The Ethereum Merge, one of the most significant upgrades in blockchain history, marked a pivotal shift from proof-of-work (PoW) to proof-of-stake (PoS). As anticipation built in 2022, OKX, a leading global cryptocurrency exchange, released a comprehensive service update to guide users through the transition. This article details OKX’s strategic preparations, user safeguards, and platform adjustments made ahead of the Merge—offering clarity for traders, stakers, and investors navigating this landmark event.
Understanding the Ethereum Merge Timeline
The Merge was not a single event but a two-phase upgrade designed to integrate Ethereum’s existing mainnet with the Beacon Chain. OKX outlined the key milestones based on official Ethereum Foundation announcements:
Bellatrix: The Consensus Layer Upgrade
Scheduled for September 6, 2022 (UTC), Bellatrix activated the Beacon Chain’s readiness for the Merge. This upgrade ensured that consensus-layer nodes were aligned and prepared for the transition.
Paris: The Execution Layer Transition
Set for approximately September 15, 2022 (UTC), the Paris upgrade triggered when Ethereum’s proof-of-work chain reached a Terminal Total Difficulty (TTD) of 58,750,000,000,000,000,000,000. At this point, Ethereum fully transitioned to PoS, merging the execution layer with the Beacon Chain and retiring PoW mining.
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User Asset Protection Measures
Recognizing the potential volatility and technical disruptions during such a critical network change, OKX prioritized asset security and operational stability.
Temporary Suspension of ETH Deposits and Withdrawals
To mitigate risks during both Bellatrix and Paris upgrades, OKX temporarily suspended:
- ETH deposits and withdrawals
- ERC-20 token transfers
- Cross-chain bridge services
These pauses allowed the platform to monitor network stability before resuming normal operations. Users were advised to complete deposits ahead of the upgrade windows to avoid delays.
Scenarios During the Merge: What Users Needed to Know
OKX prepared for two possible outcomes following the Merge:
Scenario A: No Fork Occurs
If no new token emerges post-Merge, OKX would resume all ETH-related services once Ethereum Mainnet stability was confirmed. This included full functionality for deposits, withdrawals, and trading.
Scenario B: A Proof-of-Work Fork Emerges
In the event of a contentious hard fork resulting in a new PoW-based Ethereum chain:
- Tokens on the PoS chain would retain the ETH designation.
- Tokens on the legacy PoW chain would be classified as forked tokens.
- Users would receive an airdrop of forked tokens at a 1:1 ratio based on their ETH holdings at snapshot time.
Forked tokens were subject to OKX’s standard listing review process before becoming available for trading. Only after passing security and liquidity assessments would they be listed.
Important Note: Users with outstanding ETH margin loans or liabilities at the time of the snapshot were required to repay using forked tokens if a split occurred. OKX strongly recommended settling debts in advance to avoid complications.
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Trading Services During the Merge
Despite network-level changes, most trading activities remained unaffected—though certain risk controls were implemented.
Spot & Derivatives Trading
- Spot trading for ETH and ERC-20 tokens continued without interruption.
- Futures and perpetual swaps (e.g., ETHUSDT, ETHUSD) operated normally.
- Options trading also remained fully functional.
However, due to expected price volatility, OKX reserved the right to implement additional risk management measures, including:
- Adjusting margin tiers and discount rates
- Modifying funding rates and price limits
- Updating index price constituents and mark prices
Margin Trading Adjustments
While ETH margin trading pairs remained active, ETH margin borrowing and VIP borrowing services were suspended. Interest rates could be adjusted based on market conditions prior to suspension.
Users were encouraged to reduce leverage, close high-risk positions, or increase collateral to protect against liquidation during periods of extreme volatility.
Grow Services: Staking, Savings & DeFi
OKX’s investment and yield-generating products were largely resilient during the transition.
Unaffected Services
- Savings
- Dual Investment
- Smart Gain
These products continued operating normally, with user-held ETH included in any potential fork snapshots.
ETH 2.0 Staking
New staking subscriptions were paused on September 6 and September 15, aligning with upgrade dates. However:
- Existing stakers continued earning BETH rewards without disruption.
- Whether staked ETH was eligible for fork claims depended on how the new chain handled ETH2.0 smart contracts—an issue addressed in a follow-up announcement.
DeFi Mining
While users could continue subscribing to DeFi mining projects:
- On-chain staking and redemption functions were suspended on upgrade days.
- Profit distributions experienced temporary delays due to network congestion.
Fiat & Conversion Services
The Merge had no impact on:
- Fiat on-ramps (buying crypto with USD, EUR, etc.)
- Instant crypto conversion between assets
This ensured users could still access liquidity and manage portfolios seamlessly during the transition.
Frequently Asked Questions (FAQ)
Q: Will I lose my ETH during the Merge?
A: No. The Merge was a protocol upgrade, not a token swap. Your ETH balances remained safe and were carried over to the PoS chain.
Q: Do I need to take any action before the Merge?
A: It’s recommended to deposit ETH into your OKX account before upgrade windows and settle any outstanding loans to avoid repayment issues if a fork occurs.
Q: What happens if a new Ethereum PoW token is created?
A: OKX treats PoS chain tokens as ETH and PoW chain tokens as forked assets. Forked tokens are airdropped 1:1 and go through a listing review before trading is enabled.
Q: Can I still trade ETH during the Merge?
A: Yes. Spot, futures, options, and perpetual trading continued uninterrupted. However, margin borrowing was temporarily suspended.
Q: Will my staking rewards be affected?
A: No. BETH holders received rewards as usual. Only new staking subscriptions were paused on upgrade days.
Q: How does OKX protect users during high-volatility events?
A: Through proactive risk controls—such as adjusting margin requirements, pausing sensitive services, and monitoring network health—OKX ensures platform stability and asset safety.
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Final Thoughts
The Ethereum Merge represented more than a technical upgrade—it signaled a new era of energy efficiency, scalability, and sustainability in decentralized networks. By issuing timely updates and implementing robust safeguards, OKX demonstrated its commitment to user protection and platform reliability during one of crypto’s most complex transitions.
As blockchain evolution continues, staying informed and proactive remains essential. Whether you're trading spot markets, leveraging derivatives, or growing assets through staking, understanding how exchanges manage major network events empowers smarter decision-making.
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