Ethereum’s not-yet-forked token, called ETHW, is trading below $100 on several cryptocurrencies after starting at $30.
ETHW and ETHS start trading
ETHW is the native asset of the ETHPoW chain. ETHPoW is currently a new chain project supported by miners of type “ proof of work(PoW), with the original string moving to consensus as “ proof-of-stake (PoS) at the September Merge event.
Meanwhile, the version proof-of-stake ETHS is trading at around $1,600, that’s the difference between the price of ETH and ETHW.
We promise that there will be no premining issue or additional tokens. So there is no place to save rewards for any contributors and supporters at this moment. However, if any beneficiaries would like to reward early supporters, we will connect beneficiaries with early supporters. https://t.co/gj4b81LD3V
— ETHPoW (@EthereumPoW) August 8, 2022
We promise that there will be no pre-mining issues or additional tokens. So there is no way to register rewards for participants and supporters at this time. However, if recipients wish to reward early backers, we will link the recipients to the early backers. https://t.co/gj4b81LD3V — ETHPoW (@EthereumPoW) August 8, 2022.
As a result of this potential chain split, anyone who has a certain amount of Ether (ETH) from the original chain will automatically receive an equal amount of ETHW tokens. This speculation prompted several exchanges to pre-list ETHW.
For example, Poloniex announced that it will support ETHW, as well as ETHS, the PoS chain token, which is listed as an exchange for Ether.
Trading is now live for Ethereum (ETH) potential hard fork tokens! @justinsuntron
ETHS(ETH2)/ETH: https://t.co/yS1piE47u4 pic.twitter.com/8Ko44ykWqd
— Poloniex Exchange (@Poloniex) August 7, 2022
Trading is now live for Ethereum (ETH) tokens that may be subject to a hard fork! @justinsuntron ETHW(ETH1)/ETH: https://t.co/QeY2Yk1a9E ETHS(ETH2)/ETH: https://t.co/yS1piE47u4 pic.twitter.com/8Ko44ykWqd — Poloniex Exchange (@Poloniex) August 7 2022.
Cryptocurrency exchanges MEXC Global and Gate.io also list ETHW and ETHS on their platform. Meanwhile, OKX CEO Jay Hao has promised to list forked Ethereum coins if there is “sufficient demand” from operators.
Potential hard forks of Ethereum may occur when the network upgrade takes effect.
We will evaluate and list the new forked coins if there is sufficient demand.
— jay_star.okx ⚛️ OKX CEO (@star_okx) August 8, 2022
We at @OKX are actively monitoring and will support the #Ethereum Merger. Potential hard forks of Ethereum could occur when the network upgrade takes effect. We will evaluate and list new “reverse” tires if there is sufficient demand. — jay_star.okx ⚛️ OKX CEO (@star_okx) August 8, 2022.
Cryptocurrency derivatives exchange BitMEX is also sky Tether margin contracts for ETHW, creating more room for price speculation ahead of the potential post-Merger takeover.
ETHW is trading how much?
ETHW debuted on Poloniex and MEXC Global on August 8 at around $30 per token. On the same day, it climbed 333% to reach $130 before correcting to around $100 on August 9. Trading volume remained stable during the period.
Will ETPoW survive?
Chains that are forked rarely survive, mainly due to a lack of support from app developers, miners and promoters. However, some projects have been reasonably accepted by users and miners (eg Bitcoin Cash, Ethereum Classic).
Hongcai “Chandler” Guo, a San Francisco-based angel investor in Bitcoin and Ethereum startups, was notably a key backer of ETHPoW. He claims that a team of 60 developers is working to remove the “difficulty bomb”, a software tool designed to force the transition from PoW to PoS.
Also read: F2Pool Co-Founder Responds to Ethereum POW System Cheating Allegations
On the other hand, Ethereum co-founder Vitalik Buterin called the proponents of the fork “two strangers” who own cryptocurrency exchanges and “want to make quick money.” »
He reiterated that Ethereum miners already have a PoW alternative in Ethereum Classic, the original version of Ethereum, noting that it has “a better community and a better product for people who are pro-proof of work. »
— ETCPOW (@ETCPOW) August 5, 2022
ETC is the original channel. $ETH is a fork. And $ETHW is a fork. pic.twitter.com/0PkIYu4RrE — ETCPOW (@ETCPOW) August 5, 2022.
Ethereum Classic (ETC) has risen almost 150% since the Merge was announced on July 14th.
Meanwhile, a version of ETHW without a time bomb could grab 2-10% of Ethereum’s market capitalization, said Kevin Zhou, co-founder of Galois Capital, a cryptocurrency hedge fund.
He explains that Ethereum could split into at least three chains after the Merger: ETHW (without the difficulty bomb), ETHW (with the difficulty bomb), and ETHS.
How do you think the Ethereum Merger will play out? @Galois_CapitalKevin Zhou thinks there will be at least *three* forks and discusses why he thinks the POW chain will retain “a reasonable amount of market cap.”
— Laura Shin (@laurashin) August 5, 2022
How do you think the Ethereum Merger will play out? @Galois_Capital’s Kevin Zhou thinks there will be at least *three* forks and explains why he thinks the POW chain will retain “a reasonable amount of market cap”. Watch the full episode on @Unchained_pod https://t.co/FkpLEbEJkk pic.twitter.com/akwljH28qC — Laura Shin (@laurashin) August 5, 2022.
Zhou warned of a potential selloff in Ethereum’s ambiguous markets, but admitted that tokens could survive at lower prices.
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