Important notice regarding the upcoming Ethereum Merge
Announcements • Sep 2, 2022 • 3 min read
Hello Bullish Customers,
On or around September 13, 14, 15, or 16, Ethereum is expected to transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in what is called the Ethereum Merge. For more information about the Merge, please refer to our Bullish Insights Ethereum Update.
We have received several questions from customers regarding the implications for those holding ETH on our platform. Here are some of the questions and the things you need to know.
Will Bullish support Ethereum Proof of Stake (PoS), Ethereum Proof of Work (PoW) or both?
Bullish will be supporting the PoS version of Ethereum at the time of the Merge.
Ethereum tokens that remain on the Bullish platform during the Merge (see timeline below) will continue to be tradeable in their new PoS form. No action needs to be taken by our customers.
What if I want access to an Ethereum fork token post-Merge (e.g. ETH PoW)?
A customer with this requirement would need to withdraw their Ethereum tokens from the Bullish platform prior to the Merge. And specifically, before the time that Bullish will disable deposits and withdrawals (by September 12th - see timeline below). We do not currently plan to collect or take any other steps to access ETH PoW assets resulting from the Merge, so if you do not withdraw your ETH tokens held on Bullish, you may never have an opportunity to access ETH PoW assets.
Please remember, if you are withdrawing your tokens to a 3rd party custodian to take advantage of a potential fork, you will need to refer to your 3rd party custodian’s Fork Policy.
Does Bullish have a plan to support any Ethereum forks that may be a byproduct of the Merge?
At this time, Bullish does not plan to support any Ethereum forks, such as ETH PoW, but we do commit to our customers that we will assess the viability of these chains in terms of development and usage — at which point Bullish will make a decision regarding support for that chain.
Timeline of important dates and actions:
- By September 12th @ 4:00 am UTC
- Any customer who wishes to participate in a potential fork (ETH PoW) should withdraw their ETH, USDC or LINK before this time. We cannot guarantee access to any or all potential Ethereum fork tokens now or in the future
- This date could come forward at short notice if the Ethereum Merge timeline changes
- On September 12th @ 4:00 am UTC
- Bullish temporarily disables ETH, LINK & USDC deposits and withdrawals
- September 13th - 16th
- Ethereum public blockchain Merge occurs
- Bullish snapshots user balances that are held on our platform at the time of the Merge
- September 19th @ 4:00 am UTC
- Bullish enables ETH, LINK & USDC deposits and withdrawals
- Note - this is a tentative date. We will monitor the Merge progress and overall Ethereum network stability. Any change to our planned timeline here will be communicated directly to our customers
We will strive to implement our plans with minimum disruption and will continue to support our customers during the Merge, but please remember that it’s your responsibility to understand the Merge’s potential implications and to take any relevant action. Bullish is not liable for any adverse effects or losses connected with the Merge.
If you have any questions, please reach out directly to your Relationship Manager or email [email protected].