ETHW Token Surges and Plummets Before Its Launch

Price of ETHW tokens from a proof-of-work fork drastically soared moments after the Merge, only to plummet right back down.

article-image

Source: DALL·E

share

key takeaways

  • ETHPoW airdrops may take up to hours to deliver
  • FTX, FTX US, Bybit, Gate.io, MEXC Global and OKX are among the handful of exchanges trading ETHPoW tokens

After seven years of planning, Ethereum has successfully switched from proof-of-work (PoW) to proof-of-stake (PoS) — quickly leaving a nascent new PoW chain in the lurch. 

The group of Ethereum miners hard-forking the blockchain saw the price of its ETHW token soar from $34.08 to $51.35 moments after the Merge, only to plummet back down to $16.39 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 move to the PoS chain. 

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.

Loading Tweet..

Traders who stored ether on those exchanges before the Merge were airdropped ETHW tokens at a 1:1 ratio. 

“All airdrops will take hours to deliver. If you haven’t received it yet, please wait patiently,” Seychelles-based cryptocurrency exchange OKX tweeted. “All airdrops distributed to sub-accounts will be received collectively in the corresponding parent account.”

Why an Ethereum hard fork?

In a recent open letter, 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 $1,500 — 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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

As Satoshi-era wallets saw over $8 billion worth of BTC on the move, Congress is gearing up for “Crypto Week”

article-image

Bitcoin’s runaway success was partly driven by Slashdot

article-image

Blockworks Research data shows that VC spending is back on the rise after a slow May

article-image

After rejecting a bid from the AI cloud-computing startup last year, Core Scientific agreed to be acquired in a deal expected to close by Q4 2025

article-image

Sponsored

Plume’s collaboration with TRON will unlock cross-chain RWA yield for one of the world’s largest blockchain ecosystems

article-image

Who needs gold when you have taxes?