The Ethereum network is undergoing one of the most significant upgrades in its history—the Merge. As the blockchain transitions from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, users must stay informed about how this shift impacts their assets and services on platforms like OKX.
This update outlines key timelines, potential scenarios, and service adjustments to help you navigate the transition smoothly and securely.
Understanding the ETH Merge: Key Upgrades and Timeline
The ETH Merge refers to the integration of Ethereum’s current execution layer with the Beacon Chain, which has been running parallel as a proof-of-stake system since December 2020. This transformation occurs in two major phases: Bellatrix and Paris.
Bellatrix Upgrade – September 6, 2022 (UTC)
The first step, Bellatrix, is a consensus layer upgrade that prepares the Beacon Chain for the Merge. It activates at epoch 144,896 on the Beacon Chain, expected around September 6, 2022 (UTC). This upgrade makes the Beacon Chain “Merge-aware,” enabling it to coordinate with Ethereum’s mainnet.
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Paris Upgrade – Around September 15, 2022 (UTC)
The second and final phase, Paris, marks the actual transition of Ethereum’s execution layer from PoW to PoS. This occurs when the network reaches a Terminal Total Difficulty (TTD) of 58,750,000,000,000,000,000,000, projected for approximately September 15, 2022 (UTC).
At this point:
- The Ethereum proof-of-work chain shuts down.
- The execution layer merges into the Beacon Chain.
- Ethereum becomes a fully proof-of-stake blockchain.
This historic shift aims to reduce energy consumption by over 99%, improve scalability, and lay the foundation for future upgrades like sharding.
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Service Adjustments During the Merge
To ensure platform stability and user asset security, OKX will implement temporary service changes during both upgrade events.
Suspension of ETH and ERC-20 Deposits and Withdrawals
OKX will temporarily suspend deposits and withdrawals for ETH and all ERC-20 tokens during the following periods:
- September 6, 2022 (UTC) – During the Bellatrix consensus layer upgrade
- September 15, 2022 (UTC) – During the Paris execution layer upgrade
Exact timing will be announced in advance. We recommend depositing your assets before these dates to avoid delays.
Possible Scenarios During the Merge
Two potential outcomes could unfold during the Merge:
Scenario A: No New Token Is Created
If no hard fork occurs and only one Ethereum chain exists post-Merge:
- OKX will resume all ETH and ERC-20 deposit, withdrawal, and cross-chain bridge services.
- Operations will restart once network stability is confirmed.
Scenario B: A Hard Fork Creates a New Token
In the event of a contentious hard fork, two chains may emerge:
- The proof-of-stake Ethereum chain (the official Ethereum network)
- A continuing proof-of-work Ethereum chain (a forked version)
In this case:
- Tokens on the PoS chain will be recognized as ETH
- Tokens on the PoW chain will be treated as forked tokens
Forked token creators may take a snapshot of your ETH balance prior to the Paris upgrade. If supported, you’ll receive an airdrop of forked tokens at a 1:1 ratio based on your ETH holdings.
All forked tokens must go through OKX’s standard listing review process before trading becomes available. Approval decisions and trading details will be shared in a separate announcement.
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Impact on Trading Services
Spot Trading
Spot trading for ETH and ERC-20 tokens will remain unaffected during the Merge.
Margin Trading
While ETH margin trading pairs (cross and isolated) will continue to operate:
- ETH margin borrowing and VIP borrowing services will be suspended
- Interest rates may be adjusted before suspension based on market volatility
- Separate announcements will provide specific timing and rate changes
Important: If you have outstanding ETH loans—including negative equity in multi-currency margin mode—at the time of the snapshot, you may be required to repay using forked tokens in Scenario B. It is strongly recommended to repay loans in advance.
Futures and Perpetual Swaps
Trading for:
- ETHUSDT and ETHUSD perpetual swaps
- ETHUSDT and ETHUSD futures
...will continue without interruption.
Options Trading
ETHUSD options trading will also remain fully operational.
Given potential price volatility during the Merge, users are advised to:
- Reduce or close leveraged positions
- Lower leverage
- Increase margin buffers
OKX reserves the right to implement additional risk controls, including:
- Adjusting margin tiers for ETH derivatives
- Modifying discount rate tiers in multi-currency and portfolio margin modes
- Changing funding rates and price limits for perpetual swaps
- Updating index price components and mark prices for ETH contracts
These measures aim to protect traders during periods of high market stress.
Grow Services: Staking, Savings & DeFi
Savings, Staking, Dual Investment & Smart Gain
These services will not be disrupted. Your staked ETH will be included in any pre-fork snapshot. However, due to increased price volatility during contentious forks, ensure you’ve taken appropriate risk management steps.
Loans
ETH-backed loans will continue normally. Any ETH used as collateral or held as liability will be included in the snapshot. In Scenario B, repayment obligations on forked chains may require repayment in forked tokens.
ETH 2.0 Staking
- Subscriptions to ETH 2.0 staking will be paused on September 6 and September 15, 2022
- BETH rewards will be distributed as usual
- Whether staked ETH is eligible for forked token claims depends on how the PoW chain handles ETH2.0 smart contracts — more details will follow in a dedicated announcement
DeFi Mining
- Project subscriptions remain unaffected
- On-chain staking and redemption functions will be paused on upgrade days
- Redemption processing and profit distribution may experience delays
Fiat and Convert Services
Both fiat on-ramps and Convert services for ETH will operate normally throughout the Merge. You can continue buying or exchanging ETH without service interruptions.
Frequently Asked Questions (FAQ)
Q: What is the ETH Merge?
A: The ETH Merge is Ethereum’s transition from proof-of-work to proof-of-stake, merging the mainnet with the Beacon Chain to improve efficiency and sustainability.
Q: Will I lose my ETH during the Merge?
A: No. Your ETH holdings are safe. In a hard fork scenario, you may receive forked tokens in addition to your existing ETH.
Q: Do I need to take any action before the Merge?
A: It’s recommended to deposit ETH to OKX early, repay outstanding loans, and monitor announcements for service changes.
Q: Can I still trade ETH during the upgrade?
A: Yes. Spot, futures, perpetual, and options trading will continue uninterrupted.
Q: What happens if a new Ethereum token is created?
A: OKX will evaluate the forked token through its listing process. If approved, it may be listed for trading or distributed via airdrop at a 1:1 ratio.
Q: When will deposits and withdrawals resume?
A: Services will resume after network stability is confirmed post-upgrade. Exact times will be announced officially.