Bybit exchange has announced some changes in light of today’s Ethereum Merge. Many crypto trading platforms have readjusted some parameters to conform with 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 make a 1:1 airdrop of ETHW forked tokens to users based on a snapshot of their ETH equity.
Bybit Spot customers will receive an airdrop of the ETHW forked tokens after the airdrop is complete. Afterwards, the exchange will make the relevant announcement to that effect through its various communication channels. In the event of any technical difficulties related to The Merge or a subsequent hard fork affecting ETH or ERC-20 tokens, Bybit has committed to take care of them. Bybit’s transition to the Merge is broken down as follows:
Snapshot and airdrop during the Merge
Bybit will take a snapshot of customers’ ETH holdings at the time of the Paris layer upgrade when TTD value is met. Bybit will take a snapshot once every minute after reaching the TTD. This is because it is not possible to know when the chain-splitting hard fork will occur.
When a chain splits due to a hard fork, the snapshot data most recent to that point in time will be the definitive snapshot. Data from ETH deposits that have not been processed and withdrawals that are still outstanding at the time of the snapshot will be omitted.
Derivatives accounts with unrealized gains or losses will not be part of the snapshot. If a user has an existing ETH loan or negative interest in their Unified Margin account at the time of the snapshot, they will be obligated to return the airdrop tokens that were created using the lender’s ETH.
Once The Merge completes successfully, Bybit anticipates that it will take no more than eight hours to complete the airdrop distribution of ETHW forked tokens. Once the Ethereum PoW Mainnet is stable, users will be able to deposit and withdraw ETHW forked tokens.
Airdrop distribution is also possible via the ETH function of liquidity pools that support ETH/USDT pairs. Users’ liquid assets will be in a pair consisting of ETH and USDT. In the snapshot, Bybit will only be considering the initial ETH amount and ignore the USDT equivalent. When consumers choose to leverage when injecting capital, the loan amount is deducted from the total.
It is impossible to know the settlement currency of the users’ principal before maturity. Therefore, it will not be part of the snapshot scope of the Dual Asset product.
On September 14, 2022, at 12:00:00 a.m. UTC, the lending feature will be disabled until September 16, 2022, at 12:00:00 a.m. However, there are no restrictions on receiving airdrops for users that acquire ETH through non-ETH tokens as a loan. Their holdings may be liquidated, however, if the ETH price experiences significant volatility.
Other functions such as Derivatives Trading, Options Trading, OTC lending and Spot trades of ETH and other ERC-20 network tokens will operate as usual.