Crypto asset manager Grayscale has announced that its clients will now have access to Ethereum PoW forked tokens. The company announced that the manager of the Grayscale Ethereum Trust and Grayscale Digital Large Cap Fund has received forked altcoin tokens.
Grayscale adds Ethereum PoW fork altcoin tokens to basket
cryptocoin.comAs you follow, the long-awaited Ethereum Merge of the crypto world and the Ethereum community took place successfully on Thursday. Thus, the leading altcoin abandoned the Proof-of-Work (PoW) consensus mechanism and switched to the Proof-of-Stake (PoS) mechanism. This brought up what will be the Ethereum PoW tokens. On Friday, Grayscale set a special date for the distribution of rights to ETH PoW tokens (ETHPoW). The tokens were acquired as a result of a fork on the Ethereum Blockchain on September 15 following the Ethereum Merge.
The asset manager has announced that it will sell the forked tokens on a specific date. Thus, it is possible for Grayscale customers to purchase Ethereum forked tokens from September 26. The firm also addressed issues with the validity of PoW tokens. He said there is uncertainty about whether wallets will support the tokens. Grayscale also noted that there could be large fluctuations in token values if wallets do not support it.
In the announcement, widely fluctuating values are expected for ETHPoW tokens for some time if digital asset wallets support ETHPoW tokens and trading markets evolve. In this context, the announcement included the following statements:
Considering that the Ethereum Proof of Work Blockchain was publicly launched on September 15, trading venues for ETHPoW tokens are not widely established. There is still uncertainty about whether digital asset wallets will support ETHPoW tokens or whether trading markets with meaningful liquidity will develop.
ETHPoW acceptance
ETHPoW (ETHW), meanwhile, is backed by crypto exchanges FTX and Bybit. However, ETHW fell heavily following the news that the Merge transaction was completed on Thursday. Since the completion of Ethereum Merge, ETHW has lost more than 50%. According to CoinMarketCap, the forked token is trading at $12.08, down 35.63% in the last 24 hours. On the other hand, the leading altcoin Ethereum (ETH) continues to follow its bearish curve. At press time, ETH is down 5.38% in the last 24 hours to $1,428.
With Ethereum’s transition to the PoS model, miners were expected to create demand for Ethereum Classic (ETC) after Merge. However, ETC failed to capitalize on the success of the historic network upgrade. At the time of writing, ETC is trading at 34.15, down 9.41% in the last 24 hours.
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