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Proposed Ethereum PoW Fork Token Loses Half Its Market Value in Less Than 6 Days

Proposed Ethereum PoW Fork Token Loses Half Its Market Value in Less Than 6 DaysIn 32 days, Ethereum is expected to upgrade from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) system after the network used PoW for seven years. While the testnets have implemented the new rules, most people envision a relatively smooth mainnet transition. However, another chain is expected to fork away from the Ethereum branch […]

Proposed Ethereum PoW Fork Token Loses Half Its Market Value in Less Than 6 Days

In 32 days, Ethereum is expected to upgrade from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) system after the network used PoW for seven years. While the testnets have implemented the new rules, most people envision a relatively smooth mainnet transition. However, another chain is expected to fork away from the Ethereum branch and since August 8, the proposed fork called ETHW has gained market value in a few IOU markets. Despite the value gathered, the potential token lost more than half of its USD value in less than six days’ time.

While ETHW Captures Value, Proposed Ethereum Fork Token’s Price Shudders by More Than 53%

Ever since the bitcoin miner Chandler Guo started talking about a new proof-of-work (PoW) version of Ethereum, after the chain transitions to proof-of-stake (PoS), the idea has gained some traction. The crypto asset exchange Poloniex revealed the launch of ETHW markets and there’s a new website called ethereumpow.org.

Statistics from coinmarketcap.com indicate that MEXC, Digifinex, Gate.io, and Poloniex list ETHW IOU markets. But the ETHW site also claims to have connections with a number of “communities, exchanges, miners and individuals [that] have worked together to make ETHW possible.” Twitter vertical trends show that the ETHW fork is controversial among die-hard Ethereum supporters and Ethereum Classic supporters have chimed in as well.

The website shows connections through ETHW exchange listings, and alleged mining supporters with mentioned businesses such as Binance, FTX, Antpool, Poolin, Coincheck, Huobi, Hiveon, Flexpool.io, 2miners.com, F2pool, and Bitfly. ETHW has been listed on exchanges offering IOU markets for roughly six days so far.

Ethereumpow.org also claims it has a bridge partner and advertises Bridgetech’s logo on the site. When markets officially launched and ETHW came out the gate, the value jumped to an all-time high of around $141.36 per unit.

Since then, ETHW has lost 53% in value and compared to ETH’s current value, ETHW represents 3.2% at current market prices. ETHW tapped an all-time low on August 10, 2022, reaching $65.17 per coin and it’s up 1.9% at the time of writing, trading for roughly $66.10 per unit.

ETHW’s value is more comparable to ethereum classic’s (ETC) current value, which is around $43.86 per unit at the time of writing. That means ETHW is $23 higher in USD value today than ETC’s current value. Yet many crypto supporters have discussed how ETC was created for ideological reasons while ETHW is being called a “money grab.”

So Far, There’s Been No Meaningful Rises in Ethereum Classic’s Hashrate

Most of the mining pools mentioned on ethereumpow.org already mine ethereum classic (ETC). For instance, 2miners.com is the second largest ETC mining pool, dedicating close to six terahash per second (TH/s) to ETC’s PoW network.

As far as the ETHW fork, if even one of the aforementioned mining pools that allegedly support the chain start mining it, ETHW will become a reality. Presently, dozens of ethereum mining pools are seemingly mining ETH to the very end, as the crypto asset’s rise has made it quite valuable to do so.

ETH’s hashrate is much larger than ETC’s and so far, there’s been no meaningful rises in ETC’s hashrate, except for the initial spike on July 28, 2022. Ethereum is currently one of the most profitable crypto networks to mine today, as Bitmain’s new Antminer E9, with 2.4 gigahash per second (GH/s) or 0.0024 TH/s, can get an estimated profit of around $63.43 per day.

What do you think about the proposed Ethereum fork and how the IOU token has already shed half of its value this past week? Let us know what you think about this subject in the comments section below.

Source: Markets and Prices Archives – Bitcoin News

Altcoins

Is LUNC in for a steep price rise? Best places to buy LUNC now

Few crypto market watchers have missed the viral campaign to get LUNC listed on…

The post Is LUNC in for a steep price rise? Best places to buy LUNC now appeared first on CoinJournal.

Few crypto market watchers have missed the viral campaign to get LUNC listed on Coinbase. Its price reached a peak in the morning of October 2. What direction will it take? 

Look no further than this short article for all the details about LUNC: what it is, is it worth investing in, and the best places to buy LUNC now. 

Top places to buy LUNC now

As LUNC is such a new asset, it's yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it's one of the world's leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It's also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You'll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and 'connect' your wallet to it.

4. You can now swap your ETH for LUNC

Now that you're connected, you'll be able to swap for 100s of coins including LUNC.

What is LUNC?

LUNC is the token of Terra Classic, a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. 

The Terra ecosystem collapsed in May this year, leading to a fork, when a new version of Luna was launched. 

The creators implemented the Terra Ecosystem Revival Plan 2, under which two Luna token versions were created. 

Should I buy LUNC today?

Nothing can substitute doing your own research. Any investment decision you make should be based on your market expertise, your attitude to risk, and the features and spread of your portfolio. Also, consider how you would feel about losing money. 

LUNC price prediction

Telegaon predicts that the token will trade between $0.009 and $0.03 a year or two from now. At the time of writing, its price was $0.00032.  

After analyzing LUNC’s historical performance, other market insiders predict that its average price in 2024 will be $0.015.

LUNC on social media

The post Is LUNC in for a steep price rise? Best places to buy LUNC now appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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