all about cryptop referances
Following Ethereum’s merger, a number of members of the cryptocurrency community have been discussing the proof-of-work (PoW) fork called ETHW, as it dropped significantly in value in recent days. However, many people are not aware that there is another Ethereum-based PoW fork called ethereumfair (ETF), and the ETF has accumulated a small amount of hashrate and fiat value since the token’s mainnet launch.
Most people were aware that a proof-of-work (PoW) crypto-asset called ETHW was created after The Merge on September 15, because it was announced weeks before the mainnet launch. At the time of writing, ETHW is down 17% against the US dollar in 24 hours, and the project’s hashrate has also dropped a lot.
On September 15th, ETHW’s hash rate reached an all-time high (ATH) of 80.56 terahash per second (TH/s). Although ETHW’s hash rate has dropped in recent times and the PoW network has lost 53.35% of hash power since then.
A large number of people are unaware that ETHW is not the only ETH-based PoW fork, as there is another ETH-based PoW fork called ethereumfair (ETF). The Ethereumfair team has a website and a few social media channels.
The team’s Twitter account was created in January 2020 and it has 14,100 Twitter followers at the time of writing. The Ethereumfair account has about 1,000 fewer followers than ETHW’s 15.1K Twitter followers. While ETHW has lost 17%, the ETF is also down 17.6% against the US dollar at $1.57 per unit.
Coingecko.com statistics show that the ETF has seen a price range between $1.48 to $3.50 per unit and $3.43 million in global trading volume. Two days ago, the ETF price reached an all-time high of $20.59 per unit, and on the same day, it fell to its lowest point of $0.99 per coin.
ETF trading activity today is prominent on Huobi and Gate.io, with the most dominant trading pair being tether (USDT). Poloniex also lists the ETF, but the exchange took advantage of the ETHW IOU market and renamed it the ETF.
At press time, there is a price discrepancy between Poloniex’s, Huobi’s and Gate.io’s ETF rates. Because while Huobi’s ETF price is $1.57 per ETF and Gate.io’s data shows $1.58, Poloniex ETF markets between $7.94 to $7.99 per unit, which matches the same value as ETHW’s current price.
Ethereumfair has also collected a small percentage of hashrate residuals from The Merge. At the time of writing, Ethereumfair’s hashrate is 7.9 TH/s and there are seven nodes dedicated to the new network. Compared to ETHW’s hashrate, ETF’s hashpower represents 21% of ETHW’s total hashrate.
Ethereum Classic’s hashrate is currently running at 219 TH/s, according to statistics collected by 2miners.com. ETF’s and ETHW’s combined hashrate is equivalent to just over 20% of ETC’s combined hashpower. ETC is currently trading at $33.35 per unit, which means that ETHW is equivalent to 22% of ETC’s value, while the ETF is equivalent to 4.73% of ETC’s net USD value.
The double fork that took place after The Merge is unusual, but several forks have happened to blockchain networks in the past. For example, in April 2018, the privacy-centric blockchain network Monero split into four different protocols following a hard fork that year.
What do you think about the birth of Ethereumfair and the fact that there are now two Ethereum-based PoW forks? Let us know what you think about this topic in the comments section below.
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