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H.E. Justin Sun, Founder of TRON and investor of Poloniex, a global cryptocurrency exchange, hopes that USDD the stablecoin, would become the first one in the “EthereumPOW ecosystem” after the completion of the Merge. However, Sun reiterated that he supports the fork with the strongest community consensus and the largest hash rate instead of supporting one specific fork.
As the Ethereum Merge draws near, Poloniex becomes the first crypto exchange to list two potential forked Ethereum (ETH) tokens: ETHW (ETH1) and ETHS(ETH2), on August 7, 2022 with the support of TRON’s underlying blockchain technology in addition to the exchange’s zero-fee trading policy. However, Poloniex remained neutral during the Merge and it will continue to support the community regardless of the results.
The latest announcement of Poloniex is endorsed by H.E. Justin Sun, and he showed his full support for the exchange’s latest advancement on his Twitter account prior to the listing: “Vitalik and EF’s contribution to Ethereum is huge. After the Merge phase is over, Vitalik and EF still lead the development of Ethereum and @Poloniex will continue to support Ethereum projects.
Personally, I have great respect for their work,” Poloniex’s latest announcement drew so much attention in the crypto world that many exchanges, including Gate.io and MEXC, also followed its footstep to launch forked assets.
According to Poloniex, the two forked tokens, ETHW (ETH1) and ETHS (ETH2), which represent Proof-of-Work (PoW) and Proof-of-Stake (PoS) respectively, can be paired up with ETH, USDT, or USDD for trading and they can be swapped with ETH at a one-to-one ratio and vice versa on the platform. In addition, the two newly-listed tokens are powered by TRON, which guarantees more transparent and trustworthy liquidity and circulation, and can also be transferred to other exchanges.
Right now, Ethereum’s consensus layer is PoW which is similar to that of Bitcoin, the largest cryptocurrency by market capitalization, during which miners compete to secure the network by solving complex computational puzzles. However, PoW is known for its high energy costs, and PoS may be able to reduce in the future with the replacement of validators significantly.
Witnessing the ups and downs of the crypto industry for eight years, Sun understood the correlation between active developers and the community and the importance of adoption and sustainability to keep the crypto ecosystem growing. Therefore, Sun is willing to donate some ETHW to the Ethereum community and organize events, including Hackathon and developer competitions alike for a good cause to show solidarity.
Originally dubbed “Ethereum 2.0”, The Merge has been long-awaited since ETH first launched in 2015, but complexities have postponed the upgrade for several years, and the upgrade is expected to have a significant immediate impact on the network’s energy use.
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Sana Fong
Image source: Poloniex
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