The Bybit exchange has announced some changes in light of today’s Ethereum merge. Many crypto trading platforms have readjusted some parameters to match the transition, and Bybit has made some significant changes. Ethereum’s PoW mainnet and its forked token will both use the ticker “ETHW”. Bybit will provide users with a 1:1 airdrop of ETHW fork tokens based on a snapshot of their ETH equity.
Bybit Spot customers will receive an airdrop of the forked ETHW tokens upon completion of the airdrop. After that, the exchange will make the relevant announcement through its various communication channels. In case of technical difficulties related to The Merge or a subsequent hard fork affecting ETH or ERC-20 tokens, Bybit has committed to take care of it. The transition from bybit to merge is broken down as follows:
Snapshot and airdrop during merge
- Bybit will take a snapshot of customers’ ETH holdings at the time of the Paris layer upgrade when the TTD value is reached. Bybit takes a snapshot once per minute after reaching the TTD. This is because there is no way of knowing when the chain-splitting hard fork will occur.
- When a chain splits due to a hard fork, the most recent snapshot data up to that point is the final snapshot. Data from ETH deposits that were not processed at the time of the snapshot and withdrawals that are still pending are not taken into account.
- Derivatives accounts with unrealized gains or losses are not part of the snapshot. If a user has an existing ETH loan or negative interest on their Unified Margin account at the time of the snapshot, they are obligated to return the airdrop tokens created with the lender’s ETH.
- Once The Merge is successfully completed, Bybit estimates that it will take no more than eight hours to complete the airdrop distribution of ETHW fork tokens. Once the Ethereum PoW mainnet is stable, users will be able to deposit and withdraw ETHW fork tokens.
- Airdrop distribution is also possible via the ETH feature of liquidity pools that support ETH/USDT pairs. Users’ cash will be in a pair consisting of ETH and USDT. In the snapshot, Bybit only considers the initial ETH amount and ignores the USDT equivalent. If consumers choose to use leverage when injecting capital, the loan amount will be deducted from the total.
- It is impossible to know the settlement currency of users’ funds before maturity. Therefore, it will not be part of the snapshot scope of the Dual Asset product.
Other products
- On September 14, 2022 at 00:00 UTC, the borrowing function will be disabled until September 16, 2022 at 00:00. However, there are no restrictions on receiving airdrops for users acquiring ETH via non-ETH tokens on loan. However, your holdings may be liquidated if the ETH price experiences significant volatility.
- Other functions such as derivatives trading, options trading, OTC lending, and spot trading of ETH and other ERC-20 network tokens will operate as usual.
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