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The major cryptocurrency exchange MEXC announced the exchange of Ethereum coins for fork – ETHS and ETHW tokens at a 1:1 rate. One of the tokens will be converted to upgraded Ethereum without PoW consensus, and the other will represent the PoW chain with the highest hash rate.
The initiative was implemented to help users avoid the risks associated with market volatility when a hard fork occurs. Avoiding the spike in volatility caused by the variety of Ethereum forked coins, investor funds will be placed in the safest option available on the market and sorted by mining power around it.
Other exchanges have also joined the initiative and started offering migration tokens for those who “wish to stay on the mainnet or transfer their funds to a PoW coin fork.”
At the same time, users have noticed that the withdrawal of tokens on various platforms is disabled, which raises security questions in case something goes wrong for any reason. P
Before the merger, more users and miners are preparing to move their funds to L1 alternatives with PoW consensus available. At the moment, the largest heir to the huge Ethereum hashrate is Ethereum Classic, which has already increased the power of the network by almost 50%.
The surge in mining power also sent ETC prices up, with the asset up more than 150% from its value during the recovery. Industry experts believe that the coin will face another post-merger growth cycle if Ethereum hard forks do not live up to market expectations.
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