In a notice on the 29th of November, Coinbase, the largest US-based crypto exchange, stated that the wallet will no longer support Bitcoin Cash (BCH), XRP, Ethereum Classic (ETC), Stellar Lumens (XLM) as well as their networks.

According to the top crypto exchange, it decided to stop supporting these assets due to “low usage” and this decision will be effective from December 5, 2022.

“This does not mean your assets will be lost,” said the announcement. “Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.”

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The new development was announced a few hours ago via Huobi Global’s official Twitter handle. This free trading is introduced by the exchange to encourage the adoption of the newly launched USDD trading pairs.

Read Also: Terra Classic (LUNC) Outshines Bitcoin On KuCoin, Wins Huobi’s Support For 1.2% Tax Burn

According to the report, the 12 assets paired with USDD include Cardano (ADA), XRP, Terra Classic (LUNC), Dogecoin (DOGE), Solana (SOL), EOS (EOS), Polkadot (DOT), NEAR Protocol (NEAR), Ethereum Classic (ETC), Filecoin (FIL), and ApeCoin (APE).

The report added that the zero-fee trading for the pairs listed above will last till December 31, 2022. This implies that users have less than two months to benefit from this opportunity.

HUGE NEWS!

𝟎 𝐅𝐄𝐄 #USDD Trading Pairs @HuobiGlobal Now Will Include:$ADA $APE $DOGE $DOT $EOS $ETC $FIL $LUNC $MATIC $NEAR $SOL $XRP

Hurry, only till Dec 31st

— Huobi (@HuobiGlobal) November 7, 2022

The detailed arrangement as seen in the blog post captioned in the announcement is as follows:

1. ADA/USDD [open pair at 07:00（UTC) November 8th, 2022].
2. APE/USDD [open pair at 07:00（UTC) November 8th, 2022].
3. DOGE/USDD [open pair at 07:00（UTC) November 8th, 2022].
4. DOT/USDD [open pair at 08:00（UTC) November 8th, 2022].
5. EOS/USDD [open pair at 08:00（UTC) November 8th, 2022].
6. ETC/USDD [open pair at 08:00（UTC) November 8th, 2022].
7. FIL/USDD [open pair at 09:00（UTC) November 8th, 2022].
8. LUNC/USDD [open pair at 09:00（UTC) November 8th, 2022].
9. MATIC/USDD [open pair at 09:00（UTC) November 8th, 2022].
10. NEAR/USDD [open pair at 10:00（UTC) November 8th, 2022].
11. SOL/USDD [open pair at 10:00（UTC) November 8th, 2022].
12. XRP/USDD [open pair at 10:00（UTC) November 8th, 2022].
    

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Ethereum is the leading smart contract platform and community-run technology powering the native cryptocurrency ether (ETH) and thousands of decentralized applications (dApps). Ethereum currently runs on a proof-of-work (PoW) consensus algorithm which permits mining. 

The largest smart contract platform is approaching its transition from proof-of-work (PoW) to proof-of-stake (PoS) which supports staking instead of mining. Ethereum developers announced that the Merge event on the blockchain will occur around mid-September. The blockchain aims to become more scalable and complete after the much-awaited event.

Read More: Ethereum Mainnet Shadow Fork 10 Done and Dusted in Preparation for the Merge in September

To still have a platform that allows for mining after the Merge execution, Chandler Guo, a popular cryptocurrency miner disclosed that he would fork the Ethereum blockchain which is the second-largest crypto project by market capitalization after Bitcoin (BTC). He added that the new network would be named “ETH POW.”

After the implementation of the Merge on the Ethereum mainnet, the Chinese miner and others alike intend to execute a hard fork of the Ethereum network that ignores the upgrade to create a new network, ETH POW. 

In a closed press conference at the ongoing ETHSeoul 2022 Hackathon event, Ethereum’s Vitalik Buterin commented on the popular Chinese miner’s plan while responding to reporters. He highlighted the outcomes of this probable miner-led proof-of-work fork on the Ethereum network. 

Buterin said, “I’m not expecting it to have substantial, long-term adoption. According to him, there is no organic aspect to the possible fork, referring to the supporters of the fork as “a couple of outsiders that basically have exchanges, and mostly just want to make a quick buck. I hope that whatever happens, doesn’t lead to people losing money.”

Read Also: Vitalik Buterin Speaks on What Ethereum (ETH) and Crypto Should Become in the next 10 Years

Traders Betting On Yet To Exist Tokens

About three crypto exchanges including Poloniex, MEXC, and BitMEX are letting traders bet on tokens that are yet to be in existence.

