Binance Completes Issuing Ethereum Proof- of-Work Tokens

Binance Completes Issuing Ethereum Proof- of-Work Tokens
  •  Deposits and withdrawals in ETHW are now possible.
  • Poloniex has decided to rename its ETHW markets and support the EthereumFair fork.

Binance completed the distribution of Ethereum proof-of-work tokens to qualified ETH holders on Tuesday. Deposits and withdrawals in ETHW are now possible. As a result, prices have risen and continue to rise. 

Following the launch of the Ethereum (ETH) Merge, some miners elected to stay and support the proof-of-work (PoW) consensus. This resulted in a new fork and the establishment of the ETHW mainnet. ETHW is a Layer 1 blockchain with pre-merge PoW consensus. There are now over 20 active mining pools concentrating on ETHW.

At the time of writing, ETHW is trading on five exchanges including OKX, FTX, DigiFinex, Gate.io, and Bitrue as per Coinmarket cap. Last week, major cryptocurrency exchanges FTX and Bybit announced the opening of spot trading for Ethereum proof-of-work (PoW) tokens. On Thursday, the Bybit exchange took to Twitter to officially announce the launch of ETHW trading against the Tether (USDT) stablecoin. 

Crypto Exchanges Racing to List ETHW Tokens

Other cryptocurrency exchanges such as Kraken, Huobi, and OKX are  following in the footsteps of FTX and Bybit. The Kraken exchange launched ETHW trading on Friday. OKX launched ETHW margin trading on Thursday, listing USDT-margined perpetual swaps for ETHW. 

Furthermore, Poloniex has decided to rename its ETHW markets and support another ETH fork known as EthereumFair (ETF). The project is distinct from Ethereum PoW proponent Chandler Guo’s ETHPoW initiative.

Journalism graduate who loves to write and Karate. And I love exploring new concepts and that brought me into the fascinating crypto and blockchain technology…