Crypto Exchange Poloniex To List Ethereum (ETH) Potential Hard Fork Tokens

It is anticipated that Ethereum will initiate the Merge upgrade to ETH 2.0 in September 2022. Poloniex, which was the first exchange in the world to accept both Ethereum and Ethereum Classic, has announced that it will provide full support to Ethereum’s upcoming upgrade as well as any potential hard forks. Should it be completed successfully, the Merge will result in the creation of two parallel blockchains after the upgrade. When the upgrade is finished, all current holders of Ethereum (ETH) on Poloniex will automatically be given an equal amount of the newly forked assets.

Poloniex is going to list two “potentially forked” versions of Ethereum and the markets that go along with them in order to protect its consumers from the dangers posed by the market volatility that will occur during the hard fork. Prior to the launch of the official ETH 2.0 upgrade, holders of ETH on Poloniex have the ability to convert their ETH holdings into either of the two “possible forked” tokens, ETHS or ETHW, at a ratio of 1:1 by going to the swap page. In addition, users are permitted to convert their ETHS and ETHW holdings into ETH at the same exchange rate prior to the update.

With the details listed below, Poloniex will open the corresponding markets:

Poloniex Comprehensive Plans For Ethereum Hard Fork Tokens

Prior to the upgrade, Poloniex will take a snapshot of all ETHS balances on its platform. ETHS will be immediately transformed into the upgraded ETH at a ratio of 1:1, and the ETHS market will be delisted if the ETH 2.0 upgrade results in more than one chain. Following the completion of the hard fork, the main chain of ETHW will be the PoW chain that currently has the highest hashrate. Poloniex will also support any alternative Proof-of-Work chains that emerge as a result of the fork and will completely respect the community’s preferences regarding the naming of the tokens. In due time, Poloniex will make the necessary adjustments to the name of the token in accordance with the final community consensus and will re-enable the token’s ability to be deposited, withdrawn, and traded.

The ETH symbol will be maintained even if the ETH 2.0 upgrade is completed successfully without a fork and Ethereum makes a move from proof-of-work to proof-of-stake. In this scenario, Poloniex will suspend and delist ETHS, ETHW, and the markets linked with them. Additionally, ETHS will be converted to the more recent version of ETH. Poloniex advises participants to exercise caution in light of the inherent risks. Users can follow Poloniex’s impending announcements for information regarding the snapshot and airdrops.

Prioritizing Market Stability and Security

Poloniex has made the decision to take the measures outlined above after reviewing the most recent market data and taking into account the general consensus of the community. The exchange will also continue to make every possible effort to ensure that the market remains stable. Additional information will be supplied in future announcements. Please take note that Poloniex maintains the discretion to modify or alter this statement in order to accommodate the most recent developments in the market (for example, by delisting the relevant trading pairs in advance).

Trading or investing in “possible forked” tokens carries a significant level of risk due to the fact that there are still many unanswered questions regarding the hard fork of ETH. It is possible that this potential fork will not be successful because there is not enough hashrate or because there is not enough support from developers or community members. If this happens, the tokens will either lose all of their value, or Poloniex will delist them. Please exercise caution prior to making any decisions on “potentially forked” coins, as Poloniex cannot guarantee their value.