• ETHPoW airdrops might take as much as hours to ship
  • FTX, FTX US, Bybit, Gate.io, MEXC International and OKX are among the many handful of exchanges buying and selling ETHPoW tokens

After seven years of planning, Ethereum has efficiently switched from proof-of-work (PoW) to proof-of-stake (PoS) — shortly leaving a nascent new PoW chain within the lurch. 

The group of Ethereum miners hard-forking the blockchain noticed the worth of its ETHPoW token soar from $34.08 to $51.35 moments after the Merge, solely to plummet again all the way down to $16.39 by publication, in line with information compiled by Blockworks.

Worth volatility of the PoW token ought to come as no shock, as the vast majority of DeFi exercise that exists on Ethereum will transfer to the PoS chain. 

The coin, with an unknown circulating provide and no market capitalization, is presently buying and selling on solely a handful of exchanges, together with FTX, FTX US, Bybit, Gate.io, MEXC International and OKX.

Merchants who saved ether on these exchanges earlier than the Merge have been airdropped ETHPoW tokens at a 1:1 ratio. 

“All airdrops will take hours to ship. When you haven’t obtained it but, please wait patiently,” Seychelles-based cryptocurrency change OKX tweeted. “All airdrops distributed to sub-accounts will likely be obtained collectively within the corresponding mother or father account.”

Why an Ethereum arduous fork?

In a latest open letter, ETHPoW advocates stated “PoS is certainly a recreation changer, however solely in dangerous methods.”

“PoW has a 12 yr observe file of being dependable, strong, and censorship-resistant. It’s only prudent to proceed a PoW Ethereum, which ought to be a no brainer for many who champion openness and the free market as there is no such thing as a draw back,” the group stated. “In spite of everything, if PoS Ethereum is de facto so nice, why be afraid of competitors?”

Regardless of this, EthPoW advocates have drawn substantial criticism from the broader Ethereum group, together with founder Vitalik Buterin. At a press convention throughout ETHSeoul, Buterin stated that these pushing for an Ethereum arduous fork are “merely attempting to make a fast buck.”

On the time of publication, Ethereum traded round $1,500 — over 90% greater than ETHPoW.

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  • Blockworks


    Bessie is a New York based mostly crypto reporter who beforehand labored as a tech journalist for The Org. She accomplished her grasp’s diploma in journalism at New York College after working as a administration guide for over two years. Bessie is initially from Melbourne, Australia.

    You’ll be able to contact Bessie at [email protected]

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