- Many companies have been found backing up Ethereum hard fork.
- But, the biggest question is- Did Bitfinex back Ethereum hard fork?
The Ethereum community has been awaiting the Merge for some months now. Still, by this major update, the ETH community will be able to observe development on the next level. However, this doesn’t look like it will work out with most of the crypto community. The destiny of the Ethereum miner-led hard fork is undetermined. Still, an arrangement of companies has been seen backing up.
iFinex, which is the mother company of a cryptocurrency exchange platform, Bitfinex, was recently seen showering support to it. The company recently posted a blog in which it highlighted that it had introduced Ethereum [ETH] Chain Split Tokens [CSTs]. Because of this, the customers can trade the hard-forked assets and break the chain.
Like Bitfinex, many other platforms are also showing their support for the assets of the Ethereum chain. Some platforms like Poloniex, BitMEX, MEXC, and others appeared to be preparing for the hard fork.
Explaining this, Bitfinex highlighted that it had “recognised three possible scenarios and thus the ETHW and ETHS tokens are planned to provide customers the capability to assist preping” for those results.
The first was if there would be no agreement change on the recent Ethereum chain [PoW]. During this time, ETHS would become valueless and cease. Ethereum would be given in change for ETHW holding. The token will get expired on the last day of this year.
Mentioning the other two scenes, the platform said:
“ In case of a booming consensus change for ETH with no fork, ETHW will expire valuelessly, and ETH will be given in exchange for each ETHS holding.
In case of a booming fork and a booming consensus change for Ethereum, customers will be credited with their separate ETHW and ETHS tokens.”
Methods to create CST
According to Bitfinex, customers would have to put together CSTs by hiring the Token Manager. This option is present in the Order Form menu in the sidebar order ticket. After the CST is created, Ethereum will be debited automatically from the customer’s account. Just after, an equal amount of ETHW or ETHS will be credited.
After that, the customers will be given an opportunity to keep the process and collect their ETH.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/08/24/did-bitfinex-back-ethereum-hard-fork/