Tag: Hardfork

Ethereum PoW Hardfork Token’s IOU Accepts Trading on 5 Exchanges

by Blockchain News

The Ethereum network’s transition from the Proof-of-Work to the Proof-of-Stake (PoS) model was successful, and the industry is agog about it.

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Besides ushering in a new era for the Ethereum community, many stakeholders have been preparing for a new token that is billed to be created through a hard-fork split.

The likelihood of creating this token is high as some of the industry’s biggest exchanges have now listed an IOU of the potential token, which is designated with the ticker symbol ‘ETHW’. At the time of writing and according to data from Coingecko, FTX, MEXC Global, Bybit, Gate.io, and FTX.US are the five exchanges that have listed the coin.

The ETHW token is currently trading at an average price of $18 on FTX, MEXC Global, and FTX.US. The token’s price on Bybit is $22, while on Gate.io, it is trading as high as $40.

It is yet unclear how many trading platforms will eventually lend support to the new version of the Ethereum coin that will maintain the Proof-of-Work (PoW) consensus model. The Coingecko data, however, attached very high trust scores to the IOUs being traded on these platforms.

Ethereum is not a protocol that is new to hard forks and the creation of a new token. The Ethereum Classic protocol is one major blockchain ecosystem that spun off as a result of the network’s hardfork back in 2016.

Considering the resilience and success of Ethereum Classic thus far, some major stakeholders in the Ethereum ecosystem have pledged allegiance to support the new protocol as many sought avenues to help maintain the legacy of the Ethereum blockchain as a mining-enabled system.

The argument for the PoS version of the protocol is strongly hinged on its energy efficiency. The proponents also believe that its scalability and attack resilience will be further bolstered with the validation model of confirming transactions.

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Celo rallies 50% as excitement builds for the upcoming ‘Donut’ hardfork

by Cointelegraph

Decentralized finance (DeFi) has emerged as a transformational force for not just the cryptocurrency market, but for financial markets in general in 2021 thanks to the ease of access and security offered by blockchain-based protocols which operate on smart contracts.

One project that is looking to take the simplicity of DeFi to the next level is Celo (CELO), an open blockchain ecosystem that makes financial tools accessible to anyone with a mobile phone. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of CELO rallied 50% from a low of $4.29 late on May 16 to an intraday high at $6.70 on May 18 on the back of a 740% surge in 24-hour trading volume. 

CELO/USDT 4-hour chart. Source: TradingView

A quick scroll through the project’s twitter feed shows that excitement in the Celo community has been building in recent weeks due to the upcoming ‘Donut’ hardfork that is scheduled for May 19.

According to documentation from the team, the hard fork will unlock numerous benefits to Celo users, including increased gas efficiency, improved proof-of-stake interoperability and the ability to connect with many of the Ethereum (ETH) tools available like MetaMask.

Some of the other layer-one protocols that the upgrade will help Celo more smoothly interoperate with include Cosmos (ATOM), NEAR and Solana (SOL).

Bullish momentum for CELO was picked up in the VORTECS™ data from Cointelegraph Markets Pro, which began to detect a positive outlook for the token on May 13, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CELO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score rose into the green zone on May 13 and remained elevated for two days with a high score of 73 coming on May 14, roughly 67 hours before CELO price rallied 50% higher.

With DeFi still in its infancy and interoperability arising as a go-to feature for any network with long-term aspirations, Celo appears well-positioned to experience further growth and token appreciation thanks to its focus on catering to smartphone users and aiming to make interacting with DeFi globally accessible and user friendly.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.