Dear Matrixport Users,
The Ethereum Merge upgrade occurred at Terminal Total Difficulty 58,750,000,000,000,000,000,000, transitioning Ethereum's consensus mechanism from Proof-of-Work (PoW) to Proof-of-Stake (PoS) on September 15, 2022 (Singapore Time).
Key Measures During the Merge Transition
1. ETH Deposits and Withdrawals
Matrixport temporarily suspended ETH and ERC-20 token deposits/withdrawals starting September 15, 2022, at 07:30 SGT. Services resumed after network stabilization.
2. ETH Hard Fork Asset Distribution
If new tokens were created post-fork:
- ETH would represent the PoS chain
- Users received ETHW (EthereumPoW) tokens 1:1 based on pre-fork balances (snapshot at ~08:30 SGT)
- No distribution occurred if no new chain emerged
3. Trading Services
- Spot trading (including OTC and API) remained operational
- ETH purchases via fiat partners paused at 07:30 SGT
- ETHW trading would launch pending market liquidity
4. Financial Products
Fixed Income: ETH purchases suspended; expiring orders after September 14, 20:00 wouldn't qualify for ETHW.
Flexi Savings: ETH deposits automatically received ETHW without withdrawal.
Dual Currency Investments: ETH holdings during snapshot received proportional ETHW.
Trend Products: ETH-based products paused until post-fork.
Structured Products: ETH positions during snapshot qualified for ETHW.
Collateralized Loans:
- ETH borrowing paused
- Recommended repayments by September 13, 00:00 SGT
- Collateral ETH received ETHW proportionally
Leverage Products:
- Hedging: Recommended repayment by September 13
- Stacking: Required sufficient collateral to avoid liquidation
Staking: Flexi Staking ETH required redemption by September 13 to qualify for ETHW.
FAQs
Q: When did the Merge occur?
A: The transition happened at block height 15,537,394 (~09:30 SGT September 15, 2022).
Q: How was ETHW distributed?
A: Users received 1 ETHW for every 1 ETH held during the snapshot.
Q: Could I trade ETH during the Merge?
A: Yes, spot trading continued uninterrupted except for fiat-ETH purchases.
Q: What happened to my ETH loans?
A: Borrowers needed to maintain adequate collateral or repay before September 13 to avoid ETHW deductions.
Matrixport remains committed to asset security throughout market transitions.
👉 Explore secure crypto solutions for evolving blockchain ecosystems.
Disclaimer: Merge timing and details followed Ethereum Foundation announcements. Policies subject to change per platform terms.