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Coinbase Announces It Will ‘Evaluate Any Ethereum Fork Tokens Following the Merge’

Coinbase Discloses It Will 'Evaluate Any ETH Fork Tokens Following The Merge'

Coinbase Global, a publicly traded company, has announced that it will evaluate any forks that may arise from The Merge, the forthcoming Ethereum upgrade. Coinbase Global recently posted that a new Ethereum proof of work (PoW token) will be created and “will be evaluated with the same rigore as any other asset listed on the exchange.”

Coinbase Informs the Public about the Possibility for an Ethereum Fork Arising Post-Merge

The Merge is coming soon and data shows it is roughly 16 days away from now. The Merge is Ethereum’s plan to move from a proof of work (PoW), consensus algorithm to a proof-of stake (PoS), consensus scheme. Now despite the fact that a PoW network similar to ETH already exists in Ethereum Classic (ETC), there’s been talk of creating a new PoW fork when The Merge is implemented.

Coinbase Discloses It Will 'Evaluate Any ETH Fork Tokens Following The Merge'
ETHW market data via coinmarketcap.com on August 28, 2022 at 11: 00 a.m. (EST).

The proposed ETH PoW fork has gained market traction as a number of crypto exchanges have created IOU token versions called ETHW. At the time of writing, ETHW is changing hands for $49 per unit and its up close to 5% during the past 24 hours. This past week on August 25, Coinbase Global (Nasdaq: COIN) updated a blog post that was originally published on August 16. The latest update concerns the possibility of an ETH PoW fork arising from The Merge.

The intentions of the blog post explained how Coinbase plans to pause any Ethereum or ERC20-based transactions amid The Merge. The recent update says: “Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other asset that is listed on our exchange.” Coinbase also tweeted about the update on Twitter the same day.

“Coinbase’s goal is to list all assets that are legal and safe to list,” the exchange said in a tweet. “We will evaluate any ETH fork tokens following The Merge on a case-by-case basis in alignment with our standard asset listing policy. All potential forked tokens of Ethereum will be subject to the same listing review as any other asset on our exchange, Coinbase said.

It’s well-known that exchanges can take as long and as they wish to distribute forked assets. Some trading platforms, however, have not offered support for specific cryptoforks. Coinbase made similar decisions in the Ethereum Classic and Bitcoin Cash forks. Veteran crypto participants know that it is best to hold assets that might experience a fork in non-custodial ways. This is to ensure you get a forked asset if a split occurs.

What do you think about Coinbase’s decision about possibly listing the proposed PoW version of Ethereum called ETHW? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: rarrarorro / Shutterstock.com

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Arthur Hayes Says Cardano Is A ‘Shitcoin’ – Here’s Why

Cardano (ADA) is a “shitcoin” without purpose that has no distinct advantage over competitors, according to BitMEX co-founder Arthur Hayes.

“Who gives a fuck? Zero?” said Hayes when asked “What about Cardano?” in an interview with Coin Bureau published on Sunday.

Cardano Is A Shitcoin, Says Hayes

Continuing to describe the cryptocurrency – a top ten digital asset by market cap – Hayes did not mince words: “The first wannabe Ethereum, and probably the first one to go to be irrelevant,” he said.

Typically, the popular crypto essayist and trader is well known as one of the loudest long-term Bitcoin (BTC) and Ethereum (ETH) bulls, and often expresses interest in small-cap cryptos for short-term trading.

During the same interview, Hayes even expressed interest in the memecoin “dogwifhat” calling it the “best dog money of this bull cycle.

“I love Rare Pepe’s… I think we’re going to see a resurgence of NFT trading volumes,” he added.

The writer’s unique callout of Cardano ruffled some feathers online – especially with the network’s founder, Charles Hoskinson. On Tuesday, Hoskinson asked Hayes why he was “throwing shade” at Cardano.

“Cause your coin is a piece of shit man,” Hayes replied. “Just buy some ETH and chill.”

What Makes Cardano Unique?

Much like Ethereum, Cardano is a smart contract platform for developing decentralized applications. It also popularized as one of the first well-developed proof-of-stake cryptocurrencies, which use crypto rather than energy to secure its network.

However, many popular blockchains today now use the same mechanism, with Ethereum undergoing a massive upgrade in 2022 to adopt proof of stake. In terms of both market size and DeFi TVL, Cardano is still outsized by competitors like Ethereum, Solana, and Binance Smart Chain (BSC).

On Tuesday, Hayes published a list of the world’s most popular Dapps, and asked which of them had originated or grown most popular on the Cardano blockchain.

“From my very limited knowledge, it looks like none of them do,” he said. “That’s why ADA is dog shit.”

On Bitcoin, however, Hayes remains a bull, expecting strong money printing from the Federal Reserve to drive the asset’s price up soon.

“When printing money happens and you debase the value of time and human labor, we rejoice and say great, fuck you, we’re gonna take Bitcoin to a million,” he told Coin Bureau.

Late last year, Hayes predicted that Bitcoin would reach between $750,000 and $1 million by the end of 2026.

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Ethereum

Crypto Markets Experience Minor Setback as Major Coins Dip, While Select Tokens Buck the Trend

On Wednesday, the crypto market experienced a modest downturn, with a 1% decrease in its overall value across the board, as bitcoin and ethereum saw declines of 0.51% and 0.45%, respectively. Bitcoin momentarily reached the $53,000 mark the day prior, while ether soared past the $3,000 threshold on Tuesday…
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Ethereum

Ethereum Technical Analysis: ETH Highlights Resilience Across Several Timeframes

Ethereum started Monday with its price hitting $2,934 per unit, marking a week filled with a strong 14.9% increase. Over the preceding fortnight, the second-leading crypto asset by market cap witnessed a substantial 25.9% upswing. Kicking off this week, ether’s trading volume over the past 24 hours has hovered around $24.74 billion…
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