It's Bitfinex's turn to open trading of "Ethereum split-chain" tokens for users
iFinex, the company responsible for the derivatives business of Bitfinex, announced the launch of a new service for users ahead of The Merge.
The exchange currently offers Ethereum Split Chain Token (CST), which represents two systems related to The Merge including ETH Proof-of-Work (ETHW) and ETH Proof-of -Stake (ETHS) Bitfinex has released these new tokens for users to trade during the potential fork, which will be available through Bitfinex's derivatives platform
Bitfinex CTO. and Tether (USDT), Paolo Ardoino said that the exchange has issued the above decision to better prepare users for all the possibilities that may occur after The Merge.
According to the exchange, there are three predictable outcomes intended to help users prepare:
In the event that there is no change to the current Ethereum consensus mechanism, ETHS will expire, be worthless, and ETH will be exchanged for each ETHW held
- If the consensus mechanism change is successful for Ethereum (PoS) without fork, ETHW will expire and ETH will be exchanged for each ETHS held. keep
- in t In case the fork is successful and the consensus mechanism change is also successful, users will receive their respective ETHW and ETHS. <3 Whether the unexpected event that occurs between the "war" of chain splits and the market will gain enough traction to move towards a rally.
But, in general, many “big guys” ” crypto industry leaders such as Chainlink, USDC, Binance, FTX and himself Vitalik Buterin all support PoS. Only Poloniex exchange, BitMEX and Justin Sun support PoW orientation besides exchange MEXC and Huobi are in the consideration stage.
Notably, although Tether is also "on the side" of supporting PoS, it is not clear why the company now has a move to coordinate with Bitfinex to provide users with the above translation.
Crypto Fox News summary
Aug 23, 2022