Bybit has announced an official launch of ETHW trading against the USDT stake coming, planning to open ETHW deposits and withdrawals soon as well. FTX and Bybit are among the few exchanges that are currently offering this form of trading on the tokens from the now defunct Proof-Of-Work version of Ethereum.
Bybit announced the launching of the ETHW trading against Tethere Via tweet.
The Ethereum blockchain has not officially forked into two chains but may exchanges are rushing to trade the EthereumPOW tokens. Currently the ETH Fork IOU token is trading on five exchanges in FTX global, FTX US, ByBit, Gate.it, and MEXC Global.
ETHW is not available yet so for now ppl trade ‘IOUs’ (proxies for future tokens)ETHW are pre-merge type ETH still mined which means they are not validated via the new PoS system.
By switching to POS Ethereum created a ‘hard fork’ meaning two Ethereum blockchains can survive (in addition to the ETC one from the 2016 post-DAO fork) : the POW one now abandoned officially by the Ethereum foundation and the new POS one or ETH2. The POW chain can be maintained active as long as miners still mine – notably some Chinese miners who have claimed they would. They have to decide if it makes economic sense to continue mining or not given the ETHW price is only a fraction of ETH2; however, given the fact mining equipment has lost most of its value they may decide to mine anyway provided the energy bill does not go above the ETHW rewards.
Currently data from CoinGecko states that 80% of all of the ETHW trading has been going on on FTX which is estimated to be about $24.7 million. Bybit and MEXC Global take up 10% and 17.6% respectively. The ETHW fork IOU token is currently trading at $24.36 which is 36.7% less than the previous day.