What to expect with Ethereum’s London update on Okcoin

What to expect with Ethereum’s London update on Okcoin

On August 5 around 5 am PT / 12 pm UTC— precisely at block height 12,965,000 – Ethereum’s London hard fork (including EIP-1559) will activate. Here’s what we have planned to make the transition smooth for you.

TL;DR

  • There is no action needed on your part. Your assets are/will be safe during the update.
  • Trading will remain unaffected.
  • Deposits and withdrawals will be suspended for a few hours.
  • We recommend you complete ETH deposits in advance of the update

Deposit ETH

Temporary pause for deposits and withdrawals

On August 5 around 2 am PT / 9 am UTC, we will suspend ETH and other ERC-20 tokens deposits and withdrawals. If no new token is generated after the hard fork and Ethreum’s main network remains stable and secure, we will reopen them – it’s likely to be a few hours but it may take a bit longer. We’ll keep you updated on Twitter.

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In case of a chain split

Protecting your trades

Here is how we’re further protecting your trading experience:

  • Spot trading: ETH and ERC-20 tokens spot trading will not be affected.
  • Margin trading: We have suspended the ETH leverage borrowing function on August 3rd at 8 am (UTC). At that time, the unfulfilled orders that lead to the increase of your ETH borrowing amount will be cancelled. The leverage and closing positions will not be affected.
  • OTC trading: Fully operational.

In case of a chain split (extremely unlikely)

If Ethereum splits into two competing chains and a new token is created, which is unlikely to happen, we will credit our customers with ETH from the chain with the most work done. We will then also credit customers with the token from the minority chain at a ratio of 1:1 based on the snapshot of ETH balances at block height 12,965,000 – August 5th around 11:55am (UTC). To ensure the accuracy of the snapshot, please do not transfer ETH from your trading, margin or funding account during the snapshot period. We’ll keep you posted on Twitter if any additional action is needed.

Remember: Hard forks can be accompanied by big price swings. Please consider managing your risk in advance.

Read our blog to learn about how EIP-1559, part of this hard fork, is going to change Ethereum and what it will change for investors.

Learn more about Ethereum’s update