Binance Not Ruling Out Ethereum PoW-Fork Support

Binance supports The Merge, but does not rule out listing a possible Proof-of-Work version of Ethereum on the trading platform. That makes sense in itself, because Binance is a neutral platform that makes money from trading. If there is demand for another version of Ethereum and Binance can monetize it, then why not take advantage of it.

Stablecoins support the Merge

Unlike Binance, Tether and Circle, the operators of the market’s two largest stablecoins, plan to support only the Proof-of-Stake version of Ethereum. That’s an important message because both projects host billions in stablecoins on Ethereum. It is also important to make a choice for these projects, because the stablecoins in question in principle continue to live on both blockchains.

If they themselves indicate that they no longer provide technical support for the Proof-of-Work version of Ethereum, then there is little chance that the stablecoins in question will still represent any value there in the future. That value is then transferred to the new Proof-of-Stake network with the Merge. In itself, just like Binance’s choice, this is also a logical move for the stablecoins. There would of course be some chaos if they live on both blockchains.

Other exchanges support the fork

In addition to Binance, Justin Sun’s Poloniex and Huobi have also indicated their support for the fork. By the fork we mean the Proof-of-Work version of Ethereum. In addition to the new Proof-of-Stake token, they will also keep the Proof-of-Work version of Ethereum on the platform. BitMEX announced on Monday that they will soon be launching futures contracts for the Proof-of-Work version of Ethereum.

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For example, at BitMEX it is already possible to speculate on the Proof-of-Work version of Ethereum. At the moment of writing acts ETHPOW worth $69 on the platform. So the support for the Proof-of-Work version of Ethereum is there, but at the moment seems too small to make a dent in a pack of butter.

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