Huobi and Poloniex to Support Potential ETH Hard Forks
- Poloniex announced that all Ethereum holders on its platform would earn the forked assets in a 1:1 once the merge is complete.
- Huobi also suggested that industry leaders must create sound standards for hard forks so that all exchanges can perform uniform pre-evaluations on these hard forks
Poloniex and Huobi crypto exchanges have announced that they will support the upcoming Ethereum Merge and any potential hard fork. The announcements were made through the respective websites.
Poloniex, which claims to be the first exchange to support Ethereum and Ethereum Classic, stated that it will assist the expansion of the Ethereum network by listing and supporting the EthereumPoW fork. The success of the merge means there would be two parallel blockchains.
However, Poloniex announced that all Ethereum holders on its platform would earn the forked assets in a 1:1 once the merge is complete. Poloniex adds that it will list at least two possible forked ETH tokens and related markets. The move will reduce risks associated with market volatility when there is an upgrade. Thus, protecting users’ assets.
Poloniex and Huobi Support Eth Forks
According to the announcement, Poloniex has a swap page for its ETH holders to swap their ETH into ETHS and ETHW (the two Possible forked ETH tokens) on a 1:1 proportion before the official ETH 2.0 upgrade.
Also, users can trade their ETHW and ETHS for ETH before the merge. Poloniex also provided more details about the possible forked tokens. The ETHS represents tokens for the new ETH2.0 chain. It would also symbolize ETHPoS or ETH2. The ETHW represents tokens for the existing PoW chain.
Users can make the back, and forth swaps beginning from august 8 till the start of the merge in September. However, it will automatically convert the ETHS into the upgraded ETH after the upgrade on a 1:1 basis. Then, delist the ETHS. Furthermore, the PoW chain with the highest hash rate will be the main ETHW chain after the hard fork. However, it will support other PoW chains from the fork if its community approves.
Meanwhile, Huobi global states it would respect the community consensus on hard forks. However, it would only support forks with real innovation and improvement. It also states that it won’t encourage bad pre-mining behaviors. The leading crypto platform claims to hold an objective and neutral attitude to forked assets (including ETH).
However, such forked assets must meet the exchange’s security requirements. It further states that trading on such assets will be available on the Huobi platform once the community approves. According to Huobi, some of its requirements to list a forked asset include that the original chain must not cover or eliminate the new chain.
Also, it would differentiate the forked chains to make the upgrade for all wallets compulsory and support the new chain. Huobi also suggested that industry leaders must create sound standards for hard forks so that all exchanges can perform uniform pre-evaluations on these hard forks.
Thus, making it easier to distribute and list forked tokens. Once Ethereum completes its switch to a PoS network, its miners and their equipment will become worthless. Hence, Ethereum miners led by popular china-based Ethereum miner, Chandler Guo, plan to fork Ethereum and create a PoW Ethereum chain. Thus, these miners won’t lose a huge portion of their income.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
