Crypto exchange giant Coinbase is open to listing tokens associated with the Ethereum proof-of-work (PoW) fork after the blockchain’s merge to a less energy intensive system.
The planned fork, known as ETHPoW, aims to split away from the Ethereum main network and continue mining operations after Ethereum transitions to a proof-of-stake system (PoS) consensus during what’s called the Merge. That would result in two blockchains, each with their own versions of the protocols and tokens running on the chain. Ethereum’s transition into a PoS system promises to reduce the blockchain’s energy consumption and carbon emissions by 99%. But miners want a PoW fork to continue mining profitable coins.
“At Coinbase, our goal is to list every asset that is legal and safe to list, so that we create a level playing field for all the new assets being created in crypto while continuing to protect our customers,” Coinbase wrote in a recently updated blog post. “Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other asset that is listed on our exchange.”
While Coinbase is promising to review assets from the ETH PoW fork, it’s also planning ahead for the PoS fork. The exchange launched its own liquid staking service and token to diversify the Ethereum staking market on August 24.
Crypto exchanges Poloniex, MEXC and BitMEX are also promising to list tokens from the miner-led fork.
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MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).