The expectation around the change of the consensus mechanism in Ethereum was due in part to the fact that it is the first large network to leave mining and adopt the Proof of Participation, affirmed an article from Criptonoticias.
Barely a few hours have passed since the Merge in Ethereum and the confirmation that there will be a new token whose network will continue mining. However, already the price of that new token traded on a handful of exchanges has plummeted in the market. The ETHPoW (ETHW) quote, a representation of the future token of the hard fork present on exchanges such as FTX, Bitstamp or Poloniex, fell up to 50% after the activation of the Merge.
It is worth clarifying that what is traded on the exchanges is a representation of that token, which would be launching this evening, Thursday, September 15.
In the hours after the Merge, the price of ETHW fell from over $50 to around $18 according to CoinGeko. This price arises from an average between the exchanges where it is traded, although given the low liquidity and trading volumes of ETHW, the data varies a lot between one platform and another.
Source: Ambito
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