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Crypto Airdrop

Notice Regarding the Upcoming Ethereum Merge (2022-08-25)

2022-08-25 12:19
Fellow Binancians,
Ethereum’s Proof-of-Work (PoW) chain will migrate to the Proof-of-Stake (PoS) chain upon hitting the Terminal Total Difficulty (TTD) value of 58750000000000000000000. The execution layer upgrade (Paris) is expected to take place between 2022-09-10 and 2022-09-20. Current estimation lies at the ETH mainnet block height of 15,540,293, or approximately at 2022-09-15 00:30 (UTC).
Prior to this, the consensus layer upgrade (Bellatrix) is scheduled for epoch 144,896 on the Beacon Chain at 2022-09-06 11:34:47 (UTC).
As a new token might be created during a hard fork, Binance has taken the following steps to reduce the trading risks brought about by price volatility and to maintain the safety of user funds during the hard fork:
1. ETH Deposits & Withdrawals
Binance will suspend deposits and withdrawals for ETH and ERC-20 tokens at approximately:
  • 2022-09-06 11:00 (UTC) for the Bellatrix consensus layer upgrade
  • 2022-09-15 00:00 (UTC) for the Paris execution layer upgrade
Please ensure that you leave sufficient time for your ETH and ERC-20 tokens transfers to be fully processed prior to the above time. We will handle all technical requirements for users holding ETH and ERC-20 tokens on Binance.
2. Regarding the Merge
The two likely scenarios to occur with the Ethereum (ETH) Merge are:
Scenario A:
No new token is created. Binance will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible. A further announcement will be posted.
Scenario B:
The chain splits into two competing chains and a new token is created. The “ETH” ticker will be used for the Ethereum PoS chain. We will then credit to users’ Binance accounts the forked token from the minority chain at a ratio of 1:1, based on the snapshot of ETH balances before the Paris execution layer upgrade (approximately at ETH mainnet block height of 15,540,293, or 2022-09-15 00:30 (UTC)). Withdrawals for the forked token will be supported. Further details regarding this distribution will be stated in a separate announcement.
Binance reserves the right to update the treatment of the chain split in a further announcement.
In order to protect Binance users, the forked token will go through the same strict listing review process as Binance does for any other coin/token. Binance does not guarantee any listings as per our internal policy.
3. ETH and ERC-20 Tokens Spot & Margin Trading
Spot trading: Spot trading for ETH and ERC-20 tokens will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
Margin trading: Trading for ETH cross and isolated margin pairs will not be affected. However, Binance will suspend ETH cross and isolated margin borrowing from 2022-09-07 17:00 (UTC) to approximately 2022-09-16 00:00 (UTC).
Please note that liquidations remain possible under extreme price volatility. Binance reserves the right to update the suspension time of ETH cross and isolated margin borrowing and adjust the borrowing interest rates for ETH, with or without prior notice.
In addition, users with liability of ETH are required to return the forked token in the case of Scenario B. If users do not return the forked token, liabilities of the forked token will be added to users’ margin accounts.
4. ETH Futures Trading
The trading of USDⓈ-M and COIN-M ETH Futures Contracts will continue unaffected. Binance Futures will undertake additional protective measures, which include but not limited to:
  • Adjusting the margin tiers including maximum leverage value, position value and maintenance margin in each tier.
  • Updating the funding rates including the interest rate, premium, capped funding rate and settlement frequency.
  • Changing the constituents of the price index.
  • Using the Last Price Protected mechanism to update the Mark Price.
In the event that the chain splits into two competing chains and a new token is created, the price index of USDⓈ-M and COIN-M ETH Futures Contracts would be tracking the “ETH” ticker (i.e., the Ethereum PoS chain) on Binance Spot and the major Spot Market Exchanges. Should there be any changes to the underlying assets of the Futures contracts, Binance will provide more details or updates in further announcements.
To check for the constituents of the price index, please refer to the Price Index.
