ETHW, Ethereum’s proposed fork token that strives to remain on the PoW algorithm, tanks by 53% within six days of hitting its all-time high.
The news came in the midst of the Ethereum community gearing up for a shift from the Proof-of-Work (PoW) to a Proof-of-Stake (PoS) algorithm, with the last testnet, Goerli, having successfully merged with the Prater testnet on August 11.
ETHW gained some popularity within the mining community after renowned crypto miner Chandler Guo revealed a second Ethereum PoW chain that will fork away from the current version, with the token’s whitepaper set to release soon.
Bitmex Research published a blog post on ETHW on August 1 which stated, “ETHPoW may generate a lot of excitement and we predict that ETH vs ETHPoW will be a popular trading pair post split, at least until another interesting dynamic comes along.”
ETHW was added to Poloniex on August 8, when the platform became the first crypto exchange to support both ETH fork tokens: ETHS and ETHW. Subsequently, the token was added to Gate.io and MEXC’s IOU market.
ETHW hit an all-time high of $141.36 on August 8, the same day it debuted on Poloniex, before slipping to $100 per unit within 24 hours. Unfortunately, the token is currently on a downswing and still remains within 53% of its peak value as of writing this article.
Despite dropping in value, the EthereumPoW community continues to support the token as the ETHW Core’s initial version was released just a few hours ago. Besides disabling the difficulty bomb, it switched the base fee to a multi-signatory wallet managed by miners and the community, in addition to adjusting the starting mining difficulty of ETHW.