The Ethereum merge, by far the most anticipated event of the market, will happen soon (potentially in September). As expected, excited ETH supporters are still excited as it will improve the efficiency of the network and reduce its environmental impact.
Now, with the transition in the near future, several major players have planned their next moves.
What do you have to do?
The transition from proof-of-work (PoW) to proof-of-stake (PoS) will merge ETH’s main mainnet with the beacon chain. In doing so, it will complete the process and eliminate the involvement of miners here.
Obviously, not everyone looks face-to-face, especially ETH miners. Chandler Guo, a prominent Chinese crypto-miner, recently led the debate. goo took to twitter Last week and announced that it would be adding the Ethereum blockchain to “ETH POW”.
To support this, the not yet born Ethereum PoW version also has a website called ethereumpow.org.
Now, the above initiative has gained traction as it has got support from renowned crypto-exchanges. Starting with Huobi, the team said in an August 8 blog post,
“As long as the ETH forked asset meets our security requirements, we will take the first step to allow users to hold the asset and earn rewards. Trading services for those coins will be available as soon as possible in accordance with our regulations.”
If the platform requirements are met, Huobi Global will distribute forked assets (including, but not limited to, ETH). Moving on to Tron’s Justin Sun-backed cryptocurrency exchange Poloniex, it announced that the trading platform will list ETHW and ETHS.
ETHW and ETHS trading is now live @poloniex, We planned to go live on August 8th, but after strong community demand, we managed to deliver the product 18 hours before SGT went live on August 7th at 4PM! Enjoy Trading! https://t.co/i09TeskJvg
— that Justin Sun (@justinsuntron) 7 August 2022
In particular, the sun promised allotment ETHW’s for developers and community members that will make hard forks a reality. Meanwhile, another cryptocurrency service provider MEXC announced its support in a blog post. The team added
“In order to mitigate the risks caused by market volatility during hard forks and to protect users’ assets, MEXC will list two potential forked ETH tokens and related markets.”
In fact, these listings will create a divide among ETH loyalists, who may have to choose between the two respective networks.
newbie is calling
Crypto-journalist Colin Wu re-shared his story in an August 7 tweet, beginning with leader Vitalik Buterin.
CryptoSlate: Vitalik Buterin Calls People Insisting on a Hard Fork of Ethereum to Maintain POW “Own Exchange and Just Trying to Make a Quick Money”, “I’m Confused in the Market If That” Proof-of-work hard fork turns into something important”. https://t.co/lfgJHCoOOt
— Wu Blockchain (@WuBlockchain) 7 August 2022
Meanwhile, the Chainlink protocol took a similar approach. In an official announcement, Chainlink revealed that its services will remain on the Ethereum blockchain following the long-awaited merger.
Furthermore, BitMEX Research published a blog post titled “ETHPoW vs ETH2”. It examined a hypothetical debate over two potential Ethereum networks, even highlighting the technical challenges ETHPoW could soon face.