ETH: We are all brothers, so don’t argue about which one is the official fork

$ETHW has the support of most mining pools and seems to be a "real fork". $ETF already has 13 million pre-mined $ETF, and most of them are controlled by the team that initiated the fork.

Table of contents

1. EthereumPoW (supported by miners)

2. Ethereum Fair (ETF as token abbreviation)

3. ETHW IOU products added on centralized exchanges

4. Quick Ending

• During the period of Ethereum merger, many centralized exchanges have launched many Ethereum PoW Fork IOU trading products (forked coins, no spot, an IOU)

• But none of us clearly know which $ETHW fork we are buying or holding.

• This article will help you understand how many ETH PoW forks are currently preparing to launch, as well as the rules of different crypto exchanges for listing these ambiguous ETHW IOU assets.

• $ETF forked coins are extremely risky for ordinary users. The forked team holds more than 8 million $ETFs, and it is obviously a coin supported by a Chinese exchange.

EthereumPoW (supported by miners)

Link: https://linktr.ee/ethw

As of July 2022 (at least they created their Twitter account and Discord channel in July), their official website link is https://EthereumPoW.org/. Ethereum PoW is a PoW consensus branch of the Ethereum network initiated by a community of miners, perhaps Chinese is the majority, because they use Mandarin as their first declaration language.

It’s a pretty complete post (41k Twitter followers + 1k+ online Discord members). Now mainnet is launched.

Ethereum PoW official Twitter retweet cex or protocol ETHW supports Twitter including:

• MathWallet, with Ethereum PoW logo (September 16)

• KyberNetwork, with Ethereum PoW logo (September 16)

• Bitrue, with Ethereum PoW logo (September 16)

• Dexscreener, which has no logo but is @ed, specifically states that the price is from FTX’s ETHW. (September 16)

• Kraken, with EthereumPoW logo (September 16)

• Bybit, with the EthereumPoW logo (September 16)

• OKX, with Ethereum PoW logo (September 16)

• MEXC, tweet support (September 16)

According to the manifesto, Ethereum PoW is actually anti-Ethereum Foundation, accusing the foundation of being too centralized.

They committed to the following five principles:

1. No pre-mining, completely fair release.

2. PoW serves as the long-term basic consensus.

3. Abandon EIP 1559 and restore all original rewards for miners.

4. Decentralized governance.

5. Abandon the governance team for the next 3 years.

Original statement from EthereumPoW

What do they do now?

On August 17, they decided to freeze the ETHW liquidity of the main LP pool in the main protocol to protect the assets from being swapped by hackers using very cheap stablecoins after the fork.

On August 26, the first testnet iceberg was released, including code, RPC information and a faucet (free test coins) statement.

On September 14, they released 23 mining pool websites.

It is worth noting that the mining pool:

F2Pool, Polin, BTC.com, Estwmin (cooperate with the community and provide long-term services)

…after the merger…

On September 16, the ETHW mainnet was launched.

EthereumPoW Mainnet RPC Information

• Network name: ETHW-main net

• New RPC URL: https://mainnet.ethereumpow.org

• Chain ID: 10001

• Currency symbol: ETHW

• Block Explorer URL (optional): https://mainnet.ethwscan.com

• Block explorer URL (optional): https://www.oklink.com/en/ethw

Ethereum Fair (ETF as token abbreviation)

Ethereum Fair (ETF) is another fork after the merger. The Ethereum Fair official website released a fork announcement today and announced many "strategies".

The ETF project will redistribute more than 13 million ETH transferred to the PoS beacon chain to the entire community and ecosystem (in other words, the ETH team confiscated and controlled more than 13 million ETFs in advance).

• $4 million ETF will be distributed to the top 10 mining pools within 50 weeks

• 2 million $ETF will be given to exchanges (for listing $ETF tokens)

• $5 million ETF will be stored in DAO

• $1 million ETF will be airdropped to the ClassZZ community

• $1 million ETF will be used for operations and community expenses

At the time of writing, Huobi, Poloniex, Gate, and BitCoke have listed $ETFs. Not surprisingly, these are all China-based exchanges. Since Poloniex is the first exchange to claim to support an ETF, Justin Sun is undoubtedly the driving force behind it.

If we don’t count the ETF coins that will be airdropped to miners and the ClassZZ community, the team behind this fork still controls $8 million in ETFs.

For more information, please see https://tokeninsight.com/en/coins/ethereumfair/overview

ETHW IOU products added on centralized exchanges

Many centralized exchanges have listed ETHW representative tokens (ETHW Fork IOU, in our terminology) for users to obtain ETH airdrops, and they can also deposit ETH into cex accounts.

In traditional financial markets, IOU stands for “I Owe You” and refers to an informal document that acknowledges a debt owed by one party to another.

The IOU here simply means that the exchange itself has its own rules behind the listed trading products. So please remember to read these rules, which may vary greatly from platform to platform.

FTX, the most complete consolidation service

Before the merger took place, FTX officially announced the detailed service rules for the ETH merger. It’s long, but we summarized the key information below:

• Airdrop snapshot (September 15, 6:15am UTC)

• FTX’s definition of their ETHW IOU: ETHW is a token representing the canonical underlying PoW ETH fork.

• Borrowers will be charged fees (negative airdrop)

• FTX reserves the right to update the treatment of any forked PoW ETH at any time.

• FTX will evaluate the listing of forked PoW ETH at a later date.

Gate first renamed ETH to ETHS and ETHW, and then delisted ETHS

Gate directly renamed the current main ETH to ETHS (Ethereum PoS), and the IOUs of other ETH forks to ETHW. The following is the official announcement of these assets.

Gate.io fully supports the Ethereum merger and potential hard fork. It already enables users to swap ETH to two potential forked tokens ETHS and ETHW at a 1:1 ratio. At the same time, users can also exchange ETHS & ETHW back to ETH at any time before the ETH 2.0 merger.

After the merger, Gate gave an official definition of its IOU ETHW coin and delisted ETHS.

On September 15th, Gate.io users have now received PoW chain split tokens ETHW (not a specific token, but a symbol representing the winning Ethereum PoW chain split token) at a 1:1 ratio based on their eligible ETH balances at 06:30, UTC on September 15th.

At the same time, Gate also listed EthereumFair (ETF).

OKX, supports margin trading of ETHW!

OKX not only quickly listed ETHW, but also supported OKX Wallet and OKX DEX to ETHW. However, we still don’t know which ETHW fork it supports because there is no RPC link or other information to judge its correctness.

• OKX conducted an airdrop on September 15th to ETH holders in their OKX accounts.

• On September 15, OKX Wallet announced a successful upgrade on The Successful Ethereum Merge Upgrade! (The first wallet to support ETHW).

• On September 16, spot ETHW was listed.

• At the same time, OKX also supports ETHW margin trading and savings, starting at 7:00 am UTC on September 16.

Quick Ending

Keep in mind that most exchanges haven’t actually determined which fork is the dominant ETHW. While EthereumPoW.org appears to be the largest one, it’s really hard to tell.

The price of your ETHW assets in different exchanges may vary greatly.

Essentially, apart from market risk, all other risks come from the centralized exchange itself. So, please do your research carefully before deciding to take these risks, DYOR.

Good luck in this bear market.