Bybit and FTX launch token trading of Ethereum fork

Representatives of the platforms warned that if ETHW does not appear, the asset will be settled to zero

15.09.2022 - 15:20

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What’s new? Cryptocurrency exchanges Bybit and FTX have launched trading of ETHW paired with Tether stablecoin (USDT). ETHW is an Ethereum fork token based on the Proof of Work (PoW) consensus algorithm. Bybit will add support for deposits and withdrawals of the asset at a later date, FTX in turn warned users of the risks. The disclaimer states that if ETHW does not appear, the token will be settled to zero.

Information on Bybit's website

Information on the FTX website

What is known about the trading? On September 15 at 06:42:42 UTC, the Bybit platform made a snapshot of ETH in all user accounts. ETHW is credited to spot accounts at a 1:1 ratio based on this data. Trading in the currency pair ETHW/USDT was launched at 9:30 UTC, the value of the asset was $5. At the moment it was going up to $40.

Three hours after Ethereum switched to the Proof-of-Stake (PoS) algorithm, the value of ETHW plummeted 60,93%, from $45 to $27,42, according to aggregator CoinGecko. As of 14:55 UTC, the asset is trading at $18,77.

What is known about the PoW fork? EthereumPOW developers have reported that they will announce the launch of the fork within 24 hours after the upgrade. As of September 15, 14:00 UTC, the PoW fork mainnet has been launched. A number of major Ethereum mining pools are expected to support ETHW, including F2Pool, Nanopool, Poolin, and BTC.com. The network is also partnering with backup mining pool EthwMine. Meanwhile, Ethereum's largest mining pool, Ethermine, has stopped supporting the PoW algorithm.

Cryptocurrency exchange Binance credited users with ETHW coins at a 1:1 ratio according to their original asset balances.

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