All tokens must go through a strict evaluation process before being listed on the platform

Binance allowed the possibility of listing potential Ethereum hard forks

11.08.2022 - 09:35


3 min

What’s new? Cryptocurrency exchange Binance has announced on its official blog that it will support “The Merge” upgrade, which will see the Ethereum blockchain switch from the Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS). The platform has also allowed the possibility of listing tokens that could result from potential hard forks. Listing decisions will be made individually in each case.

Binance’s blog announcement

What other announcements have been made? The Binance team will continue to closely monitor how the planned Ethereum upgrade for Q3 and Q4 2022 will go. If new tokens emerge as a result of the hard forks, the platform will evaluate them in the same way as other coins and tokens. That said, according to the exchange’s internal policy, Binance does not currently guarantee any listings of future tokens.

The company does not have clearly defined requirements when evaluating assets for a potential listing. “We want good coins listed on Binance. It’s simple, and every coin is different. In general, we like coins with a proven team, useful product, and large user base,” the blog says. For example, the exchange’s representatives are looking at how the project’s team interacts with the community and handles challenges. Listing on the platform will also contribute to the release of an asset on the Binance Smart Chain (BSC) blockchain and the inclusion of native tokens Binance Coin (BNB) and BUSD stablecoins in its ecosystem. It is noted that a listing application should not be submitted without “at least a minimum viable product.”

Listing tips

What is known about “The Merge”? Ethereum 2.0 is a major upgrade to the network, preparations for which began back in December 2020. It will change the algorithm from PoW to PoS, as a result of which the way of earning coins will change from mining to staking, as well as increase its speed, security, efficiency, and scalability. the merger in the Goerli testnet was successfully completed on August 11, and the main blockchain is expected to switch to PoS in late September.

On August 7, cryptocurrency exchange Poloniex launched trading of Ethereum hard fork tokens. Users can exchange ETH at a 1:1 ratio to ETHS (PoS) or ETHW (PoW), and there are zero trading fees for all currency pairs of new tokens.

On August 8, crypto exchange BitMEX announced the launch of trading futures margin contracts for Ethereum PoW hard fork tokens with collateral in USDC stablecoins. The product, called ETHPOWZ22, is already available for study in the testnet.

For more details on the prospects of earning on the Ethereum network split, see GetBlock Magazine’s article.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy