The merge upgrade which shifted Ethereum from proof-of-work (PoW) to proof-of-stake (PoS) on Thursday will result in a chain-split token dubbed Ethereum POW with the ticker, ETHW. Top cryptocurrency exchanges like Bitfinex, FTX, and Bybit are among the first to list and open trading for this post-merge Ethereum PoW Fork IOU token.
Regardless of the fact that the miner-led post-Merge hardfork is yet to happen, FTX, Bitfinex, Bybit, Gate.io, FTX.US, and MEXC Global exchanges have launched spot trading for the Ethereum POW Fork IOU token (ETHW). Bitrue, Phemex, and Digifinex are the recent exchanges to support the token with more exchanges expected to list the token probably after the execution of the miner-led post-merge hardfork.
According to data from Coingecko, the global FTX exchange recorded the highest trading volume for ETHW, followed by MEXC Global and Bybit exchange. At the time of writing, FTX has recorded a massive ETHW volume of $37,930,802 out of the overall $44,230,207 24 hours volume. While MEXC Global has recorded $5,151,596 ETHW in volume, Bybit has processed $5,129,682 ETHW volume so far.
To celebrate the merge, Bybit announced the launch of the USDT trading pair against ETHW. Users can now trade the post-merge forked token using the largest stablecoin by market capitalization. MEXC Global and Gate.io have also introduced the ETHW/USDT pair on their respective platforms. ETHW/USD trading pair is also now available on the FTX.
Per the update, Bybit Official tweeted, “ETHW/USDT is now LIVE for Spot trading! ETHW deposits and withdrawals are coming soon! Trade now with 0 fees.” ETHW deposits and withdrawals were opened on the exchange hours after this announcement.
🔥 $ETHW is now open for deposits!
— Bybit (@Bybit_Official) September 15, 2022
While Ethereum’s transition is a huge step forward, some players and crypto miners in the industry believe PoW is essential in the space. Hence, a coordinated post-merge hardfork is scheduled to happen 24 hours after the merge activation. Categorically, the fork is expected to split the Ethereum chain in two with one chain running as proof-of-stake and the other proof-of-work (PoW) based.
At the time of writing, Ethereum PoW Fork IOU (ETHW) is trading for $11.55. This token listed by several exchanges is an IOU cryptocurrency where IOU means “I owe you.” The “owing” comes into play because ETHW will be the result of the post-merge Ethereum hard fork which is yet to happen.