About the Cancun-Deneb Ethereum Upgrade

The upcoming Ethereum Cancun-Deneb Upgrade is quickly approaching and is expected to take place on March 13, 2024. Listed below are key details on the upgrade and what support to expect from Paxos:  

What is the Cancun-Deneb Upgrade?

The “Cancun-Deneb” Upgrade is a planned hard fork to upgrade the Ethereum network. This upgrade includes a number of improvements aimed to solve Ethereum’s scalability issues. It is a community supported, non-contentious planned upgrade that has been successfully tested on multiple test networks with little issue.

When will the upgrade occur?

The upgrade is set to happen automatically on slot 8626176 which is currently expected to occur on March 13, 2023.

How long is the upgrade? 

The Cancun-Deneb upgrade itself will occur over a single block (~12 seconds). 

How will this impact you?

Please note that no action is required on your part for this upgrade. Your balances will not be impacted and all assets are safe with Paxos. The corresponding amount of ETH and ERC-20 assets will be reflected on the new chain.

Should I expect trading interruptions?

We do not expect any interruption to trading during this period. You will continue to be able to trade all Paxos-supported crypto assets on the Paxos platform.

Will Paxos have a maintenance window during this time?

Paxos does not expect any interruption or pause to trading. Paxos will pause on-chain Ethereum network deposits and withdrawals approximately 1 hour prior to the anticipated time of the Cancun-Deneb upgrade and will resume transfer activity once we’ve determined that the new network is stable. Ensuring network stability may require a longer maintenance window due to external issues related to the upgrade. On-chain transfers for other networks are not expected to experience interruptions. 

Where can I receive updates?

We will communicate all updates before, during and after the Cancun-Deneb upgrade through the Paxos status page found at https://status.paxos.com/. To receive real-time updates, select “Subscribe to Updates” in the upper right hand corner of the page.

For Transfers Customers Only

During the Cancun-Deneb upgrade, Paxos will pause on-chain transfer processing on the Ethereum network. Specifically: 

  • Create Crypto Withdrawal - Withdrawals can be created, but they will remain in PENDING status until we resume blockchain processing.
  • Create Deposit Address - Customers can continue to generate deposit addresses.
  • Detection/Crediting of Deposit - Until Paxos resumes processing, deposits will not be recognized. At that point, we will process all deposits that have been made during the Cancun-Deneb upgrade.

On-chain transfer processing for other networks is not expected to experience any interruption.

What does Paxos recommend to do in order to prepare for the Cancun-Deneb upgrade?

Paxos recommends pausing ETH and ERC-20 withdrawal initiation on your application. We believe that pausing this feature will reduce price risk for your end users that might arise from transfers remaining in a pending state during an extended maintenance window.

As a reminder, you will be able to monitor or receive updates on Paxos’ on-chain transfer processing availability through https://status.paxos.com/.

Note: This recommendation is not a requirement, and we are happy to discuss other options if needed.

How do I get more information about the Ethereum Cancun-Deneb upgrade?

We are closely monitoring any updates related to the Cancun-Deneb upgrade and will continue to inform you of any changes. We will also update the Paxos Status page, so please make sure you are subscribed. 

We expect minimal downtime without disruptions, but in the event that there are any issues that impact your ability to trade, you can file a ticket via the following link: https://cryptobrokerage.paxos.com/hc/en-us/requests/new.

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