Markets

ETHW Hasn’t Launched But—However You Can Already Commerce It

Key Takeaways

  • ETHW is a token resulting from launch as a part of EthereumPoW’s plans to protect a Proof-of-Work model of Ethereum following “the Merge.”
  • EthereumPoW is just not but reside, however a token representing ETHW is accessible for buying and selling on FTX and different exchanges.
  • ETHW is presently valued at round $20.55.

ETHW is presently buying and selling at about $20.55. 

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. 

FTX 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 trade reported that they’d acquired an equal quantity of ETHW of their accounts. 

Though FTX customers can now purchase and promote ETHW on the trade, customers aren’t buying and selling the token itself. As an alternative, 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 may be very risky and will lose a lot of its worth. Please take the time to analysis the chance concerned in buying and selling this product.”

Different crypto exchanges seem like following FTX’s transfer. Derivatives trade 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 reside. MEXC World, one other trade that had beforehand promised to airdrop ETHW tokens to ETH holders, has additionally launched buying and selling pairs for the asset. 

In line with 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. 

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, needs to maintain a model of the community working 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 experiences counsel the community is just not presently operational. Centralized exchanges will doubtless 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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