According to the official news of the ETH Foundation, Ethereum will perform the Paris upgrade of the execution layer in the near future. After the upgrade is completed, ETH will migrate from PoW (Proof of Work) to PoS (Proof of Stake). The upgrade time is when the Ethereum PoW (Proof of Work) chain reaches the Terminal Total Difficulty (TTD) 5875000000000000000000, the current estimated corresponding block height is 15,540,293, and the estimated corresponding time is 08:30 on September 15, 2022 (GMT+8).

Before that, the consensus layer (Bellatrix) plans to upgrade the network at the corresponding time of September 06, 2022, 19:34:47 (GMT+8), and the beacon chain height is 144,896.

Huobi Global will support two upgrade forks, and is ready to accept new tokens that may be generated by the hard fork. The processing plan of the second hard bifurcation Huobi Global is as follows:

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1. Suspension of top-up and withdrawal

Huobi Global expects to suspend the value addition and withdrawal of ETH and other ERC20 series tokens at 19:00 on September 06, 2022 (GMT+8), during the consensus layer upgrade (Bellatrix). Please add value and withdraw in advance. After the suspension, you will not be able to add value or withdraw, and the recovery time will be notified separately; whether Paris will also be closed during the upgrade period will be notified later.

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2. Suspension of accepting loan business

In order to effectively control lending risks, Huobi Global will suspend ETH cross-margin and isolated margin leverage and staked loans from 08:00 on September 14, 2022 to 08:00 on September 16, 2022 (GMT+8). service, it is recommended that you handle the relevant loan business in advance.

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3. Assets and transactions are not affected

Assets, spot and strategic transactions:
During the hard fork, your ETH and ERC20 series currency assets and spot transactions and strategic transactions on Huobi Global are normally unaffected, but the hard fork may be accompanied by relatively violent price fluctuations, please Evaluate carefully.
C2C, Quick Buy Coin, Balance Buy Coin:
Transactions are not affected. Asset screenshots are subject to order settlement. If the screenshot content is in the paid but unfinished state, the purchased assets will not be included in the statistics. Please place your order in advance and complete the transaction to avoid loss. Third-party purchase of tokens: The business of using third-party services to purchase ETH and other ERC20 tokens will be suspended at 17:00 on September 06, 2022, and the recovery time will be notified separately.
Leveraged trading:
Huobi Global will suspend ETH cross-margin and isolated-margin borrowing business from 08:00 on September 14, 2022 to 08:00 on September 16, 2022 (GMT+8), but leveraged trading (full position, isolated position) will not be affected. Please note that the risk of liquidation may be accompanied by violent price fluctuations during the bifurcation period. Please evaluate carefully.
Contract transactions:
Contract transactions of ETH and ERC20 series of currencies are normal and unaffected. During the bifurcation period, the market price may fluctuate violently and extreme market conditions may occur. Please pay close attention to the merger time, manage your positions well in advance, and pay attention to risk control.
ETP trading:
The trading pairs of ETH ETP products ETH3L/USDT, ETH3S/USDT, ETH1S/USDT will be suspended from 10:00 on September 14, 2022 to 08:00 on September 16, 2022 (GMT +8) Functions, transactions and redemptions are not affected. Note: If the fork token is airdropped, it will not contain etp related products, please be aware.
Dual Currency Investment:
Dual currency investment subscriptions for ETH will not be affected. During the fork period, if you hold an unsettled order for dual currency investment subscribed in ETH, we will take screenshots according to the order number. If fork tokens are distributed, they will be distributed to your account after the fork ends.
Huobi Earn:
The purchase and redemption of ETH wealth management products will not be affected.

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4. What happens after ETH hard fork

This ETH hard fork may cause the following two situations:

If no new coins are generated after the hard fork, Huobi Global will resume the ETH loan service of adding value, coin withdrawal, leverage and staking loan after confirming the stability and security of the ETH main network. The specific time will be announced in the form of an announcement.

If new tokens are generated after the merger and upgrade, the “ETH” code will be used in the ETH PoS (Proof of Stake) chain. Huobi Global will use the ETH position chart before the Paris upgrade (estimated block height is 15,540,293, that is, around 08:30 (GMT+8) on September 15, 2022 [estimated time is for reference only]), proportionally [1 :1] Issue fork tokens to users. Fork tokens will be distributed to the user’s currency account, and will be notified in the form of an announcement after the distribution is completed.

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5. Instructions about BETH:

If new coins are generated after the fork, whether BETH holders can receive the fork tokens from the fork chain will depend on how the fork chain handles the value-added contracts of ETH2.0 assets, and will be notified separately according to the actual situation.

Please note that users can only withdraw the staked ETH after the ETH Shanghai upgrade is completed.

In addition, ETH 2.0 Staking will stop accepting new ETH 2.0 Staking subscriptions from 08:00 on September 14, 2022 to 08:00 on September 16, 2022 (GMT+8). Existing ETH 2.0 Staking subscriptions will not be affected.

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6. The rules for issuing forked tokens are as follows:

Currency account:
It will be distributed according to the screenshot of the number of ETH held in the account, and the number of ETH held in the parent and child accounts will be included in the screenshot of the position.
Fiat account:
It will be distributed according to the screenshot of the amount of ETH held in the OTC account.
Contract account:
It will be distributed according to the screenshots of ETH currency-based delivery and currency-based perpetual contract account rights. It will be issued according to the screenshot of the ETH amount in the account. Among them, if the leverage user has ETH that has been borrowed but not repaid, the total amount of ETH in the account will be deducted from the total amount of ETH when the screenshot is taken (for example: the user has borrowed 1,000 ETH but has not repaid, and the account has X ETH when the screenshot is taken. Then the number of snapshots of the user’s ETH is: X-1000)
Staking loan account:
The ETH used to stake part of the ETH during the staking loan period will not be counted in the statistics of the position screenshots.
Huobi Earn account:
It will be distributed according to the screenshot of the number of ETH held in the Huobi Earn account. Whether the ETH that subscribes for Earn’s directional wealth management product ETH-stETH can receive airdrops from the fork chain will depend on how the fork chain handles ETH2.0 The value-added contract of assets will be announced and notified according to the actual situation.
Trading strategy account:
It will be distributed according to the screenshot of the number of ETH held in the strategy trading account.
Option account:
It will be issued according to the screenshot of the amount of ETH held in the option account.

Fork tokens will be distributed to the user’s currency account, and will be notified in the form of an announcement after the distribution is completed.

Position screenshots (including pending orders) below 0.003ETH will not be included in the airdrop forked tokens.

When the screenshot is generated, if ETH is not in the account, withdrawn or sold successfully, it will not be included in the statistics.

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