ETHW Hasn’t Launched Yet—But You Can Already Trade It

ETHW Hasn’t Launched Yet—But You Can Already Trade It

Key Takeaways

is a token attributable to 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 dwell, however a token representing is obtainable for buying and selling on and different exchanges.
is at present valued at round $20.55.

ETHW Hasn’t Launched Yet—But You Can Already Trade It

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ETHW Hasn’t Launched Yet—But You Can Already Trade It

ETHW is at present buying and selling at about $20.55. 

ETHW Hasn’t Launched Yet—But You Can Already Trade It

Exchanges Open ETHW Buying and selling

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. 

ETHW Hasn’t Launched Yet—But You Can Already Trade It

seems to have been the primary to launch a spot marketplace for ETHW at round 09:00 UTC. A number of customers holding ETH on the alternate reported that that they had obtained an equal quantity of ETHW of their accounts. 

ETHW Hasn’t Launched Yet—But You Can Already Trade It

Though FTX customers can now purchase and promote ETHW on the alternate, customers aren’t buying and selling the token itself. As a substitute, FTX has issued “IOU” tokens that may be exchanged for the token when the fork ultimately 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 stated in a disclosure pinned to the token’s buying and selling web page on its web site. “ETHW may be very unstable and will lose a lot of its worth. Please take the time to analysis the danger concerned in buying and selling this product.”

Different crypto exchanges seem like following FTX’s transfer. Derivatives alternate ByBit additionally introduced that it had opened an ETHW/USDT spot market and can launch withdrawals and deposits as soon as the principle Ethereum Proof-of-Work chain goes dwell. MEXC World, one other alternate that had beforehand promised to airdrop ETHW tokens to ETH holders, has additionally launched buying and selling pairs for the asset. 

Based on information from CoinGecko, the ETHW spot market worth at present sits at round $20.55. At present costs, the asset’s market capitalization is valued at 1.38% the worth of ETH. 

ETHW/USD chart (Supply: CoinGecko)

Ethereum’s PoW Fork 

Within 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, desires to maintain a model of the community operating with a Proof-of-Work consensus mechanism. ETHW is about to be distributed to ETH holders when the community launches. 

The official EthereumPoW Twitter account revealed particulars for the hardfork earlier this afternoon and made a number of pull requests on the venture’s GitHub repository. Though EthereumPoW builders have launched a community RPC URL and Chain ID, early stories counsel the community just isn’t at present operational. Centralized exchanges will possible be the primary to lively deposits for the brand new token as soon as the community turns into absolutely operational someday within the subsequent 12 to 24 hours. 

Disclosure: On the time of scripting this piece, the writer owned ETH and several other different cryptocurrencies.

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