Key points to remember
- ETHW is a token to be launched as part of EthereumPoW’s plans to keep a Proof-of-Work version of Ethereum after “the merger”.
- EthereumPoW is not yet live, but an ETHW representative token is available for trading on FTX and other exchanges.
- ETHW is currently valued at around $20.55.
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ETHW is currently trading at around $20.55.
Open exchanges ETHW Trading
A few hours after the success of the Ethereum network has completed its “merger” At Proof-of-Stake, exchanges began opening spot markets for a potential ETHW fork token.
FTX appears to have been the first to launch a spot market for ETHW around 09:00 UTC. Several users holding ETH on the exchange reported that they received an equivalent amount of ETHW in their accounts.
Although FTX users can now buy and sell ETHW on the exchange, users do not trade the token itself. Instead, FTX has issued “IOU” tokens which can be exchanged for the token when the fork finally launches.
“ETHW represents the potential canonical ETH Proof-of-Work (PoW) token. If FTX determines that no such token has emerged, the token will stabilize at zero,” FTX said in a disclosure pinned to the token’s trading page on its website. “ETHW is very volatile and can lose a large portion of its value. Please take the time to research the risk involved in trading this product.
Other crypto exchanges seem to be following FTX’s move. Derivatives also trade ByBit announcement that it had opened an ETHW/USDT spot market and will launch withdrawals and deposits once the main Ethereum proof-of-work chain goes live. MEXC Global, another exchange that previously promised to airdrop ETHW tokens to ETH holders, also launched trading pairs for the asset.
According data from CoinGecko, the ETHW spot market price currently sits at around $20.55. At current prices, the market capitalization of the asset is valued at 1.38% of the value of ETH.
Ethereum PoW Fork
In the weeks leading up to the merger, a group of anonymous developers planned to fork the Ethereum blockchain after the merger. The fork, dubbed EthereumPoW, wants to keep a version of the network running with a Proof-of-Work consensus mechanism. ETHW is ready to be distributed to ETH holders when the network launches.
The official EthereumPoW Twitter account details revealed for the hardfork earlier this afternoon and made several pull requests on the project’s GitHub repository. Although EthereumPoW developers have released a network RPC URL and chain ID, early reports suggest that the network is not currently operational. Centralized exchanges will likely be the first to make active deposits for the new token once the network is fully operational within the next 12-24 hours.
Disclosure: At the time of writing this article, the author owned ETH and several other cryptocurrencies.