Binance To Evaluate ETHW Before Making It Available On The Platform!
In the latest blog post, Binance posted about whether they would list ETHW or not.
Binance on ETHW
On August 10th, Binance took to Twitter to address the current trending topic of ETHW. The crypto exchange started by saying they would support ‘The Merge’. To clarify, ‘The Merge’ is an upgrade from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
The Ethereum Merge is approaching.
🔸Binance will support “The Merge”.
🔸In case of newly forked tokens, we will evaluate and consider support for distribution and withdrawal.
View details ⤵️https://t.co/iuQSsXZ7fk
— Binance (@binance) August 10, 2022
Binance said they would not rule out the support of ETHPoW. According to Binance, “In case of newly forked tokens, we will evaluate and consider support for distribution and withdrawal.”
Binance added they intend to keep protecting users. Binance mentioned, “In order to protect Binance users, all forked tokens will go through the same strict listing review process as Binance does for any other coin/token.”
About Ethereum 2.0 and ETHW
Ethereum is gearing up to switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) in September. It is an upgrade of Ethereum, which can be called Ethereum 2.0. The change will make Ethereum faster and energy efficient compared to before. However, the transition will eliminate miners who rely on mining to earn income.
Chinese crypto miner, Chandler Guo, stated he wanted to resist the change and keep PoW alive to help other miners. In his attempt to do this, ETHPoW was created, with ETHW as the new coin.
Some crypto exchanges have listed ETHW on their platforms, such as Poloniex. On the other hand, Circle, the company behind USDC, announced a few days ago that they would only support PoS.
As the topic continues, the community looks forward to seeing what Binance will do in the situation.