ETHPOW Buzz Fizzles as Would-Be Token’s Price Tanks
August 18, 2022
2 min
要約
Data shows that daily trading volume dropped 66% to$4 million from$13 million after the first tradingweek.Meanwhile, ETHPOW’s price fell to$50 from as high as$140, according to cryptocurrency price trackerCoinMarketCap. Trading data on Poloniex andBitMEX, two exchanges that listed thetoken, also show low trading interest and falling prices. ETHPOW’s declining fortunes underscore the unpredictability of forks and illustrate how fickle investor interest can be. The precedent may also discourage other crypto exchanges from listing the token too hastily. To counter that, ChandlerGuo, a prominent crypto miner andinvestor, proposed crafting a duplicate of the Ethereum blockchain via a hard fork that would keepmining. When the forkoccurs, every ether owner should receive the same number of ETHPOW tokens as their ETH holdings. Yet other than exchange listings and the support of Tron founder Justin Sun, the protocol has yet to build muchmomentum. Information about what applications ETHPOW would support or how it would generate users has been scarce.
本文翻訳
Earlier this month, some cryptocurrency exchanges rushed to list ETHPOW, the token of a potential, duplicate Ethereum protocol, betting that crypto traders would want to speculate on the token’s price even before its launch. After more than a week of trading, their expectations have fizzled as crypto traders’ appetite have faded. Data shows that daily trading volume dropped 66% to $4 million from $13 million after the first trading week. Meanwhile, ETHPOW’s price fell to $50 from as high as $140, according to cryptocurrency price tracker CoinMarketCap. Trading data on Poloniex and BitMEX, two exchanges that listed the token, also show low trading interest and falling prices. ETHPOW’s declining fortunes underscore the unpredictability of forks and illustrate how fickle investor interest can be. The precedent may also discourage other crypto exchanges from listing the token too hastily. To counter that, Chandler Guo, a prominent crypto miner and investor, proposed crafting a duplicate of the Ethereum blockchain via a hard fork that would keep proof-of-work mining. When the fork occurs, every ether owner should receive the same number of ETHPOW tokens as their ETH holdings. Yet other than exchange listings and the support of Tron founder Justin Sun, the protocol has yet to build much momentum. Information about what applications ETHPOW would support or how it would generate users has been scarce. “Pertinent details on its core functioning are few and far between,” Walter Teng, a crypto analyst at Fundstrat, told CoinDesk. “Will stablecoin providers fully or partially back coins on ETHPOW? Will decentralized finance protocol contributors maintain product development on ETHPOW, or will they require others to step in? Will non-fungible token (NFT) projects recognize IP (internet protocol) addresses in the fork? “These are key questions in determining the value of the PoW fork after the Merge, yet they remain unanswered,” he said. Sign up for Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.