Zipmex is temporarily suspending Deposits/Withdrawals for ETH & ERC-20 tokens for the Ethereum Gray Glacier Upgrade
June 30, 2022
Dear Zipmex customers,
Zipmex will temporarily suspend the deposit & withdrawal functions for Ethereum Coin and ERC-20 tokens on 30th June 2022, 16.30 pm (UTC +7) (or 30th June 2022, 9.30 am (UTC)). This is to support the latest Ethereum Gray Glacier upgrade on Ethereum Blockchain (to read more: link).
What happens next?
- ETH, and ERC-20 tokens deposits & withdrawals will be suspended on Zipmex from 30th June 2022, 16.30 pm (UTC +7) (or 30th June 2022, 9.30 am (UTC) till the upgraded network has been deemed stable.
- ETH, and ERC-20 tokens trading will not be affected and you will still be able to buy or sell ETH, and ERC-20 tokens as usual.
- The network upgrade will not result in any new tokens being created
Zipmex will follow the announcements by Ethereum closely for network resumption to resume deposit and withdrawal functionality for Ethereum blockchain. We will notify you if there are any further announcements.
What does the Gray Glacier upgrade do?
The Ethereum Gray Glacier upgrade is a key step in the transition to Proof-of-Stake(PoS) ETH 2.0 where miners will be gradually forced to stop mining the Ethereum 1.0 Proof-of-Work(PoW) chain.
- The difficulty bomb will be delayed by 700,000 blocks, or approximately until October 2022.
The Ethereum difficulty bomb is a mechanism that increases the puzzle-solving difficulty of the PoW mining algorithm at a predetermined number of blocks. This will result in longer block times and fewer ETH rewards for miners.
Quote: “Gray Glacier” name was chosen because it literally merges into another glacier, just like how Ethereum’s execution layer will soon be merged with the Beacon Chain!
Thank you for trading with Zipmex.