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Cryptocurrency exchanges now have to choose whether to support an aggressive effort to block the transfer as Ethereum's long-anticipated unification approaches.
The biggest crypto exchange in America hinted that it would be willing to do this on Thursday. As proof-of-work, split versions of Ethereum emerge following the integration, Coinbase will consider listing them, the business wrote in a blog post.
In an updated version of a statement first released on August 16, Coinbase wrote, "At Coinbase, our goal is to list every asset that is legal and safe to list so that we establish a fair playing field for all the new assets being developed in crypto while continuing to protect our consumers." "This asset will be assessed with the same rigor as any other asset listed on our exchange should an ETH PoW fork happen following The Merge."
The corporation has been outspoken in its support for the new, proof-of-stake model of Ethereum that next month’s merger will produce. The company has previously been quiet on supporting split Ethereum currencies.
That fresh, staked Ethereum will power the enhanced, more energy-efficient proof-of-stake network. But it will also end ETH mining that relies on proof of work. To access blocks of freshly created ETH, so-called “miners” currently engage in an energy-intensive procedure in which they expend significant computing power on challenging challenges.
A renowned Chinese crypto miner recently started a campaign to fork, or divide, the Ethereum network upon the merge and construct an alternative, still-minable version of Ethereum functioning on proof of work to preserve the practice of ETH mining post-merge. The proof-of-work fork of ETH is known as ETHW.
Since that campaign started earlier this month, some cryptocurrency exchanges have begun listing ETHW-affiliated financial products, such as futures and exchange-specific “IOU” tokens that depend on the ETHW fork occurring next month. These exchanges include Justin Sun’s Poloniex, Huobi, BitMEX, and Bitrue.
The biggest cryptocurrency exchange in the world by volume, Binance, said it would consider supporting any forked Ethereum assets on an individual basis subject to “the same tight listing review process” used for other coins. However, it did not immediately publish such a financial instrument.
Thursday’s updated Coinbase announcement supports such a strategy; both businesses seem to be waiting to see if an ETHW fork takes place and how its associated token performs in the aftermath of the merger.
The price of “IOU” variants of ETHW has fallen since they attracted some initial speculative attention. Following its launch on Poloniex on August 8, ETHW had a 62% price decline to reach $52.59 in the following weeks.
According to information from CoinMarketCap, ETHW has fallen another 13% as of this writing, to $45.68.
Additionally, the token’s 24-hour trading volume has virtually disappeared, falling 93% from a peak of $13.8 million just after its launch to $957,589 on August 25.