Poloniex, the world’s first exchange to accept Ethereum and Ethereum Classic, will fully support ETH’s upgrading and possible hard fork. If the Merge is effective, it may result in two parallel blockchains following the update. So, when the upgrade is completed, all Poloniex Ethereum (ETH) holders will acquire the forked tokens in a 1:1 ratio. In September 2022, Ethereum intends to launch the Merge upgrade to ETH 2.0.
Ethereum shall conclude its transformation from a Proof-of-Work (PoW) consensus blockchain to a Proof-of-Stake (PoS) consensus blockchain in September.
Justin Sun, CEO of Tron and a big investor in the crypto business, including Poloniex, emphasised the platform’s importance similar to occasions over the years.
Justin Sun spoke to the cryptocurrency world through his official Twitter account:
We’ve witnessed the consensus mechanism of POW as a key factor driving the expansion of Ethereum ecosystem, and are willing to continue to support the development of the community.
Poloniex to airdrop customer before “The Merge”
Poloniex created markets for prospective split coins, ETHS and ETHW, on August 7, and would airdrop to users prior to “The Merge.” Clients will get the tokens at a 1:1 ratio after the update is done, with the opportunity to swap existing fork tokens for ETH shortly before the event begins. The swap website is now live, and transactions are taking place. Furthermore, Poloniex has eliminated trading costs for all ETHS and ETHW pairings, including ETHW/USDT, ETHS/USDT, ETHS/ETH, ETHS/USDD, ETHW/ETH, and ETHW/USDD.
These tokens are accessible for trading on Poloniex and may be deleted or retained following “The Merge.”
Tokens would stay if fork is adopted, Poloniex
The company confirmed in the formal release that if the fork coins are widely adopted, they would stay on the platform.
ETHW and ETHS trading is now live on @Poloniex! We planned to go live on August 8th, but after strong community demand, we managed to deliver the product 18 hours early to go live on August 7th 4pm SGT! Enjoy trading! https://t.co/i09TeskJvg
— H.E. Justin Sun🌞🇬🇩 (@justinsuntron) August 7, 2022
The cryptocurrency trading platform is going above and beyond to guarantee that clients and groups benefit from the impending Merge and have a spot to exchange any fork tokens. The company, however, cautioned customers about the risks of dealing with all these ETH fork tokens.