With the Ethereum Merge around the corner, crypto firms have decided whether to support possible ETH forked tokens.
Crypto-related projects have started indicating whether they will support Ethereum’s transition from a Proof-of-Work (PoW) algorithm to Proof-of-Stake dubbed “The Merge”, as well as a possible fork of the network.
With the Merge scheduled to go live next month, Chainlink (LINK) announced in a statement that it would be supporting the Ethereum Merge to ensure continuity for Chainlink protocol users on the Ethereum network.
Chainlink noted that its protocols and services would continue to operate on the second-largest blockchain network before and after the Merge upgrade is implemented.
While Chainlink will support the Ethereum Merge, the crypto project said it would not do the same for any potential hard fork of Ethereum.
“Users should be aware that forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol,” the network noted in a statement.
Chainlink added: “This is aligned with both the Ethereum Foundation and broader Ethereum community’s decision, achieved via social consensus, to upgrade the Ethereum blockchain to PoS consensus.”
Miners Hint At Possible Ethereum Forks
The development comes after popular Ethereum miner Chandler Guo hinted at the possibility that an ETH hard fork may occur after the Merge is launched.
Several Ethereum miners do not seem excited about the upcoming ETH 2.0, as they believe the move would see them stripped of their source of income.
Based on this, the miner expressed confidence about a hard fork that will enable them to continue mining on the network.
BitMEX and Poloniex Support Forked ETH Tokens, While Okx May Follow Suit
While Chainlink has noted that it will not support any possible Ethereum fork, Justin Sun, the CEO and founder of Tron ecosystem has continued throwing his weight behind various versions of Ethereum fork tokens.
Yesterday, Sun’s cryptocurrency exchange Poloniex announced it had listed various Ethereum forked coins, including ETHS and ETHW.
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— Poloniex Exchange (@Poloniex) August 7, 2022
In a similar development, popular cryptocurrency exchange OKX said it will support the Ethereum Merge and will evaluate all ETH forked tokens that may emerge in the future for possible listing.
OKX: we actively monitor and will support the Ethereum Merge. Potential Ethereum hard forks may emerge when the network's upgrade takes effect. We will evaluate and list the newly forked coins if there is sufficient demand.
— Wu Blockchain (@WuBlockchain) August 8, 2022
Meanwhile, BitMEX said it would launch a linear futures contract for its users to get exposure to ETHPOW.
“This will mean that when our Tether- (USDT ERC-20) margin contract goes live, users will be able to get trading exposure to ETHPOW – with up to 2x leverage,” BitMEX said.