A crypto trading company Bybit declared to support ETHW airdrop and deposits along with the spot trading of the ETHW/USDT following The Merge that is to take place on 15th September. The airdrop of ETHW will be accomplished within eight hours after The Merge. While updating on the latest move, the platform mentioned that 1 hour in advance of The Merge on 15th December, it will suspend the withdrawals and deposits made in the tokens taking into account ERC-20, ETH, as well as the token standard ERC-721-based non-fungible tokens.
Bybit to Support ETHW Deposits along with ETH/USDT’s Spot Trading Post Merge
The company disclosed that Bybit will also terminate the withdrawals and deposits on zkSync, BSC, Optimism, and Arbitrum chains until the issuance of the airdrop. Any among the ETH tokens deposited in between the time when the suspension will have been placed on the withdrawals and deposits on Optimism and Arbitrum chains will be considered to be excluded from the snapshot.
In this respect, the firm has advised consumers to spend considerable time on withdrawals and deposits. It moved on to discuss the diverse situations that will arise from the event of The Merge. As per it, the first one was when no unique token is developed. In such a scenario, Bybit guaranteed to resume the withdrawals and deposits in ERC-20, Ether (ETH), and ERC-721-based NFTs as well as the rest of the tokens and associated product operations. The platform will inform the consumers via the social media-based channels or the Announcement Center thereof, it added.
The 2nd situation revealed by it was that with a chain-splitting hard fork, 2 competing blockchains are created along with a unique token. As per the venue, “ETHW” will be the ticker for the PoW Mainnet of Ethereum and it will also be the forked token of the network. the company will keep in mind the Ether (ETH) equities as well as airdrop the forked tokens ETHW to the customers at a 1:1 ratio.
Bybit will conduct the airdrop of the forked ETHW tokens to the Bybit Spot accounts of the clients and the completion of the airdrop will be declared accordingly. To guarantee the users’ assets’ safety, the venue advised the consumers that it will tackle any of the technical problems emerging from Ethereum’s unique upgrade The Merge, and likely hard fork-based tokens.
Bybit Assures the Smooth Working of Its Operations Except for a Few Suspensions
Bybit brought to the front that there will be no effect of the respective move on the spot trading of ETH as well as the rest of the tokens based on ERC-20. Apart from that, it also mentioned that ETH-based trading pairs’ margin trading will additionally have no effect in this respect. In the words of the platform, its latest endeavors will not affect the over-the-counter (OTC) trading. However, according to it, Bybit will terminate the NFT marketplace, the ETH-linked transfers, as well as an addition to the platform’s liquidity during The Merge.
