- ETHW is a token as a result of launch as a part of EthereumPoW’s plans to protect a Proof-of-Work model of Ethereum following “the Merge.”
- EthereumPoW just isn’t but stay, however a token representing ETHW is out there for buying and selling on FTX and different exchanges.
- ETHW is presently valued at round $20.55.
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ETHW is presently buying and selling at about $20.55.
Exchanges Open ETHW Trading
Hours after the Ethereum community efficiently accomplished its “Merge” to Proof-of-Stake, exchanges have began to open spot markets for a possible ETHW fork token.
FTX seems to have been the primary to launch a spot marketplace for ETHW at round 09:00 UTC. Multiple customers holding ETH on the alternate reported that they’d obtained an equal quantity of ETHW of their accounts.
Although FTX customers can now purchase and promote ETHW on the alternate, customers aren’t buying and selling the token itself. Instead, FTX has issued “IOU” tokens that may be exchanged for the token when the fork finally launches.
“ETHW represents the potential canonical ETH Proof-of-Work (PoW) token. If FTX determines no such token has emerged, the token will settle to zero,” FTX mentioned in a disclosure pinned to the token’s buying and selling web page on its web site. “ETHW is very volatile and may lose much of its value. Please take the time to research the risk involved in trading this product.”
Other crypto exchanges look like following FTX’s transfer. Derivatives alternate ByBit additionally announced that it had opened an ETHW/USDT spot market and can launch withdrawals and deposits as soon as the primary Ethereum Proof-of-Work chain goes stay. MEXC Global, one other alternate that had beforehand promised to airdrop ETHW tokens to ETH holders, has additionally launched buying and selling pairs for the asset.
According to knowledge from CoinGecko, the ETHW spot market worth presently sits at round $20.55. At present costs, the asset’s market capitalization is valued at 1.38% the worth of ETH.
Ethereum’s PoW Fork
In the weeks main as much as the Merge, a bunch of nameless builders deliberate to fork the Ethereum blockchain after the Merge. The fork, dubbed EthereumPoW, needs to maintain a model of the community operating with a Proof-of-Work consensus mechanism. ETHW is ready to be distributed to ETH holders when the community launches.
The official EthereumPoW Twitter account revealed details for the hardfork earlier this afternoon and made a number of pull requests on the undertaking’s GitHub repository. Although EthereumPoW builders have launched a community RPC URL and Chain ID, early reviews counsel the community just isn’t presently operational. Centralized exchanges will doubtless be the primary to energetic deposits for the brand new token as soon as the community turns into totally operational someday within the subsequent 12 to 24 hours.
Disclosure: At the time of penning this piece, the creator owned ETH and several other different cryptocurrencies.