Justin Sun-backed Poloniex Exchange has finally listed Ethereum forked tokens. As per the official announcement the exchange published the listing of ETHS/USDT, ETHW/USDT, ETHS/USDD, and ETH/USDD trading pairs.
Among these tokens, ETHS stands for proof-of-stake-based tokens, while ETHW represents for proof-of-work-based tokens. At present, all ETHS and ETHW transactions have no transaction fees.
In an earlier blog post, the trading platform decided to extend support for these two tokens to mitigate the risk “from market volatility during the hard fork” as well as secure users’ assets.
The blog further stated that ETH holders can swap their tokens with the two potential forked tokens on Poloniex before Ethereum 2.0 upgrade at a 1:1 ratio or vice versa.
The much awaited “merge” refers to the network’s transition to proof of stake which would essentially discontinue ETH mining, upsetting well-known miners like Chandler Guo.
As a result, Guo and his ilk are attempting to launch ETHW in order to allow GPU miners to continue to mine a form of Ethereum.
If the merge, which is slated to occur on September, goes off smoothly, then Poloniex will automatically convert all ETHS into upgraded, post-merge ETH. And, if during that time, Guo and his followers fail to fork the Ethereum network, Poloniex will suspend and delist ETHW and its related markets, in accordance to the blog post.
Buterin Takes A Jibe At Justin Sun
TRON founder Justin Sun’s latest endorsement also correlates to his tumultuous relationship with Ethereum and the network’s co-founder, Vitalik Buterin who take a dig at Sun occasionally.
During South Korea Blockchain event, Ethereum founder, Buterin, without directly referring Justin Sun slammed those trying to push for a hard fork of ETH to retain proof-of-work as “simply trying to make a quick buck.”
Vitalik stated that he has received many support for proof-of-stake from within the community and claimed that most people who intends to keep proof-of-work are “outsiders.”
On the other hand, Chainlink protocol decided to not entertain the forked versions of the Ethereum blockchain and recommended developers and dApp teams to paused smart contract operations to avoid unforeseen incidents and help protect end users.