Bitfinex offers new chain split tokens ahead of Ethereum Merge

Bitfinex Derivatives is managed by iFinex. On Tuesday, the company announced the launch of a new service that will be available to Bitfinex users prior to the much-anticipated Ethereum Merge. The exchange now offers Ethereum Chain Split Tokens.

The two systems that are involved in the Merge are represented by the tokens: ETHW (which is proof of work (PoW), and ETHS (which is proof-of stake (PoS)). Bitfinex has released new trading tokens to allow users to trade on the possibility of forking.

The Bitfinex derivatives platform will make the coins available.

Paolo Ardoino, chief technology officer at Bitfinex, stated that they have released the new tokens in order to better prepare users for any Merge-related possibilities. The tokens have an expiration date of December 31, 2018.

Related: Three strategies investors might use for trading the upcoming Ethereum Merge

The exchange stated that there are three outcomes that these tokens can be used to help users plan.

If the proof-of work chain consensus is not reached, ETHS will expire. All ETHW holdings will be given ETH. If the consensus change succeeds with no fork, the reverse will occur. ETHW will expire, and ETHW exchangeable for ETHS.

Both ETHW tokens and ETHS tokens will receive ETH credit in the event of a successful consensus change or successful fork.

The industry is on edge with the Merge, scheduled for mid-September. Users want to know if the event will take place in the promised time frame and if there will be any disruptive side effects.

Multiple times, the Merge has been delayed in the past. Protocols such as Aave encouraged network users to commit to PoS before the time is up, but there was some resistance from the PoW community.

The decision of how to proceed in the Merge is a major challenge for miners. Some large mining pools have already switched to staking, but other PoW miners are planning to freeze contracts in order to preserve PoW despite the doubts.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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