A non-existent Ethereum token, called ETHW, is trading under $100 on several crypto exchanges after launching at $30.
ETHW is the native asset of the ETHPoW chain. ETHPoW, for now, is a new chain that can be backed by proof-of-work (PoW) miners as the original chain transitions to proof-of-stake (PoS) consensus during the “Merge” event in September.
Meanwhile, the proof-of-stake version of ETHS is trading at around $1,600, according to exchange data MEXC.
Due to this potential chain split, anyone holding a certain amount of Ether (ETH) of the original chain will automatically receive an equivalent amount of ETHW tokens. Such speculations have led some exchanges to list ETHW for pre-trade.
As CoinCu reported, Poloniex has announced support for both ETHW, as well as ETHS, a PoS chain token, listed for trading with Ether.
Cryptocurrency exchanges MEXC Global and Gate.io have also listed ETHW and ETHS on their platforms. At the same time, OKX CEO Jay Hao has pledged that they will list newly forked Ethereum coins if there is “sufficient demand” for them among traders.
ETHW launched on Poloniex and MEXC Global on August 8 at around $30 per token. On the same day, it rallied 333% to $130 before correcting to approximately $100 on Aug 9. The token’s trading volume has been stable since its release.
On the other hand, Ethereum co-founder Vitalik Buterin called the fork supporters “a few outsiders” who own crypto exchanges and “want to make a quick buck.”
He reaffirmed that Ethereum miners already have a PoW alternative in Ethereum Classic, the original version of Ethereum, noting that it has “a superior community and superior product for proof-of-work”.
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