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Justin Sun's Poloniex Launches Trading For Potential Ethereum Hard Fork Tokens - The Crypto Basic

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thecryptobasic.com 08 August 2022 03:48, UTC
  
Reading time: ~3 m

Poloniex launches trading for potential Ethereum hard fork tokens 18 hours early.

Tron founder Justin Sun in a tweet on Sunday confirmed that his exchange Poloniex had launched trading for the potential Ethereum hard fork tokens, ETHW for the Proof-of-Work (PoW) chain, and ETHS for the Proof-of-Stake (PoS) chain, 18 hours ahead of schedule as he claims there is high demand.

“ETHW and ETHS trading is now live on Poloniex! We planned to go live on August 8th, but after strong community demand, we managed to deliver the product 18 hours early to go live on August 7th 4pm SGT! Enjoy trading!” Sun tweeted.

ETHW and ETHS trading is now live on @Poloniex! We planned to go live on August 8th, but after strong community demand, we managed to deliver the product 18 hours early to go live on August 7th 4pm SGT! Enjoy trading! https://t.co/i09TeskJvg

— H.E. Justin Sun🌞🇬🇩 (@justinsuntron) August 7, 2022

It is worth noting that there have been growing speculations of a potential Ethereum PoW fork as the Ethereum Merge approaches. The push for another hard fork has received backing from a few disgruntled miners, Huobi and Sun’s Poloniex exchange. Notably, Sun promised an allocation of ETHW to developers and community members last Thursday that would make the hard fork a reality. U.Today reports that supporters of the effort claim to have about 50 developers on the project.

We currently have more than 1 million #ETH. If #Ethereum hard fork succeeds, we will donate some forked #ETHW to #ETHW community and developers to build #ethereum ecosystem. https://t.co/ee4kGSuVoK

— H.E. Justin Sun🌞🇬🇩 (@justinsuntron) August 4, 2022

Sun’s latest announcement has been met with a bit of confusion and pessimism on Twitter. Some users have called it a scam, saying they would dump the asset on traders.

I wonder how fast this will rug? 😂

— Jon (@MasterChefJon) August 7, 2022

Notably, Ethereum founder Vitalik Buterin commenting on the agitations over the weekend, noted that proponents of the hard fork are owners of exchanges trying to make money off users. Additionally, Buterin does not believe that these efforts would gain traction as he maintains that there is widespread adoption for the Ethereum Merge. 

The Ethereum Merge, scheduled for September, will see the blockchain network migrate to the PoS Beacon chain. Consequently, pundits expect it to significantly improve the network’s scalability and throughput while reducing energy consumption. However, while the merge promises to improve user experience, it is a potential nightmare for miners who stand to lose their source of revenue.

Notably, developers are already launching merge on the final testnet. Ethereum is trading above the $1,700 price point, up 2.71% in the last 24 hours and 2.32% in the previous seven days.


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