Binance adds the function of converting ETHW to BUSD and USDT

Ethereum’s PoW fork token trading is still unavailable

21.09.2022 - 12:45

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What’s new? Cryptocurrency exchange Binance has added Ethereum’s PoW fork token (ETHW) to its cryptocurrency conversion tool. Binance Convert allows users to convert ETHW into Binance USD (BUSD) or Tether (USDT) stablecoins. No listing or trading of the forked coin is provided at this stage.

What happened before? On September 20, Binance successfully distributed ETHW tokens after The Merge to ETH and WETH holders. On that day, the coin reacted with a 39,5% increase.

On the day of the Ethereum network upgrade, crypto exchanges Bybit and FTX launched trading of ETHW paired with USDT.

As of September 21, 12:45 UTC, ETHW is trading at $6,11, having lost 11,81% of its value overnight, according to CoinMarketCap.

What is known about the upgrade? On September 15, the Ethereum network made the transition from the Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS), the way coins are earned on the network changed from mining to staking. As a result of The Merge, a fork was launched that continues to work on PoW.

The developers of EthereumPoW reported that the mining pools F2Pool, Nanopool, Poolin, and BTC.com would support ETHW. However, Ethereum’s largest mining pool, Ethermine, stopped supporting the PoW algorithm.

For more details on how the upgrade of the second-largest blockchain will affect the crypto market, read GetBlock Magazine’s special feature.

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