Ethereum Fork: Kraken Supports EthereumPoW (ETHW) Trading, Token Distribution

Digital asset firm Kraken is pleased to announce that their platform now supports EthereumPoW (ETHW).

As mentioned in an update posted on September 16 by Kraken, ETHW trading “is live and the ETHW token has been distributed to eligible clients.”

A further announcement will be “made once Funding is live, at which point you will be able to add ETHW to your Kraken account by navigating to Funding, selecting the asset, and hitting Deposit.” You may keep an eye on their status page for updates.

According to Kraken, here’s what you need to know:

  • Ticker ETHW
  • Tradeable against EUR, USD and ETH
  • Price precision 3 decimal places for EUR and USD
  • 6 decimal places for ETH
  • Minimum order size 0.01 ETHW
  • Minimum deposit 0.1 ETHW
  • Deposit confirmations required 40,000 (~1 week)
  • Not available in Japan
  • Services available Kraken, the Kraken Pro interface

It should also be noted that it’s possible that the ETHW token “may not emerge and that its value could settle to zero.” ETHW’s price “is highly volatile, please take the time to research the risks involved in trading this token.”

As explained in a blog pot, EthereumPoW is “a copy of the Ethereum network’s proof-of-work (PoW) blockchain as it existed before moving to a proof-of-stake (PoS) consensus mechanism.”

EthereumPoW retains “the functionality of the Ethereum network before its transition to PoS and is supported by mining groups who are unable to earn rewards via Ethereum’s new protocol.”

ETHW is “the native token of the blockchain which is used to pay for network transaction fees, earn rewards for securing the protocol via mining and purchase goods and services from decentralized applications (dApps) built on the platform.”

Kraken clients will be “credited with the ETHW forked token at a 1 for 1 ratio for each ETH token held at the time of the snapshot.” This credit would “only apply to unstaked, liquid ETH and not to staked (ETH.S) tokens.”

Snapshot timestamp:

  • Block Height: 15537393
  • Time: Sep-15-2022 06:42:42 AM +UTC
  • Unix time: 1663224162

A further announcement “will be made once the distribution is completed.”

Also note that it is “possible that ETH deposits sent closer to The Merge event may not count toward the snapshot of clients’ ETH balances.” Only settled account balances at the snapshot time “will be considered.”

As clarified by Kraken’s management, traders holding open margin positions during The Merge need “to be aware of the treatment of their positions, as forked tokens can impact your account once credited/debited.”

Margin positions “will be treated as if the user held the underlying ETH,” which means that Kraken will:

  • Add the relevant amount of forked ETHW tokens to the account for ETH long positions.
  • Deduct the relevant amount of forked ETHW tokens from the account for ETH short positions.
  • Check out their blog post for further information about the token distribution treatment for margin traders.

Going on to commented on whether Kraken will make more assets available, the firm noted that they would be doing so, however, their policy is “to never reveal any details until shortly before launch – including which assets we are considering.”

All of Kraken’s available tokens “can be found [via the firm’ website,] and all future tokens will be announced on Kraken’s blog and social media profiles.”

Their client engagement specialists “cannot answer any questions about which assets we may be making available in the future.”

As mentioned in the update, there is “no guarantee that a limit order will execute.”

There is also “no guarantee a market order will execute at a certain price.” The availability and liquidity of the particular digital asset “will impact these types of orders.”

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