The Merge Week: Bybit To Support ETHW Fork, Token Distribution 8 Hours After Ethereum PoS Switch

Summary:

  • Crypto exchange Bybit intends to support ETHW, the proof-of-work hard fork of Ethereum’s blockchain.
  • Bybit said ETHW tokens would be listed after the merge.
  • The crypto exchange will also support airdrops, deposits, and trading for ETHW coins eight hours after the upgrade.

Major cryptocurrency exchange Bybit will support the Ethereum proof-of-work hard fork called ETHW, the platform announced via a website update and tweet on Wednesday. Also, the exchange will support ETHW token airdrops and trading following the merge.

The exchange shared the news ahead of Ethereum’s upcoming upgrade from proof-of-work to proof-of-stake. “The Merge” as the upgrade is known in the crypto community is only hours away at press time. 

Ethereum PoS would adopt an energy-efficient consensus mechanism and leverage network participants with staked Ether (ETH) for network security among other key blockchain needs. These participants are known as Stakes in a PoS network and would essentially replace miners.

Bybit Ready To Distribute ETHW Tokens Right After The Merge

Bybit said ETHW tokens would be distributed eight hours after the merge goes live. The exchange plans to support the airdrop, hard-forked token deposits, and trading. Bybit will also list ETHW/USDT for futures trading via perpetual contract. 

On Tuesday, EthereumWorldNews reported on a timeline update from ETHPoW, the team behind plans to hard fork Ethereum’s blockchain during the merge and sustain a PoW ecosystem. The process would maintain Ethereum’s block history up till the PoS upgrade.

ETHPoW plans to launch its decentralized PoW network within 24 hours of Ethereum’s PoS upgrade. It remains unclear how many exchanges plan to support ETHPoW at press time. Platforms like Deribit and OKX said tokens may be listed if users show demand for such coins. 

However, major stakeholders like Tether (USDT) and Circle (USDC) do not intend to support forked protocols or coins at press time.

Leave a Reply

Your email address will not be published.