As the Merge hard fork has gone live for Ether (ETH), multiple cryptocurrency exchanges have proceeded with enlisting EthereumPoW (ETHW) tokens on their platforms.
Bybit and FTX Follow the Trend
Among the cryptocurrency exchanges are Bybit and FTX which have followed the same process. They have also added ETHW on their platforms as the spot trading feature.
These cryptocurrency exchanges are now among the first crypto trading platforms to have adopted ETHW as spot trading assets.
Ethereum Blockchain Still Operates as One
Even after the implementation of the Merge hard fork, the Ethereum blockchain is operating as a single entity. There is currently no segregation among the PoW and the PoS consensus protocols.
Although the separation is expected to take place, cryptocurrency exchanges are eager to take advantage of the current situation.
Many exchanges have acted fast adopting ETHW tokens and offering them to their users to increase their platform demand.
Exchanges Currently Offering ETHW
As of now, ETHW is available as a spot trading asset on five different cryptocurrency exchanges. These exchanges include MEXC Global, Gate.io, Bybit, FTX US, and FTX exchange.
Among the exchanges, FTX is the dominant entity for handling the highest amount of ETHW trades. The stats confirm that the FTX exchange is handling over 80% of the overall ETHW being traded.
More than $24.7 million ETHW has been trading through the FTX exchange. The Bybit exchange accounts for 10% of total ETHW trades while MEXC Global accounts for 17.6% of the total ETHW trades.
Trading Price of ETHW Fork IOU Token
At the time of publication, the trading price of ETHW is worth $24.36 per ETHW. In the past 24 hours, the trading price of ETHW has fallen by 36.7%.
Bybit exchange was really excited to be launching the ETHW token as they took to Twitter to talk about listing ETHW on their platform. The exchange made the announcement surrounding ETHW’s listing on Thursday.
The particular cryptocurrency has been launched as an IOU cryptocurrency, which means “I owe you”. This means that ETHW would proceed with deriving data and value from the potential Ethereum Merge.
What are the Investors expecting?
With the implementation of the Merge, ETH’s consensus protocol has moved from PoW to PoS. Although the blockchain is to move to the PoS consensus protocol, still, many investors are hoping that both protocols may remain intact.
Now that the Merge for Ethereum is in order, the developers will proceed with the implementation of the hard fork. This may result in splitting the blockchain into two.
At the time of writing, the trading price of ETH is down to $1,474.15, experiencing an 8.54% dip in the past 24 hours. Following the implementation of the hard fork, ETH’s trading price may surge significantly.