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.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 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

Unlocked by Template.png

Research

RTK networks are critical to enabling a world of ubiquitous autonomous drones, vehicles, and industrial robots. We believe the GEOD token enables both a cost and product advantage for the GEODNET RTK network, which will allow it to out-compete multi-billion dollar incumbents Trimble and Hexagon.

article-image

Hunter Horsley says Solana is one of this cycle’s breakout successes that he thinks clients will want to access

article-image

SOL has climbed more than 2,000% in the past two years

article-image

MicroStrategy founder Michael Saylor alluded to Marathon’s CEO during a X Spaces on Tuesday

article-image

Crypto’s calls are equally as juiced as puts, creating a “smile” in the volatility surface

article-image

Turns out that owning the end-user via a crypto wallet is quite a prosperous business

article-image

The announcement followed growing speculation that Gensler would announce his exit before Trump takes office next year