Which exchanges are supporting the Ethereum fork? Full list

Posted: 4 September 2022 11:37 pm
News
ethFork

Plans to fork Ethereum. What does this mean for crypto HODLers?

Ethereum’s latest and greatest network upgrade, the Merge, is looming ever closer.

Set to launch on 15 September, the switch from a proof of work (PoW) to a proof of stake (PoS) blockchain will result in reduced energy consumption, a lowered ETH issuance rate and increased staking rewards for holders.

So, it’s no surprise that the majority of the community is in full support of the upgrade.

However, there is one group of people who aren’t so pleased – miners.

Ethereum miners argue that the changes to the blockchain will make their multimillion-dollar operations obsolete and have decided to take a stand.

Groups are forming, stating plans to fork the Ethereum blockchain at the time of the Merge and create a secondary coin, EthereumPoW (ETHW).

What is ETHW?

ETHW is a potential hard fork of the Ethereum blockchain.

If the fork is successful, the new ETHW coin will retain Ethereum’s current PoW consensus and allow mining to continue – the upgraded PoS ETH will be unaffected.

The fork does intend to copy the state of Ethereum. However, it is still uncertain precisely what this means.

Chain state. If the Ethereum chain state is copied at the time of the Merge, miners will succeed in creating a PoW blockchain. Dapps and platforms built on the Ethereum network can choose which chain they will support.

App state. If the app state is also copied, it will mean not just a secondary Ethereum blockchain but duplicates of everything on the existing network – ERC-20 tokens, NFTs, stablecoins etc.

This might sound like an excellent opportunity to double down your crypto holdings, but don’t get too excited yet.

The majority of reputable crypto projects, including Aave (AAVE), Oracle network, Chainlink (LINK) and Tether (USDT) have announced that they will exclusively support the Ethereum Foundation and the PoS chain.

“We believe that a smooth transition is essential for the long-term health of the DeFi ecosystem and its platforms, including those using our tokens. As the issuer of [USDT], Tether intends to support only [USDT] on the Ethereum PoS chain post-merge and will cease support for Ethereum PoW chain.” – Tether.to.

Ethereum founder Vitalik Buterin commented on the issue, saying that people supporting the hard fork are simply “trying to make a quick buck”.

Basically, the majority of the crypto industry won’t honor duplicated assets and all value will be entirely speculative.

Speculative, yes. But according to some, not worthless.

IOUs

Some exchanges have already begun listing IOU versions of the proposed ETHW coin. If the fork is successful, these IOU versions will be redeemable for the PoW coin shortly after the Merge.

Exchanges currently listing ETHW IOUs include:

Since its listing on 8 August, ETHW IOU has taken a spectacular fall from grace, plummeting about 65%. It is currently trading at around $49, with little over a million in daily volume.

ETHPoW

ETHW IOU chart | Source Tradingview | Image: Finder

ETHW backers

While it is uncertain exactly who is responsible for founding the IOU coin, prominent supporters include Tron (TRX) founder Justin Sun and Chandler Guo, the ex-Ethereum miner who played a significant role in the Ethereum Classic (ETC) fork of 2016.

Mr. Guo has been actively sharing his support for ETHW, claiming, “I fork Ethereum once, I will fork it again!”.

A testnet has also been released for the speculative blockchain.

Official listings

Considering ETHW is yet to exist, there are still no official listings. However, this may change soon.

Popular crypto exchanges, Binance, Coinbase and Nexo have not closed the door to listing the proposed PoW coin post-merge.

Binance announced that if a chain-splitting scenario does occur, it may support the new listing – pending an official review, as per the company listing policy.

“The ETH ticker will be used for the Ethereum PoS chain. We will then credit to users’ Binance accounts the forked token from the minority chain at a ratio of 1:1, based on the snapshot of ETH balances.”

Coinbase recently posted on Twitter, stating its full support of the Merge upgrade. At the same time, the company said its goal is to list every legal and safe asset.

Nexo published a blog post regarding the company’s approach to the Merge and ETH fork. Nexo claims it would support ETHPoW trading subject to certain conditions, including a rigorous company review process.

Forked coins would be distributed to Nexo accounts at a 1:1 ratio based on a snapshot of balances at the Merge time.

Assuming ETHW does succeed and these reputable platforms list the coin, the rest of the exchange market will likely follow.

Gate.io and Poloniex exchanges have released statements confirming every intention to list ETHW should the opportunity arise. Traders holding ETHW IOUs on these exchanges will be allowed to redeem their holdings for ETHW on a 1:1 basis.

We will keep up to date with official listings and update this page as more information is announced.

Airdrop

Traders hoping to receive duplicated assets can guarantee this (assuming the fork is successful and the app state is copied) by holding ETH and ERC-20 tokens in a non-custodial wallet.

By storing your digital assets in a wallet such as MetaMask or Coinbase wallet, you will automatically receive an airdrop based on a snapshot of balances at the time of the Merge.

Trying to get a handle on the markets? Cut through the noise with our overview of the best cryptos to buy right now, explore some strategies for how to trade crypto or see if there's a better platform for you with our guide to the best crypto exchanges.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Billy Endres owns cryptocurrencies as of the publishing date

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