Ethereum PoW chain will be treated as forked tokens.
- More information about the airdrop of forked tokens will be provided in a later announcement.
- Before being listed on Narkasa, forked tokens will go through a review process. If the tokens pass the review, notification will be sent.