The Ethereum network has successfully completed the London hard fork, marking a pivotal moment in its evolution toward greater scalability, security, and efficiency. As a result, OKX has officially resumed deposit and withdrawal services for ETH, ETHK, and all ERC20-compatible tokens, effective August 5, 2021, at 21:30 HKT. This update also includes the restoration of cross-chain bridge functionality and ETH borrowing capabilities on the platform.
For users of one of the world’s leading digital asset exchanges, this means uninterrupted access to Ethereum-based assets, enhanced liquidity options, and renewed opportunities for participation in decentralized finance (DeFi) and staking ecosystems.
Understanding the London Hard Fork: Why It Matters
The London hard fork was more than just a routine network upgrade—it represented a foundational shift in how Ethereum manages transaction fees and lays the groundwork for Ethereum 2.0. One of its most impactful components is EIP-1559, which introduced a base fee burning mechanism that reduces the total supply of ETH over time, potentially increasing scarcity and long-term value.
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With this upgrade fully implemented, major exchanges like OKX can safely restore full support for Ethereum-related operations. The temporary suspension of deposits and withdrawals was a precautionary measure to ensure network stability during the transition—now lifted due to confirmed consensus across nodes.
Key Services Now Restored:
- ✅ ETH deposits and withdrawals
- ✅ ETHK (Ethereum Classic Hashrate) transactions
- ✅ All ERC20 token transfers (e.g., USDT, UNI, LINK, DAI)
- ✅ Cross-chain bridge functionality
- ✅ ETH borrowing on margin trading platforms
These restored features empower traders, investors, and DeFi participants to move assets freely, engage in yield farming, execute trades, and leverage their holdings without delay.
What Are ETHK and ERC20 Tokens?
While ETH is widely recognized as the native cryptocurrency of the Ethereum blockchain, some users may be less familiar with ETHK and the broader ERC20 standard.
ETHK – A Unique Derivative Asset
ETHK, or Ethereum Hashrate Token, represents mining power on the Ethereum network. Although not as mainstream as ETH, it allows users to gain exposure to network security contributions without owning physical hardware. Its resumption of service reflects OKX’s commitment to supporting niche yet innovative crypto products.
ERC20 – The Backbone of Ethereum’s Ecosystem
The ERC20 token standard enables developers to create fungible tokens on Ethereum with predictable behaviors—making them compatible with wallets, exchanges, and smart contracts. Thousands of projects, from stablecoins like USDT and USDC to governance tokens such as UNI and AAVE, rely on this protocol.
By restoring full ERC20 functionality, OKX ensures seamless integration with decentralized applications (dApps), decentralized exchanges (DEXs), and liquidity pools across the DeFi landscape.
How This Affects You: User Benefits Post-Upgrade
For active crypto users, the return of these services unlocks several practical advantages:
1. Faster Fund Movements
No longer constrained by downtime, users can deposit or withdraw ETH and ERC20 tokens at any time, enabling timely responses to market movements.
2. Improved Trading Flexibility
With ETH borrowing reinstated, margin traders can once again leverage their positions on OKX’s advanced trading interface.
3. Enhanced DeFi Participation
Users can now bridge assets between chains or directly interact with DeFi protocols using funds transferred from OKX wallets.
4. Greater Confidence in Platform Stability
OKX’s coordinated response to the hard fork demonstrates operational reliability and technical preparedness—critical factors when choosing a trusted exchange partner.
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Frequently Asked Questions (FAQ)
Q: Why were ETH deposits and withdrawals paused?
A: Temporary pauses are standard practice during major blockchain upgrades like hard forks. This ensures that transactions are processed correctly after consensus rules change. OKX waited until the London fork was fully stabilized before resuming services.
Q: Is ETHK the same as ETH?
A: No. ETHK refers to Ethereum hashrate tokens, often linked to mining performance or derivatives, whereas ETH is the primary cryptocurrency used for gas fees and staking on the Ethereum network.
Q: Are all ERC20 tokens supported equally?
A: Yes. Once an ERC20 token is listed on OKX and complies with security standards, it benefits from the same deposit/withdrawal functionality as ETH. Always verify the correct contract address before transferring.
Q: What is EIP-1559 and how does it affect me?
A: EIP-1559 reformed Ethereum’s fee market by introducing a dynamic base fee that gets burned. This makes transaction costs more predictable and reduces inflationary pressure on ETH—potentially benefiting long-term holders.
Q: Can I use cross-chain bridges immediately?
A: Yes. Cross-chain transfers involving Ethereum-based assets are now fully operational on OKX, allowing you to move tokens between networks like BSC, Polygon, and others securely.
Looking Ahead: The Path to Ethereum 2.0
The London hard fork is just one milestone in Ethereum’s multi-phase upgrade roadmap. The eventual transition to proof-of-stake (PoS) under Ethereum 2.0 will further reduce energy consumption, increase transaction throughput, and enhance overall network resilience.
As these changes unfold, platforms like OKX play a crucial role in bridging traditional crypto trading with next-generation blockchain innovations. Whether you're staking ETH, trading ERC20 tokens, or exploring new yield opportunities, staying informed and using a reliable exchange is essential.
Final Thoughts
The resumption of ETH, ETHK, and ERC20 token services on OKX signifies more than just technical recovery—it reflects the growing maturity of the cryptocurrency ecosystem. With each successful upgrade, blockchain networks become more robust, user-friendly, and ready for mass adoption.
Staying aligned with these developments ensures you’re not only protected during transitions but also positioned to take advantage of emerging opportunities in DeFi, NFTs, Web3, and beyond.
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