Old school Ethereum declines by 60% Barely born and already in trouble

By Flinston
3 Min Read
Old school Ethereum

Old school Ethereum, In the hours after The Merge on Ethereum (ETH), miners were forced to continue their work using Ethereum-PoW (ETHW). In fact, the latter network has maintained Proof of Work (PoW) as its consensus mechanism. In contrast to The Merge, which was successful, the ETHW network is facing issues, and the price of its coin is falling.

A testnet conflict between Ethereum-pow and bitcoin cash

Refusing The Merge’s Proof of Stake (PoS) shift, the majority of ether miners want to switch their equipment to Ethereum-PoW. However, it did not go without a hitch.

According to CoinDesk in particular, numerous users of this network, who stayed under Proof of Work, would not have been able to access the blockchain’s servers. Indeed, according to the information supplied on the project’s official Twitter account, the ETHW network cannot be connected to a digital wallet like as MetaMask.

A discrepancy between the identities of the ETHW blockchain and SmartBCH would cause the issue. This final network is a testnet for a scaling solution for Bitcoin Cash (the 2017 fork of Bitcoin). Users attempting to link their wallet might get the following error:

“The network with channel ID 10001 could use a different currency symbol (BCHT) than you entered. »

ETHW prices crash nearly 60%

As a result of these first scrambles and the fact that some instantly sell their ETHWs, the token’s price has depreciated significantly since the split. Even though it is viewed negatively by Ethereum-PoS believers, this pro-miner variant has been listed on a number of exchanges. In reality, several cryptocurrency exchanges began ETHW trading as early as August, when the fork’s first significant pronouncements were made.

As stated before, the Ethereum-PoW coin is no longer popular after The Merge. While the price of ETHW had steadied between 30 and 33 dollars (with a volatility top of 60 dollars), it has now dropped between 10 and 13 dollars, a decline of around 60 percent.

Will this Ethereum-PoW network achieve long-term success? In any event, its beginnings already seem slow. Despite substantial support from miners, all DeFi apps that favour stablecoins are located on the Proof of Stake version of Ethereum. Indeed, both issuers and stablecoin projects have put their faith in The Merge and, by extension, this shift to PoS.