Bessie Liu

<div id="highlights-block_63239834bca72" class="highlights">
 <ul>
 <li>ETHPoW airdrops may take up to hours to deliver</li>
 <li>FTX, FTX US, Bybit, Gate.io, MEXC Global and OKX are among the handful of exchanges trading ETHPoW tokens</li>
 </ul>
 
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After seven years of planning, Ethereum has <a href="https://cms.blockworks.co/ethereum-switches-to-proof-of-stake-after-7-years-of-work/" target="_blank" rel="noreferrer noopener">successfully switched</a> from proof-of-work (PoW) to proof-of-stake (PoS) — quickly leaving a nascent new PoW chain in the lurch.&nbsp;



The group of Ethereum miners hard-forking the blockchain saw the price of its ETHW token soar from <a href="https://www.coingecko.com/en/coins/ethereum-pow-iou" target="_blank" rel="noreferrer noopener">$34.08</a> to <a href="https://www.coingecko.com/en/coins/ethereum-pow-iou" target="_blank" rel="noreferrer noopener">$51.35</a> moments after the Merge, only to plummet back down to <a href="https://www.coingecko.com/en/coins/ethereum-pow-iou" target="_blank" rel="noreferrer noopener">$16.39 </a>by publication, according to data compiled by Blockworks.



Price volatility of the PoW token should come as no surprise, as the majority of DeFi activity that exists on Ethereum will <a href="https://cms.blockworks.co/why-the-ethereum-merge-will-cause-price-volatility-on-ethpow/" target="_blank" rel="noreferrer noopener">move to the PoS</a> chain.&nbsp;



The coin, with an unknown circulating supply and no market capitalization, is currently trading on only a handful of exchanges, including FTX, FTX US, Bybit, Gate.io, MEXC Global and OKX.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">5,000 <a href="https://twitter.com/search?q=%24MX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MX</a> prize pool to celebrate <a href="https://twitter.com/hashtag/MEXC?src=hash&amp;ref_src=twsrc%5Etfw">#MEXC</a> as the first exchange to enable the deposits of <a href="https://twitter.com/search?q=%24ETHW&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETHW</a> 🔥 📆Event period: Now to 15:00 Sep 18 (UTC) How to enter? 👉 <a href="https://t.co/PILAH8z6A8">https://t.co/PILAH8z6A8</a> 💚Sign up: <a href="https://t.co/1BtRRDiQSc">https://t.co/1BtRRDiQSc</a><a href="https://twitter.com/hashtag/EthereumMerge?src=hash&amp;ref_src=twsrc%5Etfw">#EthereumMerge</a> <a href="https://twitter.com/hashtag/Ethereumpos?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereumpos</a> <a href="https://twitter.com/hashtag/MEXCGlobal?src=hash&amp;ref_src=twsrc%5Etfw">#MEXCGlobal</a> <a href="https://t.co/rDaNIldlHQ">pic.twitter.com/rDaNIldlHQ</a>&mdash; MEXC Global (@MEXC_Global) <a href="https://twitter.com/MEXC_Global/status/1570440897128722433?ref_src=twsrc%5Etfw">September 15, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Traders who stored ether on those exchanges before the Merge were airdropped ETHW tokens at a 1:1 ratio.&nbsp;



“All airdrops will take hours to deliver. If you haven&#8217;t received it yet, please wait patiently,” Seychelles-based cryptocurrency exchange OKX <a href="https://twitter.com/okx/status/1570453485015158793" target="_blank" rel="noreferrer noopener">tweeted</a>. “All airdrops distributed to sub-accounts will be received collectively in the corresponding parent account.”



<h3 class="wp-block-heading">Why an Ethereum hard fork?</h3>



In a recent <a href="https://medium.com/@ETHW/ethw-core-an-open-letter-to-the-ethereum-community-1-9-b8549b62e6e" target="_blank" rel="noreferrer noopener">open letter</a>, ETHPoW advocates said “PoS is indeed a game changer, but only in bad ways.”



“PoW has a 12 year track record of being reliable, robust, and censorship-resistant. It is only prudent to continue a PoW Ethereum, which should be a no-brainer for those who champion openness and the free market as there is no downside,” the group said. “After all, if PoS Ethereum is really so great, why be afraid of competition?”



Despite this, EthPoW advocates have drawn substantial criticism from the wider Ethereum community, including founder Vitalik Buterin. At a press conference during ETHSeoul, Buterin said that those pushing for an Ethereum hard fork are “simply trying to make a quick buck.”



At the time of publication, Ethereum traded around <a href="https://www.coingecko.com/en/coins/ethereum" target="_blank" rel="noreferrer noopener">$1,500</a> — over about 125 times higher than ETHW.



Correction Sept. 16 at 6:13 am ET: The original version of this story misstated the price differential between ETHW and ETH. 



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