Major crypto exchanges FTX and Bybit are among the first crypto trading platforms to launch spot trading of Ethereum proof-of-work (PoW) tokens.
Although the Ethereum blockchain has not forked into two separate networks yet, cryptocurrency exchanges are rushing to start trading EthereumPoW (ETHW) tokens.
At the time of writing this article, The ETHW Fork IOU token is already trading on five exchanges, including global exchange FTX, platform FTX US, Bybit, Gate.io, and MEXC Global, according to data from CoinGecko.
According to data, FTX is managing more than 80% of ETHW trades, estimated to be worth $24.7 million, at press time. Bybit and MEXC Global account for 10% and 17.6% of ETHW trading volume, respectively.
At the time of writing, the ETHW Fork IOU token was trading at $24.36, which is down around 36.7% in the last 24 hours.
Exchange Bybit took to Twitter on Thursday to announce officially launched ETHW trading against stablecoin Tether (USDT). “ETHW deposits and withdrawals are coming soon,” the firm noted. The ETHW/USD trading page is also now available on the FTX website.
The listed ETHW Fork token is an IOU cryptocurrency where IOU stands for “I owe you”, implying that one party owes a debt to another. This is because ETHW would be derived from the potential Ethereum hard fork and the chain has not been forked yet.
The Ethereum blockchain hard fork is expected to come after the Ethereum Merge event that took place earlier this Thursday.. As some community participants preferred to continue supporting the PoW mining based version of Ethereum, the fork is expected to split the chain into two, the proof-of-stake based version and the PoW based version.
As previously reported, the hard fork is expected to occur within 24 hours of the merge.
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