{"id":1146,"date":"2022-09-22T15:33:43","date_gmt":"2022-09-22T15:33:43","guid":{"rendered":"https:\/\/grandpascrypto.com\/?p=1146"},"modified":"2023-01-09T16:19:07","modified_gmt":"2023-01-09T16:19:07","slug":"new-ethereum-hard-fork-suffers-losses-post-merge","status":"publish","type":"post","link":"https:\/\/grandpascrypto.com\/new-ethereum-hard-fork-suffers-losses-post-merge\/","title":{"rendered":"New Ethereum Hard Fork Suffers Losses Post Merge"},"content":{"rendered":"\n

tl;dr Summary:<\/strong> The new Ethereum fork initially saw a surge in its token price but has fallen consistently due to heavy sell pressure. The price now seems to have settled, having dropped by 95% from its all-time high of $141 in August.<\/em><\/p>\n\n\n\n

ETHPoW is the name given to the new hard fork from the Ethereum blockchain following the merge event, which changed Ethereum to proof-of-stake (PoS) and removed its dependence on miners. <\/p>\n\n\n\n

A group of Ethereum proof-of-work (PoW) miners came together to fork Ethereum to continue using the original consensus process, resulting in the creation of ETHPoW. <\/p>\n\n\n\n

The new ETHW token jumped from $35.4 to $60.68 shortly after the merge, representing a 70% increase in less than five hours, according to CoinMarketCap data. <\/p>\n\n\n\n

However, the forked coin has since lost all of its gains, falling to $6.90, a whopping 95% drop from its all-time high of $141 in August.<\/p>\n\n\n\n

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Source: https:\/\/coinmarketcap.com\/currencies\/ethereum-pow\/<\/figcaption><\/figure>\n\n\n\n

Following the merge, ETH also saw a significant selloff as it fell by over 18% from its pre-Merge value. Part of the reason was the heavy selloff<\/a> of the ETH tokens by the miners awaiting a big payday following the Merge, which did not happen.<\/p>\n\n\n\n

Post-Merge destinations for Ethereum miners like Ethereum Classic and Ravencoin also saw double-digit losses.<\/p>\n\n\n\n

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Source: https:\/\/coinmarketcap.com\/currencies\/ethereum-classic\/<\/figcaption><\/figure>\n\n\n\n
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Source: https:\/\/coinmarketcap.com\/currencies\/ravencoin\/<\/figcaption><\/figure>\n\n\n\n

Since ETHW is a fork of the original chain, people holding ETH before the Merge now have two copies of this asset. For example, if you had 1 ETH before the merge in your wallet, this will carry forward into the new PoS Ethereum chain after the Merge, and you will also have 1 ETHW token on the hard-forked chain. <\/p>\n\n\n\n

Users can access their ETHW by adding a new network to their wallets. <\/p>\n\n\n\n

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Source: https:\/\/twitter.com\/EthereumPoW\/status\/1570437332104544257?s=20&t=-RFI2thSpEAW6MjPh0jRQg<\/figcaption><\/figure>\n\n\n\n
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The new coin is trading on several exchanges, including FTX, ByBit, Bitmart, and Plasma.Finance DEX.<\/p>\n\n\n\n

The official website<\/a> for ETHPoW has a list of 39 dApps currently running on the chain, including wallets, DeFi, and NFT marketplaces. <\/p>\n\n\n\n

The list does not include the popular DeFi platform Aave<\/a>, which has already committed to the Ethereum PoS chain and will not be available on ETHPoW, Chainlink<\/a> or stablecoins Circle<\/a> (USDC) and Tether<\/a> (USDT).<\/p>\n","protected":false},"excerpt":{"rendered":"

The new Ethereum fork initially saw a surge in its token price but has fallen consistently due to heavy sell pressure. The price now seems to have settled, having dropped by 95% from its all-time high of $141 in August.<\/p>\n","protected":false},"author":2,"featured_media":1143,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54],"tags":[68,1660,1661,1543],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\t\n\t\n\t\n