This Tuesday, September 20, 2022, Binance claimed to have completed the distribution of Ethereum Proof-of-Work (ETHW) tokens. The exchange announced at the same time the opening of deposits and withdrawals on its platform.
ETHW: BETH holders not eligible
In a notice published on its site, Binance says it has completed the distribution of Ethereum Proof-of-Work (ETHW) tokens. This obviously concerns eligible ETH holders after the merger. On this point, Binance indicates that the holders of BETH (a tokenized version of ETH staked on Binance) were not eligible for this distribution. In the event of a change, however, the company would notify users via another notice. The exchange announces at the same time the opening of deposits and withdrawals.
According to Binance, “ ETHW distribution snapshot was taken at ETH mainnet block 15,537,393 (2022-09-15 at 06:42:42 UTC) “. As a reminder, ETHW is a layer 1 blockchain that preserves the pre-merger PoW consensus. It was created by miners who decided to stay on the Proof of Work (PoW) consensus. So far, the numbers point to 20 active ETHW-focused mining pools.
Market risks still relevant
Binance made the following announcement in a Tweet: “ if the Ethereum Proof-of-Work (ETHW) potential chain is successfully implemented, eligible users will be credited with ETHW at a ratio of 1 ETH = 1 ETHW in their Spot wallets “. That’s done. Binance is taking advantage of this distribution notice to remind investors and users of the risks associated with crypto investments. The instability of the market is still relevant.
Moreover, the token would have fallen by 36.58% according to data from CoinMarketCap. This is despite the fact that the forked version of Ethereum has greatly increased in popularity since its launch. But so far, ETHW appears to be trading inside a rising wedge. The beginnings are difficult, especially since the blockchain was plagued by technical problems and an attack shortly after its launch.
ETHW wanted to provide a safety net for miners as The Merge made their mining platforms obsolete. Faced with the difficulties, it is difficult to know if the developers behind the renegade blockchain will be able to recover. Must wait. Only time will tell.
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