ETHPoW price slides to around 3% of Ethereum’s price

On August 19, the price of the potential PoW fork Ethereum ETHPoW fell below the $50 level. This amounts to less than 3% of the mainnet asset’s current price, around $1,742.

In late July, miner Chandler Gao proposed launching a fork of Ethereum that would continue to operate on the Proof-of-Work (PoW) algorithm. The new network is intended to allow miners to continue operating after the Merge of Ethereum’s mainnet with the Beacon Chain and the transition to Proof-of-Stake (PoS).

In early August, some exchanges, including Poloniex and MEXC, began trading tokens of the potential forks ETHPoS (ETHS) and ETHPoW (ETHW). The assets trade as IOU promissory notes issued 1:1 pegged to Ethereum.

According to CoinMarketCap, the all-time high for ETHW reached on August 8 — $139.6.

As of writing, ETHS quotes are near $1,687, roughly 3% below Ether’s price.

The opinions on supporting the potential Ethereum PoW fork in the crypto community were divided. For example, the crypto derivatives exchange BitMEX offered a futures contract based on ETHPoW. Huobi, Digifinex and OKX said they would study the possibility of listing the asset.

The decentralized oracle network Chainlink declined to support the potential fork. The Frax Finance team urged the community not to issue the algorithmic stablecoin FRAX on the PoW network.

CoinShares analysts skeptically assessed the prospects of the proposed fork.

Earlier, ETC Cooperative head Bob Summerwill voiced a similar view, but he doubted the feasibility of the project.

In response, supporters and developers of ETHPoW called the fork “inevitable” and said they had completed the main technical part of the work on it.

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