EthereumPoW Team To Freeze Over 1.4 Million Ethereum

EthereumPoW Reveals Plans That Could Freeze Over 1.4 Million ETH, Again Urges Users To Take ETHW Off Liquidity Pools.

EthereumPoW releases the initial list of contracts it plans to freeze during the hard fork.

EthereumPoW, the collective behind the hard fork of a proof-of-work (PoW) Ethereum chain, in a tweet today, reveals that it plans to freeze about 85 contracts holding a total of about 1.4 million ETH ($2.6 billion), reiterating a notice to holders to take their ETHW off liquidity pools.

“We recommend everyone withdraw their ETH from all the pools before the hard fork !!!

ETHW Core released the first batch of contracts to freeze.

In total, there are 85 contracts and around 140 million [1.4 million] ETH tokens,” the group said in its tweet.

*** We recommend everyone withdraw their ETH from all the pools before the hard fork !!!

ETHW Core released the first batch of contracts to freeze.
In total, there are 85 contracts and around 140 million ETH tokens. pic.twitter.com/sIFKb0dY6q

— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) August 17, 2022

It is worth noting that Uniswap and SushiSwap liquidity pools dominate the list released by the ETHW Core team. However, the Compound: cETH Token pool stands on top of the list with the largest single holding of 465,100 ETH. The Aave: aWETH Token V2 follows the Compound pool with 312,781 ETH.

The EthereumPoW team first hinted at its plans to freeze specific liquidity pool contracts during the hard fork in a series of tweets yesterday. It noted that following the hard fork, tokens left on liquidity pools would become easy prey to bad actors in the crypto space.

Notably, on its path to creating a PoW fork of the Ethereum chain, the ETHW Core team has achieved significant milestones, including removing the difficulty bomb. Additionally, the team notes that it would abolish Ethereum’s burning mechanism introduced with EIP-1559 in its forked chain.

The group has expressed conviction that it would be ready to launch the hard fork in time for the Ethereum Merge, which is now less than a month away. It has so far received support from about six exchanges, including Justin Sun’s Poloniex, which has launched trading for ETHW.

Vitamin Buterin has asserted that Ethereum will not be adversely affected by the planned PoW hard fork but warns users to be wary of the motives of the instigators.