The battle for pole position in Ethereum’s proof of work based hard forked token is underway post The Merge. Within few hours after the successful completion of the Merge, it appears that two separate tokens are vying for support. While Ethereum’s transition to proof of stake was a historic event for crypto, the fight between ETF and ETHW is underway.
ETF stands for EthereumFair while ETHW represents Ethereum that operates on proof of work (PoW).
ETHW Spot Trading
Spot trading for is already on in some of the crypto exchanges. Crypto exchange Bybit announced that it would enable ETHW deposits and withdrawals very soon. Another exchange FTX has also enabled spot trading for ETHW. The token ETHW is supported by Ethereum miner Chandler Guo among others. On the other side, ETF is backed by some Chinese miners and derivatives exchange Bitcoke. The exchange said mining power affiliated to it has migrated to fork chain EthereumFair (ETF).
“Against the backdrop of Ethereum’s Merge, all BitCoke affiliated mining power has migrated to fork chain EthereumFair (ETF) and continued its operation smoothly. According to data from state.etherfair.org, the computer power of ETF network is roughly on par with ETC, with total hashrate amounting to 149TH/S.”
ETF Vs ETHW Token
Earlier, crypto exchange Poloniex said it decided to choose ETF citing that it enjoys the ‘community’s majority’. Later, the exchange said also listed ETHW token as well. Poloniex said it will support the other fork chains and tokens as well, depending on the merits of those particular tokens. The onus is now on the miner community’s decision to choose between ETF and ETHW token. In case of insufficient computing power, either of the forked chains may delist the service. The delisting is also possible in the instance of lack of support from developers or community members.
Meanwhile, the Ethereum price has been on a downward curve in the past few hours. Following the official completion of The Ethereum Merge, the price took a slight jump. However, there was an immediate slump in Ethereum price. This was followed by decline in the stock markets on Thursday. As of writing, ETH price stands at $1,502.20, down 5.52% in the last 24 hours, according to CoinMarketCap.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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