At block height 12,965,000, or approximately 2021-08-05 19:55 (GMT+8), the Ethereum (ETH) blockchain is scheduled to undergo the London upgrade.
This upgrade might result in a new token. To reduce the trading risks due to price changes and secure users’ assets during the upgrade, AOFEX will make the arrangements below:
1. Deposit and withdrawal
AOFEX will suspend the deposits and withdrawals of ETH and ERC-20 tokens at 19:00, August 5, 2021 (GMT+8). Please ensure that you leave sufficient time for your deposits and withdrawals of ETH and ERC-20 tokens to be fully processed prior to the above time. AOFEX will assist users in solving technical problems of the upgrade.
2. ETH upgrade
The two likely scenarios to occur with the Ethereum (ETH) London mainnet activation are:
- No new tokens are created. AOFEX will then resume the deposits and withdrawals of ETH and ERC-20 tokens as soon as possible.
- A new token is created. AOFEX will credit users with ETH from the chain with the most work done, and give away tokens on another chain to users at a ratio of 1:1 based on the snapshot of ETH balances at block height 12,965,000. The airdrop is distributed to users’ accounts and further announcement will be made after the distribution.
For any changes, AOFEX will make an announcement separately.
3. Spot Trading,Margin Trading, and Margin Loans
Spot trading: The spot trading of ETH and ERC-20 tokens will not be affected. Please evaluate the risks before trading as price volatility is often high during the upgrade.
Margin trading: AOFEX will suspend ETH loans from 16:00, August 3, 2021 - 19:00, August 5, 2021 (GMT+8) Margin trading will not be affected. Please evaluate the risks before trading as liquidations remain possible under extreme price volatility.
Margin loan: AOFEX will suspend ETH margin loans from 16:00, August 3, 2021 - 19:00, August 5, 2021 (GMT+8).
4. Perpetual Swap Trading
ETH perpetual swap trading will not be affected. Please evaluate the risks before trading as liquidations remain possible under extreme price volatility.
5. ETH Options
ETH innovative options will not be affected.
- Unconfirmed ETH deposits or pending ETH withdrawals will not be counted in users’ snapshot balances. Please complete your deposit and withdrawal in advance. AOFEX will assist users in solving technical problems of the upgrade.
- The net balances of a margin account (balances-liabilities) will be combined into the exchange account’s total ETH balances. Any new tokens resulting from the upgrade will also be credited to the exchange account.
- A further announcement will be made regarding the timing of deposits and withdrawals of ERC-20 tokens after the upgrade is completed and the network is stable.
- The Ethereum upgrade will take place at the Ethereum mainnet block height of 12,965,000. The estimated time is for users’ reference only and is subject to change depending on block propagation times.
For more information, please refer to:
Digital asset is a high-risk investment product featuring by wild fluctuation, round the clock trading and so on. We highly recommend that users involve and invest very carefully after understanding the rules and risks. It is highly necessary to be aware of the risks by considering the experience and tolerance.
Thanks for your support!
August 3 2021