Original link: https://www.hellobtc.com/kp/du/08/3987.html
Author: Huohuo / Source: Vernacular Blockchain
Author | Huo Huo
Produced | Vernacular Blockchain (ID: helloBTC)
The Ethereum merger is currently a hot topic in the circle and attracts much attention. But as the Ethereum merger date approaches, there are a lot of voices about Ethereum going for a hard fork.
What everyone is discussing now is the possibility of a new chain and a new ETHPOW Token when Ethereum merges.
So the question is, is it really feasible to continue to generate POW blocks on the 1.0 chain after the merger? is it necessary? Is it valuable?
In the past two days, there have been different opinions in the industry. Today, the vernacular blockchain will take you to see what those trading platforms, project parties and big V have to say?
01
ETHPoS faction (against forks)
The opposition does not support forks, and only hopes that there will be a merged ETHPoS chain.
1. Chainlink: not supported
Oracle provider Chainlink condemned the planned ethereum fork, stating that “during and after the ethereum merger, the Chainlink protocol and its services will continue to run on ethereum and will not support forks of the ethereum network, including PoW forks. , which is consistent with the decision of the ethereum community,” the company wrote in a blog post, citing that in line with the ethereum community’s desire to transition to PoS, ethereum PoW without the support of established oracle providers Decentralized applications on the Internet may struggle to scale and function properly.
2. Frax Finance: Initiate a proposal against the Ethereum fork
Sam Kazemian, co-founder of Frax Finance, launched a proposal in the community to oppose a hard fork of Ethereum. The proposal calls on the Frax DAO to choose PoS Ethereum as the only Ethereum network recognized for the merged Frax stablecoin.
According to the proposal, “Frax is the fifth largest stablecoin in the world, accounting for more than 20% of Curve’s TVL, the top ten token on Uniswap, and a key part of the Ethereum ecosystem. Therefore, governance is used to publicly clarify FXS holdings. The will of the owner matters.”
3. Buterin: Forking is to make quick money, not feasible
Last week, Buterin said at the BUIDL Asia conference in South Korea that centralized stablecoins like USDC and USDT will be an important determinant of future hard forks. Now that Frax Finance has started to stand in line, we look forward to the position of other stablecoins. He also stated: “Proponents of PoW-based forks “have trading platforms and just want to make a quick buck”.
4.Curve Finance: Choose a chain with only stablecoin options
At the same time, Curve Finance stated that it is impossible for the Curve DAO to force the choice of one of the forks, and a hard fork will inevitably clone the DAO and Curve, but only the chain of choice for the stablecoin is feasible for the Curve DAO.
5.Crypto Pragmatist: It is unlikely to accept the fork of PoW because it does not meet the general consensus
Jack Niewold, founder of Crypto Pragmatist, tweeted that Ethereum’s PoW hard fork will only become a “ghost town” with no developer activity, no speculation, no media coverage, and no one selling assets for fiat, because of widespread The consensus is that the merged chain is the real Ethereum. He discussed the risks of an ethereum hard fork, calling it a “civil war” for ethereum.
Similar to Buterin’s view, Jack Niewold believes that Ethereum’s hard fork may depend on stablecoin issuers such as USDT (Tether) or USDC (Circle). But Jack Niewold expressed concern about the potential stance of stablecoin issuers on the ethereum hard fork. After all, for stablecoin issuers, they can also choose to short PoS Ethereum Token, announce redemption on the PoW network, and then make billions of dollars. This could disrupt the new Ethereum network, causing loans to be liquidated and protocols, CEXs, treasuries, etc. to be shut down.
6. DCG: Does not support any Ethereum PoW forks, miners should transfer their computing power to ETC
DCG CEO Barry Silbert said on his social network about the Ethereum fork, “We fully support Ethereum PoS, not any Ethereum PoW. ETH miners should turn to ETC to maximize long-term revenue.” ( DCG invested in ETC)
7. Paradigm: No one in the Ethereum community wants to continue using PoW proof-of-work except miners
Paradigm researcher Hasu said that if anything goes wrong with the ethereum (September) merger, it will only be delayed until the issues are resolved, and then the merge will proceed. A large amount of computing power does not bring any significant value to Ethereum. Except for miners, no one in the Ethereum community wants to continue using PoW proof-of-work. Forked chains are a huge trap for retail investors, miners, exchanges, traders only talk about it out of profit.
