Cryptocurrency exchange Poloniex will support a potential Ethereum fork in its Proof-of-Work (PoW) algorithm after the mainnet merger with Beacon Chain, scheduled for September 2022.

“Poloniex was the first exchange to list Ethereum and is now the first to support a proposed network fork with a list of two potential fork tokens, ETHS and ETHW,” the statement said.

According to a press release, on August 8, the platform will launch an interface for ETH/ETHW to exchange ETH. It will also be allowed to exchange potential fork tokens (potential forked tokens) in pairs with each other. The offer will be valid until the update is activated on the main Ethereum network.

Deposits and withdrawals cannot be made on ETHS and ETHW. De facto tokens are digital options in the local holdings of one of the chains.

The company stressed that over time it “adapts its offering to the latest market trends”. Representatives of the exchange also stated that it is still unknown what the hard fork will look like on the Ethereum network.

At the end of July, Chinese miner and Ethereum Classic supporter Chandler Guo announced that he had hired a group of developers to support the Ethereum fork in PoW after The Merge. The second involves the transition of the network to the Proof-of-Stake consensus algorithm.

The community highly appreciates the possibility of a fork after the Ethereum network upgrade. According to a Twitter poll by hedge fund Galois Capital, a third of respondents believe the process will see the PoW-based ETH1 blockchain.

Tron founder and Poloniex owner Justin Sun announced that the exchange has more than 1 million ETH on its balance sheet. If the fork is successful, it will donate some of the PoW-based tokens to “the ETHW community and developers who will build the Ethereum ecosystem.”

According to Sun, the PoW mechanism is “a key factor in the growth of the Ethereum ecosystem,” so Poloniex and itself are personally ready to support the community.

Recall that before August 12, Ethereum developers will transfer the Goerli testnet to the PoS algorithm.

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