Following the Ethereum merger, a number of members of the cryptocurrency community have been discussing the Proof-of-Work (PoW) fork dubbed ETHW as it has dropped significantly in value over the past few days. However, many people are unaware that there is another Ethereum-based PoW fork called Ethereumfair (ETF), and ETF has accumulated a small amount of hashrate and fiat value since the token’s launch.
The crypto community is welcoming another PoW fork called Ethereumfair
Most people were aware that a proof-of-work (PoW) crypto asset called ETHW was created after The Merge on September 15, as it was announced weeks before the mainnet launch. At the time of writing, ETHW is down 17% against the US dollar in 24 hours, and the project’s hashrate has also dropped sharply.
On September 15, ETHW’s hash rate reached an all-time high (ATH) of 80.56 terahash per second (TH/s). Although ETHW’s hashrate has been stalling lately and the PoW network has lost 53.35% of hashpower since then.
A large number of people are unaware that ETHW is not the only ETH-based PoW fork as there is another ETH-based PoW fork called Ethereumfair (ETF). Ethereumfair team has a website and some social media channels.
The teams Twitter account was created in January 2020 and has 14,100 Twitter followers at the time of writing. The Ethereumfair account has about 1,000 fewer followers than ETHW’s 15.1,000 Twitter followers. While ETHW is down 17%, the ETF is also down 17.6% against the US dollar at $1.57 per unit.
Statistics from Coingecko.com show that the ETF has seen a price range of between $1.48 and $3.50 per unit and $3.43 million in global trading volume. Two days ago, the price of the ETF hit an all-time high of $20.59 per unit and slid to its lowest level of $0.99 per coin on the same day.
ETF trading activity is prominent today on Huobi and Gate.io, with the most dominant trading pair being Tether (USDT). Poloniex also lists ETFs, but the exchange used the ETHW IOU market and renamed it ETF.
Market price anomaly follows Poloniex rebranding of ETHW – Ethereum Classic is still champion in terms of USD value and total hashrate, ETHW and ETF hashrate is 21% of Ethereum Classic hashpower
At press time, there is a price anomaly between the Poloniex, Huobi, and Gate.io ETF exchange rates. Because while Huobi ETF exchange rate is $1.57 per ETF and Gate.io data shows $1.58, Poloniex ETF markets are between $7.94 and $7.99 per unit, reflecting the current price of ETHW.
Ethereumfair also collected a small percentage of the hashrate left over from The Merge. At the time of writing, Ethereumfair hashrate at 7.9 TH/s and there are seven nodes dedicated to the new network. Compared to ETHW’s hash rate, ETF’s hash power accounts for 21% of ETHW’s total hash rate.
Ethereum Classic hashrate today stands at 219 TH/s, according to statistics collected by 2miners.com. The combined hash rate of ETF and ETHW is just over 20% of the total hash power of ETC. ETC is currently trading at $33.35 per unit, meaning ETHW is 22% of ETC’s value, while ETF is 4.73% of ETC’s net USD value.
The double fork that took place after The Merge is unusual, but blockchain networks have been forked multiple times in the past. For example, in April 2018, privacy-centric blockchain network Monero forked into four different protocols after a hard fork earlier that year.
What are your thoughts on the birth of Ethereumfair and the fact that there are now two Ethereum-based PoW forks? Let us know what you think about this topic in the comment section below.
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