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Bitfinex Will Support The Ethereum PoW (ETHPoW) Fork

24-Aug-2022 By: Divya Behl
Bitfinex Will Suppor

Ahead of The Ethereum Merge, Bitfinex announces intentions 

to support the Ethereum PoW (ETHPoW) fork. 

A number of well-known figures in the sector have expressed support for the upcoming fork to the Ethereum blockchain following the Merge. The most recent to jump on board is Bitfinex.

Launch of ETH CST by BitFinex Derivatives in support of the ETH fork

On Tuesday, BitFinex announced the introduction of New Chain Split Tokens (CSTs) on Ethereum in a press release. The launch was handled by iFinex Financial Technologies, a division of iFinex Inc. BitFinex Derivatives' operations are managed by iFinex Financial Technologies.

Users will be able to trade both the ETHPoW fork and the ETH PoS coins produced by The Merge on the BitFinex Derivatives platform once the Ethereum CST is launched. According to the release notes, both tokens will be independent and offered in trading pairs. The tickers for the tokens will be ETHS (PoS) and ETHW (PoW).

Jag Kooner, the product manager for BitFinex Derivatives, also emphasised the significance of the change. Kooner claims that the group wants to give people the finest possible experiences on the exchange. Customers should offer comments on product designs like this one, according to Kooner.

The Ethereum PoW appears to be approaching reality.

The ETHPoW fork, which initially seemed like a straightforward concept, now seems to be gaining more traction as The Merge draws near. Chinese miner Chandler Guo tweeted on July 27 that he intended to fork Ethereum "again." It's crucial to remember that Guo contributed to the creation of Ethereum Classic (ETC), another fork of the Ethereum protocol.

Since then, the movement has gained momentum, and a team has been established. Numerous organisations in the sector, including Justin Sun of Tron, Poloniex, and Huobi, have offered support. The introduction of margin trading with a Tether pair for ETHPoW was announced by BitMex on August 8. Binance highlighted that it was not fully ruling out the fork even if it had not expressed support for it.

In the middle of all of this, the ETHPoW's realisation seems near. The ETHPoW team stated in an open letter published two weeks ago that the fork was "inevitable." The team claims to have taken out the ETH difficulty bomb from the forked version. This is a direct rebuke to those who have urged Guo to give up the dream, such as the ETC Cooperative.

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