The proposed Proof-of-Work version of Ethereum appears to have failed to gain much traction on its first day of listing on Poloniex, despite Justin Sun’s promises of “high community demand.”
The push from Justin Sun and Chandler Guo for a Proof-of-Work Ethereum fork has so far drawn little interest from the market.
On its first day of trading, only $3.6 million worth of volume was traded on Poloniex’s listing for EthereumPoW (ETHW).
Despite extensive marketing from TRON inventor Justin Sun and Chinese miner Chandler Gou, the EthereumPoW coin, which stands in for a future Proof-of-Work based Ethereum fork, has struggled to gain significant support from the larger crypto community. Only $3.6 million worth of trades have been made in ETHW since it was listed on the Sun-backed Poloniex exchange over the weekend.
The most actively traded pair of the fork, ETHW/ETH, saw roughly $1.31 million in trading volume on the first day of trading, while ETHW/USDT and ETHW/USDD saw about $1.2 million and $1.1 million in trading volume, respectively, according to CoinGecko data. Comparatively, the most popular Ethereum pair, ETH/USDT, now sees daily volume on Binance of around $1 billion.
In the middle of September, Ethereum is anticipated to switch from a Proof-of-Work-based consensus mechanism to a Proof-of-Stake-based one. The historic “Merge” update will eliminate mining and replace it with a less power-intensive security architecture for Ethereum. By ordering, verifying, and settling transactions using their ETH stakes, Ethereum users will be able to order, secure the network, and earn ETH rewards.
Justin Sun and Guo and tries to maintain an older version of Ethereum
Although a very small portion of the cryptocurrency ecosystem, despite the overwhelming support of the Ethereum community for the Merge, is planning to support Ethereum offshoots that would use the outdated Proof-of-Work consensus process. The so-called Ethereum PoW fork, which is primarily supported by Sun and Guo and tries to maintain an older version of Ethereum without the mining “difficulty bomb,” is the most promising of the proposed forks.
Guo reportedly hired around 60 developers to construct the fork ahead of the Merge, and Sun launched ETHW on his cryptocurrency market Poloniex on Sunday in anticipation of the fork. When announcing the listing, he said that there had been “high community demand” for the token.
However, according to the chain’s official website, the early interest in Sun and Guo’s EthereumPoW split appears to be minimal in comparison to the scale of the market, with only major miners and a few smaller, largely Asian cryptocurrency exchanges suggesting prospective support (two of the top crypto exchanges, Binance and FTX, are also listed, though neither firm has expressed support for a fork).
Since Poloniex listed ETHW, BitMEX has declared its intention to market futures for a prospective Ethereum currency based on Proof-of-Work. Users will be able to deposit USDT from Tether as security and use up to 2x leverage to gain exposure to the token.
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