Dear users：
The Ethereum (ETH) "Arrow Glacier" upgrade will take place at Ethereum block height 13,773,000, or at approximately 2021-12-10 4:00 (GMT+8).
In the event that the hard fork might result in an additional token, Matrixport has taken the following steps to reduce the trading risks brought about by price volatility during the hard fork as per the following:
- ETH Deposits & Withdrawals
Deposits and withdrawals of ETH and ERC-20 tokens will be suspended starting from 2021-12-09 23:00 (GMT+8).
- Convert & OTC Portal
ETH trading on the Convert & OTC Portal will continue unaffected.
3.Financial Services
3.1.Fixed income and Flexi Saving:
During the hard fork, Fixed income and Flexi saving products can be purchased normally.
3.2.DeFi:
If ETH undergoes a hard fork upgrade, Matrixport will support the hard fork during which ETH products will not generate profits. After the hard fork, Matrixport helps clients to auto-renew the investment.
3.3.Leveraged bull/bear Products:
During the fork, the sale of ETH-related leveraged products will be temporarily suspended. If there is a balance in your account, clients can cover their positions. During the fork period, the price of ETH may fluctuate significantly, which might trigger the liquidation; and the low liquidity of the forked tokens may result in an extremely low liquidation price. Clients who are concerned about this risk are advised to settle and redeem their margin ETH before 23:00 (GMT+8) on Dec 9, 2021, Singapore time. The closing of leveraged positions will be based on the upgraded new chain. Customers should close or cover positions in advance to prevent risks.
3.4.Loan
If ETH undergoes a hard fork upgrade, Matrixport will temporarily suspend the ETH crypto-backed lending business （including loan drawdown, repayment, and ETH margin top-up from 23:00 (GMT+8) on Dec 9, 2021, Singapore time. During the fork, the collateral price may fluctuate drastically, which might trigger the liquidation; Customers who are worried about this risk are advised to top up more collateral to avoid potential market risk before 18:00 (GMT+8) on Dec 9, 2021 Singapore time. The closing of the loan will be based on the upgraded new chain. Customers should close or cover the position in advance to prevent risks.
3.5.Smart Trend
During a hard fork, ETH related smart trend products will be suspended.
3.6.Other
If a hard fork upgrade occurs, it will not affect the product renewal, please rest assured.
Please note:
- Matrixport will handle all technical requirements involved for all users holding ETH and ERC-20 tokens in their Matrixport accounts.
- The Ethereum network upgrades will not result in new tokens being created.
Matrixport will continue to maintain the security of your assets and thank you for your continued support.
Matrixport Team
2021-12-9