Ethereum Hard Fork Coin ETHW Down More Than 95% Since The Merge

Nearly a twelvemonth aft Chandler Guo — the instigator of the Ethereum blockchain’s past hard fork — predicted its rise, the autochthonal coin of the breakaway Ethereum proof-of-work blockchain has plummeted by much than 95%. Ethereumpow (ETHW) present trades astatine a terms little than 1% of the U.S. dollar worth of ether. The squad down the Ethereum proof-of-work web acknowledged successful March that the protocol’s prospects whitethorn not beryllium arsenic agleam arsenic they were successful September 2022.

ETHW’s Gradual Decline

Almost a twelvemonth aft it debuted astatine conscionable implicit $100, ethereumpow (ETHW), the autochthonal coin of the breakaway Ethereum proof-of-work (PoW) blockchain, traded astatine $1.32 connected Sept. 13, 2023. At this price, the coin is down by much than 95% from its maiden price. In contrast, the main Ethereum blockchain’s autochthonal coin ETH, which traded astatine conscionable nether $1,560 astatine the clip of The Merge, was pegged astatine $1,600 connected the aforesaid day.

The diminution of the forked coin’s worth appears to contradict assertions made by Chandler Guo, the instigator of the Ethereum blockchain’s past hard fork. As reported by Bitcoin.com News successful 2022, Guo insisted the terms of ETHW was “very cheap” and predicted its eventual emergence by 100X. At the time, Guo suggested that it would instrumentality 10 years for the terms of ETHW to lucifer that of ETH.

However, immoderate 12 months later, ETHW, whose worth was equivalent to 6% of that of ETH, is seemingly not connected people to lucifer the terms of ether. Instead, arsenic shown by the latest data, the forked coin present trades astatine a worth which is little than 1% of ETH’s value.

Similarly, the forked coin’s existent traded volumes are besides importantly little than what they were 12 months ago. To illustrate, conscionable aft the hard fork, ETHW regular traded volumes were averaging much than $100 cardinal for the remainder of Sept. 2022. However, the information shows that betwixt September 1 and 13, 2023, the forked coin’s traded volumes person remained nether $8 million.

Ethereum PoW Team Identifies Problems Besetting the Chain

The regular traded volumes of ETH, connected the different hand, person mostly ranged betwixt $2 cardinal and $17 cardinal since the migration to the proof-of-stake statement mechanism. In addition, ETH has retained its presumption arsenic the second-most ascendant cryptocurrency.

🟩 Proposal: EthereumPoW One — An All-in-One Ecosystem DAO

Since the inception of EthereumPoW, immoderate fantabulous NFT projects person emerged successful the EthereumPoW ecosystem. Through these projects, we person witnessed the tremendous imaginable of EthereumPoW. Nevertheless, the overall… pic.twitter.com/wWtNmXliNA

— EthereumPoW (ETHW) Official (@EthereumPoW) March 17, 2023

Although immoderate supporters of the Ethereum PoW web person remained upbeat, the squad down the concatenation acknowledged successful March that the protocol’s prospects whitethorn not beryllium arsenic agleam arsenic they were successful September 2022. In a connection shared via their authoritative grip connected X (formerly Twitter), the squad noted the task lacked backing arsenic good arsenic “a unified and effectual enactment to coordinate constricted resources successful this ecosystem.”

To flooded these and different challenges, the squad projected the constitution of “EthereumPoW One — A All-in-One Ecosystem DAO [decentralized autonomous organization].” However, arsenic shown by the data, adjacent the team’s March 17 announcement of the connection has seemingly failed to halt ETHW’s terms decline.

What are your thoughts connected this story? Let america cognize what you deliberation successful the comments conception below.