Dear Genshirians, Ethereum’s Proof-of-Work chain will migrate to the Proof-of-Stake chain this september. Here are two important dates to be aware of:
- The consensus layer upgrade is scheduled for epoch 144,896 on the Beacon Chain at 2022–09–06 11:34:47 (UTC).
- The execution layer upgrade is expected to take place at the ETH mainnet block height of 15,540,293, or approximately at 2022–09–15 00:30 (UTC)
As a new token might be created during a hard fork, Genshiro will take the following actions to maintain the safety of user funds during the hard fork:
- Genshiro will suspend deposits and withdrawals for ETH and ERC-20 tokens (USDC, USDT, DAI) via bridge at 2022–09–05 12:00 (UTC) before the consensus layer upgrade.
- Genshiro will resume deposits and withdrawals for ETH and ERC-20 (USDC, USDT, DAI) tokens via bridge after the execution layer upgrade approximately at 2022–09–16 12:00 (UTC)
There are two possible scenarios to be aware of:
- No new token is created as a result of the chain merge: In this case, Genshiro will resume bridge operations at an approximate date as specified above.
- The new forked ETH is created: Genshiro will treat ETH sitting in the chain as a PoS ETH. We will credit user accounts with forked tokens from the other chain at a 1 to 1 ratio according to the balances snapshot taken right before the scheduled execution layer upgrade. We will deploy bridging contracts to the forked chain and operate bridge withdrawals in both PoS and PoW ETH Networks.
On-chain operations like borrowing, lending, trading of ETH and ERC-20 assets will not be affected and will continue as usual.
About Equilibrium and Genshiro
Equilibrium is a one-stop DeFi platform on Polkadot that allows for high leverage in trading and borrowing digital assets. It combines a full-fledged money market with an orderbook-based DEX. is the native utility token that is used for communal governance of Equilibrium. is a liquid and tradeable wrapped DOT that unlocks liquidity of DOT locked in parachain auctions and delivers multiple crowdloan bonuses on Polkadot.
Genshiro is a Kusama-based sister-chain for Equilibrium. It’s the protocol that helps users seamlessly earn yield, borrow, and trade on margin. Using asset portfolios instead of single collateral vaults.
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