While Poloniex and MEXC exchanges have listed tokens linked to a probable miner-led fork of the Ethereum network, BitMEX has added a futures product connected to the ETHPoW tokens. 

It’s worth noting that Chandler Guo, the Chinese crypto miner was involved in the 2016 fork that gave birth to the Ethereum Classic (ETC). The blockchain which permits crypto mining was recently referred to as a fine chain by Vitalik Buterin.

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Vitalik said in his speech on the 21st that if you like POW, you should use Ethereum Classic (ETC), which is totally a fine chain. (Live video at 35:50) Currently, Ethereum is expected to start the merge of POW to POS in September. https://t.co/nAtKh9fHyA

— Wu Blockchain (@WuBlockchain) July 25, 2022

PoS versus PoW

Following the upcoming Merge upgrade on the Ethereum network, the second-largest blockchain project by market capitalization will no longer support mining activities. 

That is, the Ethereum blockchain will no longer operate under a proof-of-work (PoW) consensus algorithm but rather proof-of-stake (PoS). 

While this is a huge upgrade, crypto miners will be affected negatively as they will lose a major source of income. This is because, in a proof-of-stake (PoS) network, cryptocurrency owners validate block transactions based on the number of coins a validator stakes.

Read More: Vitalik Buterin: Ethereum (ETH) Will Be 55% Complete After The Merge and Process 100,000 TPS

Whereas proof-of-work (PoW) consensus algorithm is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle to validate transactions and also mine new tokens. 

In other words, proof-of-work mechanisms require miners to solve cryptographic puzzles while proof-of-stake mechanisms require validators to simply hold and stake tokens. To note, there are mining rewards for miners on PoW networks. 

Read Also: Mainnet Shadow Fork 9 Implemented on Ethereum Network; The Merge Predicted to Happen in September

Ethereum Classic is a Fine Chain, Says Vitalik Buterin

In the previous week, Ethereum co-founder Vitalik Buterin while giving a speech pointed out that the Ethereum Classic blockchain is a good option for crypto miners. He noted that those who like proof-of-work blockchains could migrate to Ethereum Classic citing that it is a fine chain. 

Ethereum Classic is a hard fork of Ethereum, launched in July 2016. It is said that the blockchain project came to be in response to contract censorship on sister chain Ethereum. Reportedly, Ethereum Classic has proven its ability to resist censorship.

Related: Grayscale Highlights How Ethereum 2.0 Would Positively Impact Ethereum Classic (ETC)

Ultimately, Ethereum Classic which has a native token with the ticker ETC combines the technology of Ethereum with the philosophy of Bitcoin. Ethereum Classic is uniquely positioned to be the smart contract platform of the future.

More so, it is an open-source platform, supporting a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine.

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It can be recalled that ETC started the notable surge from $26 to a peak of $48.50. According to Grayscale, the renewed interest in Ethereum Classic (ETC) was likely initiated by speculation that the Ethereum merge expected to play out later this year may cause miners to move their hash power to the ETC network.

Read Also: JPMorgan Now Let Retail Customers Invest In Bitcoin, Ethereum, Bitcoin Cash, and Ethereum Classic

A few days ago, it was announced that the merge to proof-of-stake (PoS) consensus mechanism has successfully occurred. This implies that the team may do the same on the mainnet before the end of the year.

The much-anticipated development is expected to disable Ethereum miners from earning block rewards with their existing setups and will need to find somewhere to contribute their processing power.

Currently, Ethereum Classic network is likely the first candidate for ETH miners because Ethereum Classic network has a long-term commitment to Proof of Work (PoW) and is a fork of Ethereum with very similar code.

Impact of miners on a PoW network, such as Bitcoin, Ethereum, and Ethereum Classic, can be observed through changes in hash rate, the average computational power used to secure the network per second.

There will be an increase in hash rate when more miners are mining on the network and decreases when they leave.

Read Also: Ethereum (ETH) Donations to Ukraine’s Government Rapidly Increase after Airdrop Announcement

Grayscale noted that since the merge testnet launch was announced, the ETC hash rate has increased slightly by relatively 1% from 15th March to 22nd March 2022, which indicates that Ethereum miners have not started migrating in numbers to the ETC network yet. However, it’s expected to play out later, due to the fact that the hash power from the Ethereum network has to relocate somewhere.

Grayscale believes that the migration of Ethereum miners to the ETC network will certainly boost its hash rate, which also represents greater network security and may lead to more confidence in the network.

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