Bybit to distribute ETHW fork tokens to users

The cryptocurrency exchange Bybit announced support for the Ethereum PoW fork tokens (ETHW). In the event of a chain split following the activation of The Merge, ETH holders will receive them on a 1:1 basis.

🔥 We will be supporting $ETHW airdrop, deposit & ETHW/USDT Spot Trading after #TheMerge on Sep 15.

⏱️ $ETHW airdrop will be completed within 8 hours of The Merge.

👉 Find out more: https://t.co/u0CcA1cptG

🙌 Deposit your $ETH on Bybit: https://t.co/ozRIbaWZO8 pic.twitter.com/5V1nLVT6kw

— Bybit (@Bybit_Official) September 14, 2022

The transition of the second-largest cryptocurrency by market capitalization to the Proof-of-Stake (PoS) consensus algorithm is planned for September 15.

According to the countdown timer, launched by Google, there are just over 16 hours left until the mainnet migrates to PoS.

“Approximately at 00:30 (UTC) on September 15, 2022, Bybit will freeze deposits and withdrawals of ETH, ERC-20 tokens and ERC-721 NFTs. Deposits and withdrawals of ETH on Arbitrum, Optimism, BSC and zkSync will be suspended until the airdrop. Any ETH deposited during this period will not be included in the snapshot,” the statement said.

The representatives noted that two scenarios may arise from the merge:

• The new token will not appear. In this case, Bybit will resume operations with ETH and the assets mentioned above;
• The chain will split and the ETHW token will appear. The platform will take a snapshot and distribute the fork token among ETH holders.

Bybit estimates the ETHW airdrop will be completed within eight hours after a successful migration of the network to PoS. The option to deposit and withdraw the new tokens will open when the mainnet on PoW is deemed stable.

Earlier, the developers of the Ethereum PoW fork said that the mainnet launch would take place within 24 hours after the merge.

Earlier, supporters of launching the new chain on the Proof-of-Work algorithm described it as an “inevitable” response to the community’s request.

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