Following Ethereum’s Merge, a number of cryptocurrency community members have been discussing the proof-of-work (PoW) fork called ETHW as it dropped significantly in value during the past few days. However, a lot of people are unaware that there’s another Ethereum-based PoW fork called ethereumfair (ETF), and ETF has gathered a small amount of hashrate and fiat value since the token’s mainnet launch.
The Crypto Community Greets Another PoW Fork Called Ethereumfair
Most people were aware that a proof-of-work (PoW) crypto asset called ETHW was created following The Merge on September 15, because it was announced weeks before the mainnet launch. At the time of writing, ETHW is down 17% against the U.S. dollar in 24 hours, and the project’s hashrate has slipped a great deal as well.
On September 15, ETHW’s hashrate tapped an all-time high (ATH) at 80.56 terahash per second (TH/s). Although, ETHW’s hashrate has faltered in recent times and the PoW network has lost 53.35% of hashpower since then.
A great number of people are unaware that ETHW is not the only ETH-based PoW fork as there’s another ETH-based PoW fork called ethereumfair (ETF). The Ethereumfair team has a website and a few social media channels.
The team’s Twitter account was created in January 2020, and it has 14,100 Twitter followers at the time of writing. The Ethereumfair account has roughly 1,000 fewer followers than ETHW’s 15.1K Twitter followers. While ETHW has lost 17%, ETF is also down 17.6% against the U.S. dollar at $1.57 per unit.
Coingecko.com stats show ETF has seen a price range between $1.48 to $3.50 per unit and $3.43 million in global trade volume. Two days ago, ETF’s price tapped an all-time high at $20.59 per unit, and on the same day, it slid to its lowest point at $0.99 per coin.
ETF trading activity today is prominent on Huobi and Gate.io with the most dominant trading pair being tether (USDT). Poloniex also lists ETF as well but the exchange leveraged the ETHW IOU market and renamed it to ETF.
Market Price Anomaly Follows Poloniex Renaming ETHW — Ethereum Classic Still Reigns Champ in USD Value and Overall Hashrate, ETHW and ETF’s Hashrate Equates to 21% of Ethereum Classic’s Hashpower
At press time, there is a price anomaly between Poloniex’s, Huobi’s, and Gate.io’s ETF exchange rates. Because while Huobi’s ETF exchange rate is $1.57 per ETF and Gate.io’s data shows $1.58, Poloniex ETF markets are between $7.94 to $7.99 per unit, which matches the same value as ETHW’s current price.
Ethereumfair has also gathered a small percentage of hashrate leftover from The Merge. At the time of writing, Ethereumfair’s hashrate is at 7.9 TH/s and there are seven nodes dedicated to the new network. Compared to ETHW’s hashrate, ETF’s hashpower represents 21% of ETHW’s total hashrate.
Ethereum Classic’s hashrate today is coasting along at 219 TH/s, according to statistics collected by 2miners.com. ETF’s and ETHW’s combined hashrate equates to just over 20% of ETC’s aggregate hashpower. ETC is currently trading for $33.35 per unit, which means ETHW equates to 22% of ETC’s value, while ETF equates to 4.73% of ETC’s net USD value.
The double fork that took place following The Merge is unusual, but multiple forks have happened to blockchain networks in the past. For instance, in April 2018, the privacy-centric blockchain network Monero split into four different protocols following a hard fork that year.
What do you think about the birth of Ethereumfair and the fact that there are two Ethereum-based PoW forks now? Let us know what you think about this subject in the comments section below.