Crypto exchange Bybit has just announced it will support ethereum (ETHW) PoW tokens.
As a result, if a blockchain fork occurs after The Merge goes live, ETH holders will receive the tokens at a 1:1 ratio.
The transition of the Ethereum network to the Proof-of-Stake (PoS) consensus algorithm started yesterday.
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The exchange has said:
"At approximately 12:30AM UTC on Sep 15, 2022, Bybit will suspend deposits and withdrawals of ETH, ERC-20 tokens and NFTs of the ERC-721 standard. Deposits and withdrawals of ETH assets on the Arbitrum, Optimism, BSC and zkSync chains will be suspended until the airdrop is issued. Any ETH deposited during the period when deposits and withdrawals on Arbitrum and Optimism chains are suspended will not be included in the snapshot."
Platform representatives have highlighted wo scenarios could emerge as a result of The Merge:
- The new token will not appear. In this case, Bybit will resume trading with ETH and the aforementioned assets.
- The blockchain will be split and the ETHW token will appear. The platform will take a snapshot and distribute the fork of the token among ETH holders.