8. Tether: Will seamlessly support the merged Ethereum
Support for ETH2 is planned, and support for the merged Ethereum 2.0 will be seamless. This has nothing to do with POW or POS preference, stablecoins should act responsibly and avoid disruption to users.
9. Circle: intends to fully support the transition of Ethereum to a proof-of-stake (PoS) chain
Stablecoin provider Circle issued an announcement stating that “We understand our responsibility to the Ethereum ecosystem and businesses, developers and end users that rely on USDC, and we intend to do the right thing.” The company’s stablecoin USDC is currently the first The second largest stablecoin, with a market value of $54.2 billion.
10. Argent: does not support any forked plans
Recently received some questions about a potential PoW fork after the merge. Argent is very excited about the Ethereum Merge, especially the 99% savings in energy consumption. And said there are no plans to support any forks.
11. DeBank: does not support any services of any potential forked chain
A hard fork would spell disaster for the entire Web3 ecosystem. Therefore, DeBank and all its products will not support any services of any potential forked chain during the transition period of Ethereum’s PoS merger, including Web3 user platform DeBankDeFi, non-custodial wallet Rabby and Web3 developer service DeBankOpen API.
12. Aave: Only the PoS chain is recognized as the main chain
Due to the lack of oracles and related liquidity issues, Aave cannot run on any PoW chain normally. Aave only recognizes the PoS chain as the main chain. If Aave is used on other forked chains through the Aave decentralized UI, users are responsible for the consequences.
13. FTX: Ethereum futures and perpetual contracts on FTX will track the Ethereum network with PoS after the merger
FTX said it has no plans to suspend or settle ETH futures before the merger, and will do its best to support its subsequent transactions. Ethereum futures and perpetual contracts (ETH-0930, ETH-1230, ETH-PERP) on FTX will track the Proof of Stake Ethereum network after the merger.
14. ETC Cooperative: PoW new chain makes no sense to existing ETH users
Ethereum POW fork will not be successful, it will even be a very difficult thing. The merger is only a few weeks away. It’s too late to do anything now. New PoW chains make no sense to existing ETH users. It is likely that large projects will explicitly choose to shut down their smart contracts on the new PoW chain – to avoid confusion and loss for users. There is still time to cancel this fork and ETH miners should move to ETC.
15. Deribit: All settlements will take place on a chain supported by the ETH Foundation (ie PoS or ETH2)
Deribit settlement for all instruments will take place on a chain supported by the ETH Foundation (i.e. PoS or ETH2). Deribit will provide users with these forked tokens if the value of the forked tokens is greater than 0.25% of ETH PoS and the new chain is stable and functioning normally. However, if there is a new Token, the new Token is not regarded as a deposit.
02
ETHPoW pie (supports forks)
Those who support forks in the support group are reserved for ETHPoW.
1.Gate: Supports pre-fork and will enable the fork currency exchange function in advance
Gate is one of the exchanges that currently publicly supports the Ethereum fork. According to its official website announcement, Gate will open the function of ETH to ETHS or ETHW from August 9th to the successful upgrade of ETH2.0. Users can exchange ETH to ETHS or ETHW at a ratio of 1:1. Among them, ETHS represents the Token of the new PoS (Proof of Stake) chain; the forked coin ‘candy’ ETHW represents the Token of the PoW (Proof of Work) chain that may continue to exist.
At the same time, Gate’s announcement stated, “If the hard fork fails, ETHS will be automatically converted into upgraded ETH in a 1:1 ratio. At the same time, all trading markets related to ETHS and ETHW will be delisted.”
2. TRON: Support the potential fork of ETH and launch fork currency futures
TRON announced on its official website: “We will fully support this ETH upgrade and potential forks. If a fork occurs, Ethereum may fork into two chains during the upgrade. All users of the platform who own Ethereum (ETH) assets will be All will get the new digital assets after the fork at 1:1.”
3. OKX: Supports Ethereum merger, and will launch forked coins based on demand evaluation
OKX CEO Jay Hao tweeted that OKX is actively following and supporting the Ethereum merger. There may be a hard fork of Ethereum in this network upgrade, and OKX will launch the hard fork token based on demand evaluation.
4.f2pool: Support let the miner community decide and will continue to provide mining pool services for ETH PoW
Ethereum miners are the unsung heroes of the Ethereum ecosystem. Whether or not to support the ether fork is no longer important, we will let the miner community decide and will provide mining pool services for ETH PoW.
