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FTX, Bybit among the first exchanges to launch spot ETHW trading

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Main cryptocurrency exchanges, FTX and Bybit, are among the many first crypto buying and selling platforms to launch spot buying and selling for Ethereum proof-of-work (PoW) tokens.

Whereas the Ethereum blockchain has not forked into two separate networks simply but, crypto exchanges are speeding to start out buying and selling EthereumPoW (ETHW) tokens.

On the time of writing, ETHW Fork IOU token is now trading on 5 exchanges, together with the worldwide FTX change, the FTX US platform, Bybit, Gate.io and MEXC International, in response to information from CoinGecko.

In keeping with the information, FTX is dealing with greater than 80% of ETHW buying and selling, which is estimated to quantity to $24.7 million on the time of writing. Bybit and MEXC International account for 10% and 17.6% of ETHW buying and selling volumes, respectively.

On the time of writing, the ETHW Fork IOU token is buying and selling at $24,36, down round 36.7% over the previous 24 hours.

Ethereum PoW Fork IOU Markets. Supply: CoinGecko

Bybit change took to Twitter on Thursday to formally announce that it launched ETHW buying and selling towards the Tether (USDT) stablecoin. “ETHW deposits and withdrawals are coming quickly,” the agency famous. ETHW/USD buying and selling web page is additionally now out there on the FTX web site.

The listed ETHW Fork token is an IOU cryptocurrency the place IOU stands for “I owe you,” that means that one get together owes a debt to a different one. That’s as a result of ETHW would derive from the potential Ethereum exhausting fork and the chain has not forked but.

Associated: F2Pool, Poolin to start Ethereum PoW mining after ETHW mainnet launch

The Ethereum blockchain exhausting fork is anticipated to observe the Ethereum Merge event that occurred earlier this Thursday. As some group contributors most popular to maintain supporting the mining-based PoW Ethereum model, the fork is anticipated to separate the chain in two, the proof-of-stake model and a PoW-based one.

As beforehand reported, the exhausting fork iexpected to occur within 24 hours following the Merge.