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

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

Key Takeaways

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

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ETHW is presently buying and selling at about $20.55. 

Exchanges Open ETHW Trading

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. Multiple customers holding ETH on the change reported that they’d acquired an equal quantity of ETHW of their accounts. 

Although FTX customers can now purchase and promote ETHW on the change, customers aren’t buying and selling the token itself. Instead, 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 could be very unstable and will lose a lot of its worth. Please take the time to analysis the chance concerned in buying and selling this product.”

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

According to data 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 (Source: CoinGecko)

Ethereum’s PoW Fork 

In 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 details for the hardfork earlier this afternoon and made a number of pull requests on the venture’s GitHub repository. Although EthereumPoW builders have launched a community RPC URL and Chain ID, early reviews counsel the community shouldn’t be presently operational. Centralized exchanges will seemingly 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: At the time of scripting this piece, the creator owned ETH and several other different cryptocurrencies.

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