Fellow NAGAX users,
As the ETH merge is approaching and more details are becoming clear now, here is how we are approaching the situation, with the safety of our valued users in mind.
The expected date of ETH Merge is between September 13th and September 15th.
Therefore, we will settle any pending ERC20 withdrawals by 16:00 (UTC) on Monday, September 12th.
To avoid any issues, we will suspend all ETH and ERC20 token deposits and withdrawals from Monday, September 12th at 16:00 (UTC) until approximately Thursday, September 15th 23:59 (UTC).
Once we confirm that the ETH Merge was successful and the Ethereum Mainnet is stable and secure, we will resume deposits and withdrawals for ETH and ERC20 tokens.
Please note that there are two likely scenarios with the ETH merge:
No new token is created. NAGAX will then reopen deposits and withdrawals for ETH and ERC-20 tokens as soon as possible.
The chain splits into two competing chains and a new token is created. There will then be ETH running on the Proof of Stake chain and ETH running on Proof of Work chain.
Irrespective of the two scenarios, NAGAX will only support ETH running on the Proof of Stake chain.
ETH and ERC-20 Tokens Spot Trading & Staking
Spot trading and staking for ETH and ERC-20 tokens will not be affected. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
Thanks for your support!
Note: NAGAX reserves the right to update the suspension time of deposits and withdrawals without prior notice. Please ensure that you leave sufficient time for your ETH and ERC-20 tokens transfers to be fully processed prior to the above time. We will handle all technical requirements for users holding ETH and ERC-20 tokens on NAGAX. Additionally, NAGAX will not be held liable for any losses or delays of the chain that cause the value of your crypto to be decreased.