On September 15, 2022, at 06:43 (UTC), Ethereum completed “The Merge,” a hard fork update, with a block height of 15537393. Poloniex has opted to adopt the fork chain EthereumFair (ETF), which is backed by the majority of the community and has more PoW processing power, as the main chain for ETHW tokens based on the market scenario, the consensus of users, and the community. If necessary, Poloniex will also support the other fork chains and coins.
Trading Set to Resume Soon
On September 15, 2022, at 13:15, Poloniex will change ETHW to EthereumFair (ETF) and restart trading on the ETF markets (ETF/USDT, ETF/USDD, and ETF/ETH) (UTC). The related ETF markets will take on the trading history of the ETHW markets. In due future, Poloniex will also include additional legitimate Ethereum fork tokens for trade. The ETF token has not yet been made available for withdrawal or deposit. For the most recent developments, kindly follow our announcement.
The ETF/USDD trading pair will continue to be eligible for zero-fee trading, but not the ETF/USDT and ETF/ETH markets.
Most Protocols Didn’t Initially Support Hard Forks
The industry’s biggest players are preparing their next steps.
One of them is the Chainlink (LINK) protocol, whose team has revealed its upcoming initiatives and suggestions in advance of the Merge transition scheduled for September 2022, indicating that it will not accept the forked versions of the network, including Proof-of-Work (PoW) forks.
In an effort to assist the miners who would be left stranded after the update, Chinese cryptocurrency miner Chandler Guo declared he wants to oppose the upgrade and maintain a proof-of-work version of Ethereum.
The organization behind USDC, the second-largest stablecoin, Circle, announced that it would exclusively support ETH 2.0.
The Merge is Now, What Next?
After years of development and delay, the enormous Ethereum redesign known as the Merge has finally taken place, transferring the digital machinery at the center of the second-largest cryptocurrency by market value to a system that uses much less energy.
The potential reward is enormous. Now, Ethereum should use 99.9% less energy. According to one estimation, it appears as though Finland’s electricity grid has abruptly been turned off.
The network, behind a $60 billion network of crypto exchanges, lending companies, non-fungible token (NFT) marketplaces, and other apps, is set to grow to a more secure and scalable network, according to Ethereum’s developers.
Unfortunately, the landmark upgrade, which presents noteworthy environmental advantages, replaces miners who previously powered the blockchain.
Additionally, with the aid of Ethereum’s modern design, these computers will offer new incentives to operate in compliance with the rules, safeguarding the ledger from unauthorized manipulation.
The network’s “sharding” strategy, which should help alleviate the network’s slow transaction speeds and hefty fees, was previously described by Buterin, Eth’s founder and renowned spokesperson.