Main cryptocurrency exchanges, FTX and Bybit, are among the many first crypto buying and selling platforms to launch spot buying and selling for Ethereum proof-of-work (PoW) tokens.
Whereas the Ethereum blockchain has not forked into two separate networks simply but, crypto exchanges are dashing to start out buying and selling EthereumPoW (ETHW) tokens.
On the time of writing, ETHW Fork IOU token is now trading on 5 exchanges, together with the worldwide FTX alternate, the FTX US platform, Bybit, Gate.io and MEXC World, in keeping with information from CoinGecko.
In keeping with the information, FTX is dealing with greater than 80% of ETHW buying and selling, which is estimated to quantity to $24.7 million on the time of writing. Bybit and MEXC World account for 10% and 17.6% of ETHW buying and selling volumes, respectively.
On the time of writing, the ETHW Fork IOU token is buying and selling at $24,36, down round 36.7% over the previous 24 hours.
Bybit alternate took to Twitter on Thursday to formally announce that it launched ETHW buying and selling towards the Tether (USDT) stablecoin. “ETHW deposits and withdrawals are coming quickly,” the agency famous. ETHW/USD buying and selling web page is additionally now obtainable on the FTX web site.
The listed ETHW Fork token is an IOU cryptocurrency the place IOU stands for “I owe you,” that means that one social gathering owes a debt to a different one. That’s as a result of ETHW would derive from the potential Ethereum laborious fork and the chain has not forked but.
The Ethereum blockchain laborious fork is predicted to comply with the Ethereum Merge event that occurred earlier this Thursday. As some neighborhood contributors most popular to maintain supporting the mining-based PoW Ethereum model, the fork is predicted to separate the chain in two, the proof-of-stake model and a PoW-based one.
As beforehand reported, the laborious fork iexpected to occur within 24 hours following the Merge.