Many believe that following Ethereum’s transition to proof-of-stake (PoS), a faction of Ether (ETH) miners will create a proof-of-work (PoW) fork of the network in order to continue mining. An executive believes that ETH users can use this event to their advantage.
In a Twitter thread, Bobby Ong, the co-founder of the CoinGecko token information website, shared their strategies when it comes to the next ETH merger. According to Ong, ETH users will soon receive ETH PoW token airdrops and he shared some tips on how ETH holders can fully take advantage of this opportunity.
Ong noted that the easiest way to get airdrops from the hard fork is to hold ETH on exchanges that support hard forks. However, holding ETH in hardware wallets would also work and could make a trader eligible for all forked tokens.
To maximize the amount holders can receive, the executive also advised them to bridge their tokens back to the ETH mainnet, unwrap their Wrapped Ether (wETH), and withdraw their ETH liquidity from decentralized finance (DeFi) protocols.
Despite this advice, Ong noted that, Although you can opt to get all the forked tokens, I would not claim all the airdrops, as some of them could be scam attempts trying to access your signature and private keys. The exec also shared that his strategy for the forked tokens is to “sell them all immediately.” He wrote:
“Almost all fork tokens are now dead as they are created solely to keep miners temporarily busy and have no incentive to grow their community and usage.”
Meanwhile, the non-fungible token (NFT) market OpenSea said that it will not support forked NFTs on its platform. The popular NFT trading platform recently announced that it will only support NFTs on the updated PoS blockchain. Aside from OpenSea, blockchain oracle project Chainlink has also expressed its support for the upgraded ETH network by announcing that it will not support PoW forks.
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