Ethereum Merge, by far the market’s most-anticipated event, will soon take place (potentially in September). As expected, excited ETH supporters remain bullish as it would improve the network’s efficiency and reduce its environmental impact.
Now, with the transition in the near future, several major players have planned their next moves.
What’s your take?
The transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) would merge ETH’s main mainnet with the Beacon Chain. In doing so, it will complete the process and eliminate miners’ involvement here.
Obviously, not everyone looks face-to-face, especially ETH miners. Chandler Guo, a prominent Chinese crypto-miner, recently led the debate. goo took to twitter Last week and announced that it would be adding the Ethereum blockchain to “ETH POW”.
To support this, the not-yet-born Ethereum PoW version even has a website called ethereumpow.org.
Now, the above initiative has gained traction as it has got support from renowned crypto-exchanges. Starting with Huobi, the team said in an August 8 blog post,
“As long as the ETH forked assets meet our security requirements, we will take the first move to support users to hold the assets and earn rewards. Trading services for those coins will be available as soon as possible per our rules.”
If the platform requirements are met, Huobi Global will distribute forked assets (including, but not limited to, ETH). Moving on to Tron’s Justin Sun-backed cryptocurrency exchange Poloniex, it announced that the trading platform will list ETHW and ETHS.
Notably, Sun promised an allocation of ETHW to developers and community members that would make the hard fork a reality. Meanwhile, MEXC, another crypto-service provider, announced its support in a blog post. The team added,
“In order to mitigate the risks caused by market volatility during hard forks and to protect users’ assets, MEXC will list two potential forked ETH tokens and related markets.”
Indeed, these listings would create a division amongst ETH loyalists who might have to choose between the two related networks.
newbie is calling
Crypto-journalist Colin Wu re-shared his story in an August 7 tweet, beginning with leader Vitalik Buterin.
Meanwhile, the Chainlink protocol took a similar approach as well. In an official announcement, Chainlink revealed its services would remain on the Ethereum blockchain, post the long-awaited Merge.
Furthermore, BitMEX Research published a blog post titled “ETHPoW vs ETH2”. It examined a hypothetical debate over two potential Ethereum networks, even highlighting the technical challenges ETHPoW could soon face.
