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Poloniex Supports ETH Upgrade and Lists Two Potential Forked Tokens

According to the estimate, Ethereum will start the Merge Upgrade of ETH 2.0 in September 2022. Poloniex is the first one to support ETH potential hard fork tokens. All the ETH holders on Poloniex will gain the forked assets at a 1:1 ratio after the upgrade.

ETH 2.0 Merge Upgrade

If the ETH upgrade occurs, then it will lead to the creation of two parallel blockchains. Poloniex will give full backing to this upgrade of ETH, becoming the first exchange to support the possible ETH fork by listing two potential forked ETH tokens. The holders on Poloniex will gain their forked assets at a 1:1 ratio after the upgrade.

Poloniex To List Two “Potential Forked” ETH Tokens

Poloniex has decided to list the two tokens to reduce the risks from market volatility during the hard fork and protect the assets of the users. The exchange provided the following details: Before the ETH 2.0 upgrade, the ETH holders on Poloniex will be able to navigate to the swap page and swap their ETH into any of the two “potential forked” ETH tokens, ETHS and ETHW. The ratio of the two tokens will remain 1:1. ETHS represents the token for the new PoS (Proof-of-Stake) chain, and ETHW will be the token for the PoW (Proof-of-Work) chain. Poloniex will take a snapshot of all the balances of ETHS before the upgrade. If ETH 2.0 upgrade results in more than one chain, ETHS will be automatically turned into upgraded ETH at a ratio of 1:1. If ETH 2.0 upgrade occurs without a fork, then the symbol of ETH will be retained. Under such situations, Poloniex will delist and suspend ETHS and ETHW.

   

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