Proof-of-work-based hard forked token has begun.
Within a few hours of the Merge's successful conclusion, it seems like two distinct tokens are competing for support. The battle between ETF and ETHW is currently in progress, despite Ethereum's switch to proof of stake being a momentous development for the cryptocurrency industry.
While ETHW stands for Ethereum, which uses proof of work, ETF stands for EthereumFair (PoW).
Spot Trading ETHW
Some cryptocurrency exchanges have already started offering spot trading for. Bybit, a cryptocurrency exchange, said that it would soon make ETHW withdrawals and deposits possible. Spot trading for ETHW has also been made available on the FTX exchange. Among others, Ethereum miner Chandler Guo supports the coin ETHW. On the other hand, ETF is supported by a few Chinese miners and the Bitcoke derivatives exchange. The exchange said that mining power connected to it has moved to the EthereumFair fork chain (ETF).
ETHW Token vs. ETF
Earlier, cryptocurrency exchange Poloniex announced that it has chosen an ETF because it was supported by the "majority of the community". Later, the exchange claimed that it has also listed ETHW cryptocurrency. Depending on the merits of those specific tokens, Poloniex said it will also support the other fork chains and tokens. The decision to select ETF or ETHW token currently rests with the mining community. Either of the forked chains may delist the service in the event that there is insufficient processing power. Delisting is also a possibility if developers or community members fail to support it.
The price of Ethereum has been trending lower over the previous few hours. The price increased little once The Ethereum Merge was formally completed. However, the price of Ethereum immediately dropped. On Thursday, there was a fall in the stock markets as a result. According to CoinGabbar, the price of ETH is currently $1,505, down 8.5% over the previous day.
