Potentially a duplicate Ethereum protocol dubbed as ETHPoW (IOU) launched this month itself. Forming a cyclic pattern, users started buying the crypto as crypto exchanges, one after another, listed the newly launched protocol’s native asset on their platform. It was expected that crypto traders would figure out the price of the crypto asset earlier than its launch. However, the frenzy after the asset seems to bottom down as the dropping prices clearly shows.
As per the reports, the trading volume witnessed a significant drop which was around 13 million USD during its first trading week. Now it has come down to about 4 million USD with a whopping decline of 66%. Apparently the crypto asset’s price reflected the negative sentiment and from 140 USD it fell to 50 USD in quite a short span of time.
Two prominent exchanges which listed ETHPoW on their platform, BitMEX and Poloniex also report the falling prices and declining trading interest. People around crypto space consider this as a classic example of how hastily developed forks stuck with unpredictability and confusion. Such protocols often end up badly making a huge hole in investors’ pockets that results in discouraging from all over the crypto market.
Creation of hard forks, especially of the Ethereum (ETH) network has increased given its transition from PoW to PoS. The highly awaited upgrade on Ethereum blockchain called The Merge is expected to bring the aforementioned change. Crypto enthusiasts are eagerly waiting for the most anticipated upgrade to take place.
Etheruem developers announced September 19th, 2022 as the launch date for the Merge. Upgrades are common in the tech space and blockchain and crypto are no exception. However, this upgrade on Ethereum is different in many aspects. This would be the first attempt to completely shift the consensus mechanism of a whole network, the one with humongous size as Ethereum. If it goes successful and as per the plans, then it will bring many advantages not only to the Ethereum network, but also to the entire crypto space.
Source: https://www.thecoinrepublic.com/2022/08/19/ethpow-trend-appears-coming-to-an-end/