FTX, Bybit among the first exchanges to launch spot ETHW trading

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Main cryptocurrency exchanges, FTX and Bybit, are among the many first crypto buying and selling platforms to launch spot buying and selling for Ethereum proof-of-work (PoW) tokens.

Whereas the Ethereum blockchain has not forked into two separate networks simply but, crypto exchanges are speeding to start out buying and selling EthereumPoW (ETHW) tokens.

On the time of writing, ETHW Fork IOU token is now trading on 5 exchanges, together with the worldwide FTX alternate, the FTX US platform, Bybit, Gate.io and MEXC World, based on information from CoinGecko.

In accordance with the information, FTX is dealing with greater than 80% of ETHW buying and selling, which is estimated to quantity to $24.7 million on the time of writing. Bybit and MEXC World account for 10% and 17.6% of ETHW buying and selling volumes, respectively.

On the time of writing, the ETHW Fork IOU token is buying and selling at $24,36, down round 36.7% over the previous 24 hours.

Ethereum PoW Fork IOU Markets. Supply: CoinGecko

Bybit alternate took to Twitter on Thursday to formally announce that it launched ETHW buying and selling in opposition to the Tether (USDT) stablecoin. “ETHW deposits and withdrawals are coming quickly,” the agency famous. ETHW/USD buying and selling web page can be now obtainable on the FTX web site.

Extra cryptocurrency exchanges like Kraken, Huobi and OKX subsequently followed FTX and Bybit’s lead. Kraken alternate rolled out ETHW buying and selling on Thursday, saying that withdrawals and deposits are approaching Friday, at roughly 3:30 pm UTC. On Friday, OKX launched ETHW margin buying and selling, itemizing USDT-margined perpetual swaps for ETHW.

The listed ETHW Fork token is an IOU cryptocurrency the place IOU stands for “I owe you,” which means that one get together owes a debt to a different one. That’s as a result of the ETHW token would derive from the potential Ethereum laborious fork and the chain has not forked but.

Moreover, Poloniex decided to rename their ETHW markets and assist one other fork of ETH known as EthereumFair (ETF). The initiative is totally different from Ethereum PoW proponent Chandler Guo’s ETHPoW effort. The token is buying and selling at $17.7, up round 7.6% over the previous 24 hours on the time of writing, based on information from CoinGecko.

Associated: F2Pool, Poolin to start Ethereum PoW mining after ETHW mainnet launch

The Ethereum blockchain laborious fork is predicted to observe the Ethereum Merge event that occurred earlier this Thursday. As some group contributors most well-liked to maintain supporting the mining-based PoW Ethereum model, the fork is predicted to separate the chain in two, the proof-of-stake model and a PoW-based one.

As beforehand reported, the laborious fork is expected to occur within 24 hours following the Merge.