Over a million Ether (ETH) is in Poloniex’s possession, CEO Justin Sun said, and shared the company’s plans with it.
— H.E. Justin Sun🌞🇬🇩 (@justinsuntron) August 4, 2022
On August 4th, Ambassador and Cryptographer Justin Sun announced on Twitter that his crypto exchange, Poloniex, presently has more than one million Ethereum (ETH) in its possession.
If the Ethereum hard fork is successful, Sun said that Poloniex would provide part of the forked ETHW to the ETHW community as well as to developers working on the Ethereum ecosystem.
The cryptocurrency exchange Poloniex announced on its blog that it would support any prospective Ethereum hard fork coins. The exchange has indicated that it would provide complete backing for the ETH upgrade as well as any future hard forks that may occur.
📢 The Ethereum Merge is expected to be in September 2022. Poloniex was the world's first exchange to list #ETH and now the first one to support potential forking of ETH with listing of two potential forked ETH tokens: #ETHS & #ETHW.https://t.co/QipYETT5Rq
— Poloniex Exchange (@Poloniex) August 4, 2022
Poloniex further stated that it would initially list two potential hard forked tokens known as ETHS (representing Proof-of-Stake ETH) and ETHW (representing Proof-of-Work ETH) and that it would allow customers to exchange them for ETH at a ratio of 1:1 and vice versa prior to the Merge.
The rate of exchange will be the same for both ETHW/ETH and ETHS/ETH. In the future, the exchange said it might add more trading pairs. ETHS and ETHW will only exist on Poloniex. Users won’t be able to deposit or withdraw to wallets outside of Poloniex.
In related developments, Poloniex announced two days ago that they would be launching a new trading system that will be faster, more stable, and easier to use for retail and professional users worldwide.
Poloniex has improved its system’s order, matching speed, and the number of transactions that can be completed in a second by at least 10x and 30x, respectively, thanks to its next-generation matching engine.
After the launch, Poloniex said it’s going to keep improving performance. Also, the new API has been redesigned to make it run faster and have more features.