Bitfinex Exchange launches trading of potential tokens of Ethereum hard fork
Customers can create assets in exchange for the equivalent amount in ETH, a reverse conversion is available at any time
23.08.2022 - 15:20
What’s new? Cryptocurrency exchange Bitfinex announced the launch of trading of potential Ethereum fork tokens based on Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus algorithms. The company has designated the assets as ETHW (PoW) and ETHS (PoS), and they are available on the derivatives platform. Customers can create assets in exchange for an equivalent amount in ETH, a reverse conversion is available at any time.
What else did the company say? Exchange officials have identified three potential scenarios for ETHW and ETHS tokens:
- if the existing Ethereum network (on PoW) does not change its consensus algorithm, the ETHS will expire and ETH will be issued in exchange for each ETHW;
- in case of a successful switch to PoS without a PoW fork occurring, ETH will be provided in exchange for ETHS;
- if the fork is successful and the consensus change is successful, users will be credited with the corresponding ETHW and ETHS tokens.
The company noted that the products will expire on December 31, 2022. More information about the specifics of trading the new products will be published in the near future.
What is known about the Ethereum upgrade? It is scheduled to be released on September 15, 2022. Due to the algorithm change from PoW to PoS, the way coins are earned on the network will change from mining to staking. Also, a split into two networks is possible, one of which will continue to work on PoW. In August, developers published a document refuting misconceptions about the upcoming upgrade.
On August 7, cryptocurrency exchange Poloniex launched trading of Ethereum hard fork tokens. Customers are able to exchange ETH at a 1:1 ratio to ETHS or ETHW.
Binance representatives said that the exchange would consider potential hard fork tokens for listing.
The BitMEX exchange also intends to launch trading of PoW-hard fork tokens. In the event of an Ethereum split, the platform will offer trading in linear futures margin contracts on ETHPoW with collateral in USDT stablecoins. The product is called ETHPOWZ22, and it is already available to explore in the testnet.
Experts told GetBlock Magazine about ways to make money on Ethereum network fork, see their opinions by following the link.
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