5. Matcha: Supporting Ethereum’s upgrade and potential hard fork
Will support the upgrade and potential hard fork of Ethereum. After the upgrade is completed, all ETH holders on Matcha will receive the forked assets at a ratio of 1:1.
6. BitMEX: Launched ETHPoWZ22 product on August 9th
While the ETHPoW chain may have many technical challenges and its long-term viability has been questioned, its existence could present exciting opportunities for traders and speculators in the short to medium term.
BitMEX announced plans to launch USDT-margined ETHPoW on Aug. 9, dubbed ETHPoWZ22, the company wrote in a blog post.
“Just a few days ago, in ETHPoW vs. ETH2, the BitMEX research team explored the possibility of an Ethereum chain split, which could result in a new ETH proof-of-work (PoW) token. Fast forward a few days and users will have a A new way of trading – on ETHPOW, ETHPOWZ22 is scheduled to go live tomorrow.”
According to the announcement, the new currency will enable BitMEX users to operate ETHPoW with up to 2x leverage.
7. Second Master Bao: I forked Ethereum once, and I will fork it again
Guo Hongcai, also known as Bao Erye, an old player in the Chinese circle, recently established an Ethereum fork discussion group on WeChat to support the Ethereum fork. He also released the “Ethereum Fork Manifesto” through his personal Youtube channel, advocating the forked ETHPOW The chain should not be issued, pre-mined, or changed, and the original chain should be maintained.
The reason for supporting the fork, Bao Erye explained:
I think we should fork and keep the computing power of these miners. These people invest a lot of capital, a lot of money, and a lot of time for the Ethereum ecosystem, for their own beliefs, for their own business, these people work very hard every day , suddenly let this group of people lose their jobs, or become bankrupt, I feel unbearable, and they should let their computing power continue to support the original chain of Ethereum, which is the existing POW chain of Ethereum.
But in this regard, ETC sent a letter to Bao Erye on August 9, persuading him to give up the ETH PoW fork, thinking that miners should transfer to ETC
8. Justin Sun : Stablecoin USDD will be the first stablecoin to support Ethereum fork
Justin Sun, the founder of TRON, said before, “As the founder of TRON PoS, I still believe that PoW has its unique value. In fact, we may underestimate the value of Ethereum as the only PoW smart contract blockchain. Whales over a million eth, I would make a lot of money by switching to PoS (PoS is obviously more friendly to ETH holders). But I think at some point the Ethereum community may be underestimating the contribution of PoW to Ethereum. Going entirely from PoW to PoS on Ethereum is risky and I don’t see anything wrong with keeping the PoW chain for the Ethereum community.”
On August 9, Justin Sun said on CoinDesk TV’s “First Mover” program that the stablecoin USDD will be the first stablecoin to support the Ethereum fork, and USDD will become the first stablecoin in the EthereumPOW ecosystem. Exchange platform Poloniex has already stated that it will be the first to support Ethereum POW’s native currency, and Sun added that, at least to his knowledge, no other stablecoin issuer supports Ethereum POW, “When everyone is using Ethereum proof-of-work after the merger, we All want to be the first solution,” he said on CoinDesk TV.
03
neutral
HuoB said: Respect community consensus, but discourage forks without tangible innovation and improvement.
HuoB stated in its announcement on August 5 that it respects the consensus of the community on hard forks, but does not encourage forks without practical innovation and improvement, and opposes any form of pre-mining.
HuoB said that under the condition of protecting the security of user assets, based on an objective and neutral attitude, for assets on the ETH chain that have been successfully forked (including but not limited to mainnet coins), as long as they meet the asset security requirements, they will take the lead in supporting users to receive the corresponding assets. Holding bonus.
04
Not sure what pie to choose
In general, Justin Sun, Hongcai Guo and others directly or indirectly supported the forked ETHPOW blockchain and launched the Ethereum POW Ecological Hackathon. And Tether CTO Paolo Ardoino, DCG CEO Barry Silbert, Hasu and others clearly support ETHPOS. As well as ambiguous players like Huobi.
In addition, there are some who are silent.
For example, at present, ETH mining pools, such as Ethermine, Hiveon, 2Miners, etc., as well as the top CEX and Coinbase have not expressed their opinions on this matter.
Maybe they are struggling too? Or do you think it’s not appropriate to stand up too early?
What do you think about the ETH fork? Welcome to the comment area to exchange and discuss.
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