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.

Read Also: The Merge Activated; Ethereum is Now a Proof-of-Stake Blockchain

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!

Deposit and trade with 0 fees: https://t.co/EE7fn790nl https://t.co/V5wH6f2kAr

— Bybit (@Bybit_Official) September 15, 2022

Read Also: Ethereum (ETH) Merge-Inspired Song and NFTs Flood the Market

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.

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The controversial project founder is in full support of the planned miner-led post-Merge Ethereum hardfork. This possible post-Merge fork aims to create a blockchain that still runs on proof-of-work (PoW) after  Ethereum is transitioned to proof-of-stake (PoS) in September. 

In a recent interview with CoinDesk TV, Justin Sun pointed out that the proof-of-work (PoW) consensus algorithm provides a good foundation for the Ethereum infrastructure, although the protocol concept is associated with high transaction fees and lack of scalability. 

He claims that the post-Merge fork led by the popular Chinese cryptocurrency miner, Chandler Guo, is a chance to preserve PoW technology for Ethereum in the future. 

More so, the proof-of-stake (PoS) project founder remarked that PoW-based smart contract platforms are essential to the whole crypto industry, citing that the existing PoW projects like Bitcoin (BTC) are not useful in building decentralized applications (dApps). 

“PoW is essential for Ethereum even though most people complain about high transaction fees and very slow transactions. I still believe that proof-of-work actually provides a very good foundation for Ethereum infrastructure.” – Justin Sun stated. 

Asides from saying that PoW is essential, he highlighted the high security the consensus algorithm brings to the industry. 

“Today, around $60 billion worth of crypto assets are on the Ethereum blockchain, all guarded by proof-of-work. I believe that we still need a chance to keep proof-of-work for Ethereum so, that’s why I support proof-of-work for Ethereum,”  Justin Sun added.

Tron (TRX) founder also pointed out that EthereumPoW (ETHPoW), if successful, will allow the large community of crypto miners to keep their financial activity intact. In turn, ETHPoW will be a close competitor with the proof-of-stake Ethereum network. 

According to him, about 50% of the crypto community, especially Bitcoin maximalists and crypto miners, still believes that PoW is safer and more decentralized than PoS networks. Regardless, Ethereum developers confirmed the Merge upgrade will occur in September. 

Although several crypto exchanges, miners, and popular figures like Justin Sun have shown support for the planned post-Merge Ethereum fork, Vitalik Buterin believes the planned ETHPoW network will not succeed nor have a long-term substantial adoption.

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The post Post-Merge Ethereum Fork (ETHPoW) Supported by Justin Sun, Says PoW is Essential appeared first on Times Tabloid.