Summary:
DeFi aggregator DeBank believes that Ethereum hard forks could be counterproductive.DeBank also shared these remarks after naming ETH’s network as the most prospective chain for Web3 solutions and apps.The service said they do not plan to support any hard forks during ETH’s transition to Proof-of-Stake.Chainlink shared similar comments on Monday.Crypto exchanges Deribit and OKX hinted at possible support for forked tokens but based on specific conditions.
DeFi platform DeBank has tipped Ethereum as the most prospective blockchain in crypto for Web3 solutions as rumors built around possible Proof-of-Work hard fork surface weeks ahead of the Merge scheduled for September 19.
The decentralized finance aggregator opined that hard forks of ETH’s PoW chain during the transition to Proof-of-Stake could prove detrimental to the broader Web3 ecosystem. Such remarks were confirmed and shared by WuBlockchain on Tuesday.
DeBank is a self-acclaimed leading Web3 portfolio tracker with the largest data bank of DeFi protocols across more than 30 blockchain networks.
DeBank: Ethereum is now becoming the most prospective chain for Web3 applications. A hard fork would bring a big disaster for the entire Web3 ecosystem. Therefore our team won’t support any forked chains during Ethereum’s PoS merge transition. @DeBankDeFi
– Wu Blockchain (@WuBlockchain) August 9, 2022
The service said it could not support ETH PoW hard forks in alignment using its comments and support to the PoS Merge. Chainlink revealed an identical stance towards hard forks on Monday.
Comments from DeBank represent another opposing presence to Chandler Guo’s hard fork plan. The major ETH miner hopes to fork Ethereum’s chain through the Merge and turn out an ecosystem that taps a PoW consensus, EthereumWorldNews previously reported.
However, ETH founder Vitalik Buterin alongside some social media marketing users have remarked that PoW proponents curently have a preexisting community in Ethereum Classic (ETC). Buterin also opined that ETC has generated an improved product aswell, per reports.
Ethereum Hard Forked Coins Could See Support From Deribit And OKX
Cryptocurrency exchange Deribit disclosed its method of possible ETH PoW hard forked tokens aswell on Tuesday. The platform said users would receive forked tokens if they’re valued at nothing significantly less than 0.25% of ETH post-merge.
Deribit added that the brand new chain must show stability before it really is supported by the exchange. As reported by EWN, another exchange called OKX said they might list forked coins should they build-up sufficient demand.
At press time, the price tag on ETH has rallied over 45 % within the last month and exchanges hand at $1680.
ETH Daily Chart (Source: TradingView)