5. Binance Leveraged Tokens - ETHUP & ETHDOWN
The trading of ETHUP/USDT and ETHDOWN/USDT trading pairs will continue unaffected. Please be aware that in the event of extreme price movements, token subscription and redemption may be suspended.
6. Binance ETHUSDT Options (App)
ETHUSDT Options trading on the Binance App will continue unaffected.
7. Binance Convert
ETH trading on Binance Convert will continue unaffected.
8. Binance Crypto Loans
Binance Crypto Loans will suspend ETH borrowing from 2022-09-07 17:00 (UTC) to approximately 2022-09-16 00:00 (UTC). Binance reserves the right to update the suspension time of ETH borrowing and adjust the borrowing interest rate for ETH, with or without prior notice. Users with liability of ETH are required to return the equivalent value using the new forked token in the case of Scenario B.
9. Dual Investment
ETH Dual Investment will continue unaffected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
10. Liquid Swap
ETH liquidity pools on Liquid Swap will continue unaffected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
11. Savings
ETH Flexible Savings and ETH Locked Savings will continue unaffected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
12. Staking
Binance will suspend deposits and withdrawals for BETH from 2022-09-14 00:00 (UTC) to approximately 2022-09-16 00:00 (UTC). BETH is a tokenized asset representing your staked ETH via Binance. Binance reserves the right to update the suspension time of BETH deposits and withdrawals with or without prior notice.
In the event of Scenario B, BETH holders may or may not receive potential airdrops from the forked chain, depending on how the forked chain handles ETH 2.0 depositing contracts. A further announcement will be made if needed.
After the Merge, ETH 2.0 Staking will resume and continue unaffected. Please note that withdrawals for staked ETH will only be open after the next ETH mainnet upgrade is complete (i.e., the Shanghai upgrade).
In addition, DeFi Staking will stop accepting new ETH DeFi staking subscriptions from 2022-09-14 00:00 (UTC) to approximately 2022-09-16 00:00 (UTC). Existing ETH DeFi Staking subscriptions will not be affected. Binance reserves the right to update the suspension time for new ETH DeFi staking subscriptions with or without prior notice.
13. Auto-Invest
Existing Auto-Invest plans with ETH will continue unaffected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
14. Binance Pool
After the Merge, Binance Pool will delist the ETH mining service. Users of the ETH Pool can transfer their hashrate to the ETC Pool.
15. Binance Card/Pay
Binance Card/Pay will continue unaffected.
16. Binance Gift Card/ Code
Binance Gift Card/ Code will continue unaffected.
Further notes:
  • Uncredited ETH deposits, pending ETH withdrawals, and ETH used as loan collateral will not count toward the snapshot of users’ ETH balances before the Paris execution layer upgrade.
  • This snapshot includes the total net ETH balances across Spot, Funding, Margin, Futures and Earn wallets. Any new tokens resulting from the hard fork will be credited to eligible users’ accounts.
  • A further announcement will be made regarding the timing for the resumption of deposits and withdrawals, as well as further information about the potential ETH chain split that may affect the above information.
  • The Paris execution layer upgrade is estimated to take place at the ETH mainnet block height of 15,540,293. The estimated time is for users’ reference only and is subject to change depending on block propagation times.
For further information, please refer to the following:
Thanks for your support!
Binance Team
2022-08-25
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Note: This announcement was last updated on 2022-09-12 to clarify that in the case of Scenario B, users who have liability of ETH in Binance Margin and do not return the forked token will have liabilities of the forked token added to their margin accounts. The announcement was updated on 2022-09-09 to clarify that Binance Margin and Crypto Loans will suspend ETH borrowing from 2022-09-07 17:00 (UTC), and that users with liability of ETH in Crypto Loans are required to return the equivalent value using the new forked token in the case of Scenario B. This announcement was updated on 2022-08-27 to clarify net ETH balances in Futures wallets are counted toward airdrop in the event a new token is created during the Merge.
Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Risk Warning: Digital asset prices are subject to high market risk and price volatility. The value of your investment can go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.