The Merge is in the pocket. Ethereum is now a PoS blockchain, and we experienced blockchain history. However, a small set of miners initiated a chain split. As a result, a new token and chain are in the making, the Ethereum PoW Fork IOU (ETHW).
KyberSwap is in full support of the ETH PoS chain. However, they also want you to have an opportunity to sell your ETHW. So, let’s have a look at how this works.
— NiFTy (@niftyinvest) September 16, 2022
Why a Hard Fork and Chain Split With ETHW?
Some Ethereum miners are not happy with The Merge. It effectively puts them out of work. Not that they didn’t have a couple of years’ warning, but that’s a different story. A small group of Ethereum miners got together and announced a new token: ETHW. CoinGecko listed this token on August 24th, 2022. It reached an ATH on September 3rd of $58.54. However, the token still needs to launch.
It’s the same with the new Ethereum PoW mainnet. That should launch anytime now. In the meantime, any support the token had, is out the window, it seems. The price tanked and is now at $12.94. The token also has no utility. There’s no information on the circulating supply or market cap.
The Ethereum miners still have their expensive equipment. Some set their equipment to work at other PoW chains, as we explained in a previous article. Others, well, they opted for a hard fork. However, they received not much support. Most to all exchanges support the ETH PoS chain. So do other supporting projects. For instance, Chainlink.
On the other hand, if you hold any ETH, after the hard fork, you receive the same amount of ETHW on the new chain. A handful of established CEXs offer this token. For example, Gate.io, Huobi Global, Kraken, and FTX.
The other projects that miners joined, also started to tank after The Merge. But so did Ethereum itself. For example; RavenCoin (RVN), Ethereum Classic (ETC), or Litecoin (LTC).
Thanks a lot everyone for joining us in the ETH Merge Party with Binance Live, we got over 6000 audiences!
Next, within 23 hours, we will publish the 1-hour Count Down Timer for the ETHW mainnet release.
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 15, 2022
KyberSwap and ETHW
KyberSwap will support only one chain in the long run, that’s the Ethereum PoS chain. However, to allow users to sell their ETHW, they are supporting this coin for 30 days. They had a vote on this, with only two features, swapping and liquidity protocol. 60.4% of voters supported this. See the Tweet below.
Eth PoS is the only canonical chain on KyberSwap with all existing & upcoming features available.
Vote: For EthPoW post #merge, we are considering a 1 month period for features like swap & liquidity protocol. We will not develop more features for EthPoW. Do you support this?
— Kyber Network (@KyberNetwork) September 12, 2022
As a result, if you own ETHW, you can swap it on KyberSwap to any other token they offer. The closing date for support is 16 October at 00:00 SGT sharp.
It’s easy to use;
- Go the KyberSwap app.
- Connect your wallet.
- Make sure to use the EthereumPOW network.
That’s it, you’re ready to start swapping. See the picture below.
Source: KyberSwap app
We saw that after the successful Merge a hard fork formed and a chain split. The mainnet of this fork should be live at any moment now. The miners behind this fork already announced a token. However, the token hasn’t launched yet. So, let’s have a look at the price of ETHW.
According to CoinGecko, the price is $12.95. However, there’s no information on the market cap. The same goes for the circulation supply, there’s no information. The market is expecting holders will dump this token and just move on to ETH 2.0.
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