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 (3).png

Research

Pear Protocol has proven its market fit through its pair-trading infrastructure, sustaining consistent trading activity despite recent headwinds. Its strategic pivot toward Hyperliquid integration represents a major growth catalyst amid industry consolidation. While short-term token unlocks present challenges, current valuations and liquidity conditions may offer compelling opportunities for investors.

article-image

The network got slower in June — and it wasn’t for tech-related reasons

article-image

After a jittery few months, recent economic data is hinting at a resilient economy that is beginning to re-accelerate

article-image

The stablecoin bill now heads to the president’s desk

article-image

The House on Thursday passed the CLARITY Act, a landmark cryptocurrency market structure bill

article-image

Interchain Labs will focus on sovereign L1s and institutional demand, abandoning plans for smart contracts on the Cosmos Hub

article-image

Also, only three tokens have outperformed bitcoin so far this year: XMR, HYPE and SKY