The price of the Ethereum fork launched in September fell to lows around $2.9
The EthereumPoW (ETHW) cryptocurrency rate has fallen by 95% from its historical maximum. On September 3, before the launch of the new blockchain, which is a version of Ethereum that supports mining, the price of the coin rose to $58.54. On December 19, its rate fell to the lowest historical values - $ 2.87, ETHW is trading near the $2.91 mark, according to CoinGecko.
In the 3.5 months that have passed since the launch of the Ethereum PoW blockchain on September 15, 10 decentralized exchanges have joined the support of the network coin , including Uniwswap, Kyberswap, changeNOW, Hippowswap and others. The project is also supported by 4 NFT marketplaces: Nuwton, Nswap, OpenW and yayasea.
ETHW storage is supported by 8 crypto wallets: MetaMask, Math Wallet, Guarda, BitKeep and others. On December 21, EthereumPoW developers announced that working with the token became available in the Trust Wallet mobile application.
✅✅Now you can use ETHW with Trust Wallet App!⬇️⬇️
Network Name: ETHW-mainnet
New RPC URL: h ttps://mainnet.ethereumpow.org
Chain ID: 10001
Currency Symbol: ETHW
Block Explorer URL(Optional): h ttps://mainnet.ethwscan.com#ethw #ethpow #ethereumpow $ethw #wallet #rpc https://t.co/w2QUw8Mo1C— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) December 21, 2022
Another Ethereum fork operating on the Proof-of Work algorithm, EthereumFair (ETHF), also fell in price to its lowest values. After the launch in mid-September, the price of ETHF rose to $20 on December 21, it dropped by 98% to $0.4.
Ethereum mining fork coins continue to fall in price despite the support of the crypto community. At the same time, the abandonment of mining and the transition to the Proof-of-Stake (POS) algorithm of the leading altcoin on September 15 did not affect its price so much. During this time, ETH dropped in price by 25% – $1.6 thousand to $1.2 thousand. Bitcoin during the same time fell by 16%, and the total capitalization of the crypto market decreased by 15% – from $1 trillion to $849 billion.
The Ethereum network has upgraded The Merge (“Merge”), which involves the transition of the altcoin from the Proof-of-Work protocol to Proof-of-Stake (PoS). This means that now the security of the blockchain will be provided not by miners, but by validators – users who have deposited and blocked their share of coins (staking).
The main purpose of the update is to avoid the problems associated with the growth in the number of users. The hard fork aims to increase the speed, efficiency, and scalability of the cryptocurrency network so that it can process more transactions and provide a higher level of security.
After the upgrade, the Ethereum network may split. Previously, the largest crypto exchanges, including Binance , Poloniex and others, announced that they would credit users with ETH and WETH with new tokens if they appeared in a ratio of 1:1.
