Bitfinex launches ETHW and ETHS tokens

The two newly created chain split tokens that will enable trading on the fork event are ETHW and ETHS.
Bitfinex launches ETHW and ETHS tokens
Bitfinex launches ETHW and ETHS tokens

Before the much anticipated Ethereum Merge, iFinex, the firm behind Bitfinex Derivatives, revealed on Tuesday that it has launched a new service (Tokens).

Ethereum Chain Split Tokens  (CSTs) are now accessible on the market. The two systems participating in the Merge are represented by tokens made accessible to users.

They are ETHW, which is a proof-of-work (PoW) system, and ETHS, which is a proof-of-stake system (PoS). Users may trade on the probable forking event once Bitfinex published the new trading tokens.

The Bitfinex derivatives platform will offer the coins for sale.

The goal of the distribution of these additional tokens, according to Bitfinex Chief Technology Officer Paolo Ardoino, is to better prepare users for all Merge-related scenarios.

The tokens do, however, have an expiry date that is set at the end of the year.

The exchange claims that these tokens may assist users in preparing for three predictable scenarios.

ETH will be paid for all holdings of ETHW if there is no consensus change on the proof-of-work chain.

On the contrary, ETHW will expire and swap for ETHS if the consensus shift is effective without a fork.

Both the ETHW and ETHS coins will get ETH in the event that the fork and consensus shift is successful.

The whole industry is on edge as The Merge, which is expected to happen in mid-September.

Users are curious to find out if the event will take place in the period specified by the creators and whether any negative side effects will manifest.

The Merge has already been postponed several times. Although the PoW community has objected, protocols like Aave urged users to commit to PoS in advance on the network.

The decision of how to continue with the Merge falls mostly on miners.

While several significant mining pools have already switched to staking, other PoW miners want to freeze contracts in order to maintain PoW in spite of doubters.