ETH Merge: CoinGecko co-founder shares strategy for forked tokens

Ethereum

Many believe that after Ethereum transitions to proof-of-stake (PoS), a faction of Ether (ETH) miners will be creating a proof-of-work (PoW) fork of the network so that they can still keep mining. An executive believes that there are ways for ETH holders to take advantage of this upcoming event. 

In a Twitter thread, Bobby Ong, the co-founder of token information website CoinGecko, shared his strategies when it comes to the upcoming ETH Merge. According to Ong, ETH holders will soon be getting airdrops of ETH PoW tokens and shared some tips on how ETH holders can fully seize this opportunity. 

Ong noted that the easiest way to get the fork airdrops is to hold ETH at exchanges that support the forks. However, holding ETH in hardware wallets would also work and could make a trader eligible for all the forked tokens. 

To maximize the amount that holders can get, the executive also advised traders to bridge their tokens back to the ETH mainnet, unwrap their Wrapped Ether (wETH) and remove their ETH liquidity from decentralized finance (DeFi) protocols. 

Related: What the fork? Ethereum’s potential forked ETHW token is trading under $100

Despite these tips, Ong noted that while he may be eligible to get all of the forked tokens, he would not claim all of the airdrops as some of them could be scam attempts that would try to get access to his signature and keys. The executive also shared that his strategy for the forked tokens is to “sell them all immediately.” He wrote:

“Almost all the fork tokens are now dead as they are created solely to keep miners temporarily occupied with mining and have no incentive to grow their community and usage.”

Meanwhile, nonfungible token (NFT) marketplace OpenSea said that it will not be supporting forked NFTs in its platform. The popular NFT trading platform recently announced that it will only support NFTs on the upgraded PoS blockchain. Apart from OpenSea, blockchain oracle project Chainlink also expressed its support for the upgraded ETH network by announcing that PoW forks will not be supported by Chainlink.

Articles You May Like

Ripple Vs. SEC Saga: CLO Provides Clarity On Next Steps In Lawsuit
Ethereum Blockchain’s Q1 2024 Success: Unveiling The Factors Behind The $370M Profit Surge
Ethereum Whales Go On Buying Spree As Market Crash Leaves Retail Panicking
Ethereum Fire Sale? Deep-Pocketed Investor Snags Nearly 24,000 ETH At Bargain Price
Ripple Sends Major Update To All XRP Users