The Ethereum network is undergoing one of the most significant transformations in its history—the Merge. This pivotal upgrade marks the transition from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) model, fundamentally reshaping how Ethereum operates. As this event approaches, OKX is providing comprehensive support and clear guidance to ensure a smooth experience for all users.
Understanding the Merge: Key Milestones
The Merge will occur in two coordinated phases: Bellatrix and Paris. These upgrades work in tandem to integrate Ethereum’s existing execution layer with the PoS Beacon Chain.
- Bellatrix (Consensus Layer Upgrade)
Scheduled for approximately September 6, 2022 (UTC), Bellatrix prepares the Beacon Chain to recognize and process data from the Ethereum Mainnet. This upgrade activates the Merge readiness on the consensus side when the Beacon Chain reaches epoch 144,896. - Paris (Execution Layer Transition)
Expected around September 15, 2022 (UTC), the Paris upgrade triggers the actual switchover. It occurs when Ethereum’s PoW chain hits a Terminal Total Difficulty (TTD) of 58,750,000,000,000,000,000,000. At this point, mining ends, and block production shifts entirely to staked validators.
Once Paris completes, Ethereum Mainnet merges with the Beacon Chain at block height 15,540,293, officially ending proof-of-work and ushering in a more energy-efficient, scalable foundation.
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Preparing for Potential Outcomes
While the Ethereum Foundation anticipates a seamless transition, hard forks can introduce uncertainty. OKX has established protocols to manage both likely scenarios:
Scenario A: No New Token Is Created
If no fork occurs, OKX will resume all ETH and ERC-20 deposit and withdrawal services after confirming network stability. Cross-chain bridge functionality will also be restored promptly.
Scenario B: A Proof-of-Work Fork Emerges
In the event of a contentious fork creating a new PoW-based token:
- Tokens on the PoS chain will retain the ETH designation.
- Tokens on the legacy PoW chain will be treated as forked assets.
Forked tokens may be airdropped to eligible users at a 1:1 ratio based on ETH balances at the time of the snapshot. These tokens will undergo OKX’s standard listing review before trading becomes available. Users will be notified via official announcements regarding distribution and eligibility.
Impact on Trading Services
OKX has taken proactive steps to maintain market integrity during this transition.
Spot Trading
Unaffected. ETH and ERC-20 spot markets will remain fully operational.
Margin Trading
- ETH cross and isolated margin trading continues without interruption.
- However, ETH margin borrowing and VIP loan services will be temporarily suspended.
- Interest rates may be adjusted prior to suspension based on market volatility.
Important: If you hold outstanding ETH loans—including negative equity in multi-currency margin mode—and a fork occurs, repayment must be made using the resulting forked tokens. To avoid complications, consider repaying loans in advance.
Futures & Perpetual Swaps
ETHUSDT and ETHUSD perpetual swaps, as well as futures contracts, will continue trading normally.
Options Trading
ETHUSD options trading remains unaffected.
Due to potential price swings during the Merge, OKX reserves the right to implement additional risk controls, including:
- Adjusting margin tiers for ETH derivatives
- Modifying discount rates in multi-currency and portfolio margin modes
- Updating funding rates and price limits for perpetual swaps
- Revising index price components and mark prices for ETH contracts
Users are strongly advised to reduce leverage, close high-risk positions, or increase collateral ahead of the upgrade.
How Grow Services Are Affected
OKX’s suite of earning products is designed with resilience in mind.
Savings, Staking, Dual Investment & Smart Gain
These services remain fully functional. Your staked ETH will be included in any relevant snapshots. However, given increased market volatility during forks, prudent risk management is recommended.
Loans
ETH-backed loans are unaffected. Any ETH used as collateral or owed as liability will be captured in the snapshot. In the event of a fork, liabilities on the PoW chain must be repaid with corresponding forked tokens.
ETH 2.0 Staking
- New staking subscriptions will be paused on September 6 and September 15, 2022.
- BETH rewards will continue to be distributed as usual.
- Whether staked ETH qualifies for forked token claims depends on how the alternative chain handles ETH2.0 smart contracts. A dedicated update will clarify this post-fork.
DeFi Mining
Project subscriptions remain active. However:
- On-chain staking and redemption functions will be paused on upgrade days.
- Withdrawals and profit distributions may experience delays due to network congestion.
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Fiat & Conversion Services
Fiat on-ramps and off-ramps are not impacted by the Merge. Users can continue depositing, withdrawing, and trading ETH using fiat currencies without disruption.
Similarly, ETH conversion services—including instant swaps between cryptocurrencies—will operate as normal throughout the upgrade period.
Frequently Asked Questions (FAQ)
Q: Will I lose my ETH during the Merge?
A: No. The Merge is a protocol upgrade, not a token swap. Your ETH balance remains safe and accessible after the transition.
Q: Do I need to take any action before the Merge?
A: While no direct action is required, it's wise to repay outstanding ETH loans and monitor your positions. Depositing ETH to OKX ahead of time ensures faster access if services are briefly paused.
Q: What happens if a new Ethereum fork token appears?
A: OKX will evaluate the forked token through its listing process. If approved, it will be distributed based on snapshot holdings and made available for trading.
Q: Can I still trade ETH during the upgrade?
A: Yes. Spot, futures, perpetual, and options trading continue uninterrupted. Only deposits/withdrawals may be temporarily paused.
Q: When will deposits and withdrawals resume?
A: Once network stability is confirmed post-upgrade. OKX will announce resumption times via official channels.
Q: Is staking safe during the Merge?
A: Yes. Your staked ETH and BETH rewards are secure. Subscription services will pause briefly on upgrade dates but resume afterward.
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Final Notes
The Ethereum Merge represents a landmark moment for decentralized technology. By transitioning to proof-of-stake, Ethereum becomes more sustainable, secure, and poised for future scalability enhancements like sharding.
OKX remains committed to user security, transparency, and uninterrupted service delivery throughout this evolution. Stay informed through official announcements and prepare accordingly to navigate this change with confidence.
Keywords: Ethereum Merge, proof-of-stake upgrade, ETH staking, blockchain transition, Ethereum fork, ETH trading, crypto network upgrade