Summary:
Crypto exchange Bitfinex has launched Chain Split Tokens for ETH users.The feature was announced as the Merge is a few weeks away.Chain Split Tokens would allow users to trade possible tokens from a hard fork of Ethereum’s network.Prominent miner Chandler Guo previously disclosed plans to keep up an ETH Proof-of-Work ecosystem by forking ETH’s chain during the transition to Proof-of-Stake.The new tokens are split across the tickers ETHW for POW tokens and ETHS for POS coins.Some other platforms and protocols have declared their stance on hard forks and support for your Merge.
Major crypto derivatives exchange Bitfinex announced the launch of Ethereum Chain Split Tokens (CSTs) on Tuesday within a bid to prepare users for all possible outcomes in the Merge, ETH’s upgrade from Proof-of-Work to Proof-of-Stake.
Chain Split Tokens refer to coins generated from a forked blockchain. They are associated with cryptocurrency hard forks and such tokens emerge when several version of the initial chain exists.
Bitfinex has today launched Ethereum (ETH) Chain Split Tokens (CSTs). The CSTs will enable users to trade over the potential fork event inside the Ethereum consensus protocol which could bring about ETH Proof Work (PoW) and ETH Proof Stake (PoS) tokens. https://t.co/gkVHhU7C70
– Wu Blockchain (@WuBlockchain) August 23, 2022
In Tuesday’s announcement, Bitfinex said these new CSTs will be assigned two tickers – ETHW for possible hard forked coins and ETHS for post-merge tokens. The crypto exchange also disclosed that trading pairs for both sets of tokens will be available.
Bitfinex CTO Paolo Ardoino stressed the significance of the feature as the mechanism to repay all eventualities prior to the Ethereum Merge.
Protocols PLAN Ethereum’s PoS Transition
Indeed, today’s announcement signaled that Bitfinex would provide support for forked coins. The chance of such tokens flooded the crypto community after major ETH miner Chandler Guo announced plans to generate an ETH PoW fork.
Although Ethereum founder Vitalik Buterin opined a hard fork isn’t a threat for the Merge and this PoW proponents have an improved product in ETH Classic, Chandler Guo’s proposal has gained some steam.
Tron founder Justin Sun pledged 1 million for the PoW ecosystem in case the hard fork succeeds.
Indeed, don’t assume all protocol or company has declared a stand much like Sun’s. Chainlink announced full support with the Merge. The oracle solution said there is absolutely no room for hard fork tokens, per reports.
Notably, crypto exchanges Deribit and OKX said forked coins could possibly be listed should they boast sufficient demand.
Ethereum’s PoS upgrade is scheduled that occurs on or about September 15. At press time, final test runs are underway carrying out a successful Merge simulation on the ultimate public testnet dubbed Goerli.
ETH Daily Chart (Source: TradingView)