ETH London Upgrade hard fork

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Dear Coinmates,

As one of the major Ethereum upgrade is about to be implemented in the upcoming hours, we’d like to sum up for you the important features of the update. Additionally, ETH and DAI transactions to and from Coinmate are going to be suspended for a while to keep your funds secure. Processing payments during the update can eventually result in loss of the funds.

The so-called London Upgrade will take place at approximately 14:16 GMT on the 5th of August.

Is it possible to send and receive any transactions during the update?

To avoid any problems during this risky (transaction-wise) period of time, ETH and DAI deposits and withdrawals will be temporarily disabled.

When will it be complete?

We’ll let you know the minute our wallets will be in sync with the update and transactions re-enabled. Please note that the downtime will depend upon the complexity of the update. We’d like to ask for your kind patience here, as we’d have to test everything thoroughly before the deployment.

When will you disable deposits and withdrawals?

We will disable the ETH and DAI transactions at 13:00 GMT, please make sure that all your incoming transactions will be confirmed by that time and that no other deposits to Coinmate are scheduled.

Can I trade ETH and DAI during the upgrade?

Trading will remain active for all pairs. Be aware that bigger volatility might occur on ETH during the time of the update. Please adjust your trading strategies accordingly.

Will the ETH fork?

We don’t know yet, it depends upon the result of the update process. In case the ETH will split to a main and side-chain, please note that Coinmate won’t support the side-chain. In case you want to prepare for this eventuality and to claim the new forked coins, it is necessary to move your ETH to a wallet that will support the eventually forked side-chain.

What is the update actually about?

To give you a full overview of what this particular part of the ETH transformation to its 2.0 version brings, please refer to its official site.

In short, the fee structure is designed to be less volatile and more predictable, preventing the fee prices from skyrocketing as a few times before. 

The second big thing is tied directly to ETH price, respectively to its scarcity. Part of the fees will be burned (put out of circulation), making ETH more scarce, hopefully improving its price against other markets.

That should be about all of it. We’ll get to work the minute the update will be deployed and will let you know the very moment it’ll be implemented and tested on Coinmate.

Stay tuned for more news, yours truly, Coinmate.io team

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