ETHW Hasn’t Launched Yet—But You Can Already Trade It
ETHW is a token due to launch as part of EthereumPoW’s plans to preserve a Proof-of-Work version of Ethereum following “the Merge.”
EthereumPoW is not yet live, but a token representing ETHW is available for trading on FTX and other exchanges.
ETHW is currently valued at around $20.55.
Share this article
ETHW is currently trading at about $20.55.
Exchanges Open ETHW Trading
Hours after the Ethereum network successfully completed its “Merge” to Proof-of-Stake, exchanges have started to open spot markets for a potential ETHW fork token.
FTX appears to have been the first to launch a spot market for ETHW at around 09:00 UTC. Multiple users holding ETH on the exchange reported that they had received an equivalent amount of ETHW in their accounts.
Although FTX users can now buy and sell ETHW on the exchange, users aren’t trading the token itself. Instead, FTX has issued “IOU” tokens that can be exchanged for the token when the fork eventually 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 said in a disclosure pinned to the token’s trading page on its website. “ETHW is very volatile and may lose much of its value. Please take the time to research the risk involved in trading this product.”
Other crypto exchanges appear to be following FTX’s move. Derivatives exchange ByBit also announced 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 had previously promised to airdrop ETHW tokens to ETH holders, has also launched trading pairs for the asset.
According to data from CoinGecko, the ETHW spot market price currently sits at around $20.55. At current prices, the asset’s market capitalization is valued at 1.38% the value of ETH.
Ethereum’s PoW Fork
In the weeks leading up to the Merge, a group of anonymous developers planned to fork the Ethereum blockchain after the Merge. The fork, dubbed EthereumPoW, wants to keep a version of the network running with a Proof-of-Work consensus mechanism. ETHW is set to be distributed to ETH holders when the network launches.
The official EthereumPoW Twitter account revealed details for the hardfork earlier this afternoon and made multiple pull requests on the project’s GitHub repository. Although EthereumPoW developers have released a network RPC URL and Chain ID, early reports suggest the network is not currently operational. Centralized exchanges will likely be the first to active deposits for the new token once the network becomes fully operational sometime in the next 12 to 24 hours.
Disclosure: At the time of writing this piece, the author owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.