Bitfinex To Support Ethereum PoW (ETHPoW) Fork

Bitfinex To Support Ethereum PoW (ETHPoW) Fork

Bitfinex rolls out plans to support the Ethereum PoW (ETHPoW) fork ahead of The Ethereum Merge. Several big names in the industry have declared support for the imminent fork to the Ethereum blockchain post-Merge. Bitfinex is the latest in line to join in the bandwagon.

BitFinex Derivatives launches ETH CST to support the ETH fork

Through a media release on Tuesday, BitFinex unveiled the launch of New Chain Split Tokens (CSTs) on Ethereum. iFinex Financial Technologies, a subsidiary of iFinex Inc, was responsible for the launch. iFinex Financial Technologies handles the operations of BitFinex Derivatives.

With the launch of the Ethereum CST, users will have the opportunity to trade both the ETHPoW fork and the ETH PoS tokens resulting from The Merge on the BitFinex Derivatives platform. Both tokens will be separate and also available in trading pairs, the release notes. The tokens will have the tickers ETHS (PoS) and ETHW (PoW).

Speaking on the matter, Paulo Ardoino, BitFinex Derivatives’ CTO, said,

We are delighted to provide our users access to these new Ethereum Chain Split Tokens to help prepare for all eventualities as we approach the Ethereum Merge.

Additionally, BitFinex Derivatives’ Product Manager, Jag Kooner, highlighted the necessity of the move. According to Kooner, the team is looking to provide users with the best experiences on the exchange. Kooner also advised customers to provide feedback on product designs such as this one.

The reality of the Ethereum PoW appears imminent

Having started out as a simple idea, the ETHPoW fork appears to be getting more support as The Merge approaches. On July 27, Chinese miner Chandler Guo revealed plans to fork ETH “again” via a tweet. It is important to note that Guo was one of the brains behind Ethereum Classic (ETC)—another fork of Ethereum.

The movement has since gained traction, with a team already formed. Support has come from several entities in the industry, including Tron’s Justin Sun, Poloniex and Huobi. On August 8, BitMex announced the launch of the ETHPoW margin trading with a Tether pair. Although Binance has not indicated support for the fork, it noted that it was not completely ruling it out.

Amidst all this, the reality of the ETHPoW appears imminent. Two weeks back, the ETHPoW team published an open letter, indicating that the fork was “inevitable.” According to the team, they removed the ETH difficulty bomb on the forked version. This comes as a direct defiance to proponents, including the ETC Cooperative, who have asked Guo to abandon the dream.

Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing, and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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