A number of members of the cryptocurrency community have been discussing Ethereum's Merge. Its proof-of-work (PoW), fork, ETHW, has seen a significant drop in value over the past few days. Many people don't know that Ethereum has an additional PoW fork, ethereumfair (ETF). ETF has gathered a little hashrate and fiat since its mainnet launch.
Another PoW Fork is added to the Crypto Community: Ethereumfair
Most people knew that ETHW, a proof of work (PoW), crypto asset, was created after The Merge was launched on September 15. It was announced several weeks prior to the mainnet launch. At the time this article was written, ETHW has fallen 17% against the U.S. Dollar in just 24 hours and its hashrate has also dropped a lot.
September 15th, ETHW's hashrate hit an all-time record (ATH) of 80.56 terahash/second (TH/s). ETHW's havehrate has been declining in recent years and the PoW network lost 53.35% hashpower.
Many people don't know that ETHW isn't the only ETH-based PoW Fork. There is also ethereumfair, an ETH-based PoW Fork. The Ethereumfair team has its own website as well as a few social media channels.
The Twitter account for the team was created in January 2020 and has 14,100 followers as of this writing. The Ethereumfair account has approximately 1,000 fewer followers that ETHW's 15.1K followers. ETF has fallen 17.6% against the U.S dollar, while ETHW lost 17%. The U.S. Dollar is $1.57/unit.
Coingecko.com statistics show that ETF's price range has been between $1.48 and $3.50 per unit, with $3.43 million of global trade volume. ETF's price hit an all-time high of $20.59 per unit two days ago. On the same day, it fell to $0.99 per coin.
Today, ETF trading is very popular on Gate.io and Huobi. The most prominent trading pair is tether (USDT). Poloniex also lists ETF, but the exchange leveraged ETHW IOU and renamed the ETF to ETF.
Market Price Anomaly Following Poloniex's Renaming ETHW — Ethereum Classic Reigns Champ in USD Value and Overall Hashrate. ETHW, ETF's Hashrate Equiates to 21% Of Ethereum Classic's Hashpower
There is an anomaly in the exchange rates for Poloniex, Huobi, and Gate.io ETFs at press time. While Huobi's ETF exchange rates are $1.57 per ETF, and Gate.io data shows $1.58 per ETF, Poloniex ETF market prices range between $7.94 and $7.99 per unit. This is the same price as ETHW's current value.
Ethereumfair also has a small amount of the hashrate left over from The Merge. At the time this article was written, Ethereumfair's havehrate was at 7.9 TH/s. Seven nodes are dedicated to the new network. ETF's havehpower is 21% higher than ETHW’s total hashrate.
According to 2miners.com statistics, Ethereum Classic's hashrate is currently at 219 TH/s. ETF's combined hashrate with ETHW is just above 20% of ETC aggregate hashpower. ETC currently trades at $33.35 per unit. This means that ETHW equates 22% of ETC’s value and ETF equates 4.73%.
The double fork that occurred following The Merge was unusual. However, multiple forks have been made to other blockchain networks in the past. In April 2018, for example, the privacy-focused blockchain network Monero was split into four protocols after a hard fork in that year.
What do you think of the creation of Ethereumfair? And the fact that there are now two Ethereum-based PoW Forks? Please comment below to let us know your thoughts on this topic.
By: Jamie Redman
Title: Ethereum’s Merge Gave Birth to 2 Forks — Newly Launched Ethereumfair Gathers USD Value and Hashpower
Sourced From: news.bitcoin.com/ethereums-merge-gave-birth-to-2-forks-newly-launched-ethereumfair-gathers-usd-value-and-hashpower/
Published Date: Sun, 18 Sep 2022 15:30:08 +0000