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23 Aug 2022

Bitfinex Will Support ETHPoW

Bitfinex announces support for the Ethereum PoW (ETHPOW) fork in advance of The Ethereum Merge. Several prominent figures in the business have voiced their support for the impending split of the Ethereum blockchain after the Merge. Bitfinex is the most recent participant to join the bandwagon.

BitFinex announced Tuesday through a press release the availability of New Chain Split Tokens (CSTs) on Ethereum. The launch was led by iFinex Financial Technologies, a subsidiary of iFinex Inc. iFinex Financial Technologies manages BitFinex Derivatives’ activities.

Users will be able to trade both the ETHPoW fork and the ETH PoS tokens emerging from The Merge on the BitFinex Derivatives platform upon the introduction of the Ethereum CST. The publication emphasizes that each token would be distinct and also accessible in trading pairings. The coins’ tickers will be ETHS (PoS) and ETHW (PoW).

Paulo Ardoino, CTO of BitFinex Derivatives, said that they are pleased to provide their clients access to these new Ethereum Chain Split Tokens to enable them to prepare for all scenarios as the Ethereum Merge approaches.

Additionally, the Product Manager for BitFinex Derivatives, Jag Kooner, emphasized the importance of the change. According to Kooner, the team is striving to give consumers the finest experiences on the exchange. In addition, Kooner encouraged consumers to submit input on product designs like this one.

The ETHPoW split, which began as a basic concept, looks to be gaining popularity as The Merge approaches. Chinese miner Chandler Guo tweeted on July 27 his intention to “again” split ETH. Notably, Guo was one of the minds behind Ethereum Classic (ETC)—another Ethereum split.

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In an open letter written two weeks ago, the ETHPoW team said that the split was “inevitable.” According to the developers, the ETH difficulty bomb was removed from the forked version. This is a clear defiance of supporters, notably the ETC Cooperative, who have requested that Guo forsake his plan.