Crypto Updates

What the fork? Ethereum’s potential forked ETHW token is trading under $100

What the fork? Ethereum's potential forked ETHW token is trading under $100

An Ethereum fork token that does not yet exist, dubbed ETHW, is trading under $100 across several crypto exchanges after debuting at $30. 

ETHW and ETHS begin trading 

ETHW is the native asset to the ETHPoW chain. ETHPoW, for now, is a possible new chain backed by proof-of-work (PoW) miners as the original chain switches to proof-of-stake (PoS) consensus in September’s “Merge” event.

Meanwhile, the proof-of-stake version ETHS is trading at around $1,600, or the difference between the ETH price and the ETHW price. 

As a result of this potential chain split, anyone holding a certain number of the original chain’s Ether (ETH), will automatically receive an equal amount of ETHW tokens. Such speculations have prompted some exchanges to list ETHW for trading in advance.

For instance, Poloniex announced support for both ETHW, as well as ETHS, the PoS chain token, listed for trading against Ether.

Crypto exchange MEXC Global and Gate.io have also listed ETHW and ETHS on its platform. While OKX CEO Jay Hao has committed that they would list the newly forked Ethereum coins if there is “sufficient demand” for them among traders.

Crypto derivatives exchange BitMEX also launched Tether-margined contracts for ETHW, creating more room for price speculation ahead of the token’s potential inception post Merge.

ETHW trading at how much?

ETHW debuted on Poloniex and MEXC Global on Aug. 8 at around $30 per token. On the same day, it rallied 333% to $130 before correcting to approximately $100 on Aug. 9. Trading volume was stable throughout the period.

ETHW/USD hourly price chart. Source: MEXC Global

Will ETHPoW…

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