What Is Fork Chain EthereumFair (ETF): All You Need To Know About It
After Ethereum’s successful completion of its hard fork upgrade The Merge, it is now time to look at the forked tokens. Crypto exchange Poloniex, which was quite active in supporting the possibility of forked tokens after the upgrade, came up with an announcement. The exchange said it decided to choose the fork chain EthereumFair (ETF) ‘which is supported by the community’s majority’. Not just the support but ETF has more proof of work computing power as the main chain for ETHW tokens, it said.
The EthereumFair (ETF) is not the same as the ETHW token Poloniex said would support in case of a hard fork post the upgrade.
What Is EthereumFair (ETF)
However, Poloniex will support the other fork chains and tokens as well, going on the merits of those tokens. Hence, the token announced earlier as the potential forked token, ETHW, will be renamed. ETHW was originally named after Ethereum’s now defunct consensus, proof of work (POW). The ETHW token will be renamed as ETF, it stated in the announcement.
“Poloniex will rename ETHW as EthereumFair (ETF) and resume the trading of ETF markets (ETF/USDT, ETF/USDD, ETF/ETH) on September 15. The trading history of ETHW markets will be inherited by the corresponding ETF markets.”
Meanwhile, Poloniex said it will also list other valid Ethereum fork tokens for trading in coming days. “The ETF token is yet to be enabled for deposit or withdrawal.” Prior to The Merge, it was believed that ETHW would compete with Ethereum Classic (ETC). However, with the drop in crypto prices after Merge completion, it remains to be seen how they would fair in near term.
Chances Of ETF Delisting
The exchange also said that the fork chain may terminate service due to insufficient computing power. The termination could also occur due to possible lack of support from developers or community members. “This may cause the fork tokens to either lose value or be delisted from Poloniex.”
As of writing, Ethereum price stands at $1,487.54, down 6.70% in the last 24 hours, according to price tracking platform CoinMarketCap. Ethereum Classic, on the other side, stands at $37.46, up 1.16% in the last 24 hours.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
