Everyone knows about it, but almost no one knows how to take advantage
Almost every cryptocurrency market participant has heard about the upcoming Ethereum upgrade designed to completely transform the network, but so far many are missing out on ways to take advantage of one of the biggest events in the cryptocurrency industry. Bobby Ongo telling How.
PoW tokens
If you have some ETH tokens, you automatically become eligible for an Ethereum PoW token airdrop. If you hold your funds on centralized exchanges or noncustodial wallets, it would be better to move funds to a hardware wallet to take full control of it.
Once hardforked, you’ll be able to get “free” PoW tokens that you can hold, sell, transfer or do whatever you want with them.
Avoid keeping Ethereum on Layer 2
While there is nothing wrong with using Optimism, Arbitrum and other alternative Ethereum layers, you will not get any ETH PoW tokens if you hold your assets there. Until the merger happens, you can move your funds to any hardware wallet or an exchange that supports a PoW fork, claim your tokens and then move your funds back.
Borrowing ETH from DeFi Platforms
We are already seeing a huge increase in the amount of platforms like AAVE or Compound that offer ETH for collateral. Investors are looking for ways to maximize their airdrop share, which is why they are getting “cheap” ETH by collateralizing some of their extra funds.
Technically, it is a more convenient way of receiving temporary exposure to Ethereum if your main goal is to get as many PoW coins as you can.
For now, there is less than 10 days left from the massive update to the Ethereum network, and it is expected around September 13th.
