Aug 17, 2022 1:54 am | 2 minutes read
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The team behind a proposed fork of the ether (CRYPTO:ETH) Blockchain to maintain its Proof-of-Work (PoW) mining consensus has advised users to withdraw their ETH from DeFi protocols and decentralized exchanges (DEXes).
What happened: In a series of tweets on Tuesday, the EthereumPoW (CRYPTO:ETHW) The core team said it is introducing liquidity pool freezing technology to protect user funds.
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to return users’ assets.
The freeze does not apply to staking contracts that affect only a single asset (e.g. ETH2.0 deposit contract and Wrapped Ether).
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) August 16, 2022
For comparison, a group of miners and ETH community members have proposed another hard fork of the ETH blockchain after the merger on September 15th, taking ETH from the Proof-of-Work consensus mechanism to the Proof-of-Stake (PoS ) consensus mechanism would transfer .
See also: PROOF OF USE VS. PROOF OF WORK
The ETHW core team said that the hard fork would likely result in the loss of several ETHW tokens held in liquidity pools such as e.g. B. are deposited Uniswap (CRYPTO:UNI), SushiSwap (CRYPTO: SUSHI), Spirit (KRYPTO:AAVE) and Connection (CRYPTO: COMP).
The ETHW tokens would likely be “swapped or lent by hackers and scientists,” the team said, adding that it would “cause a huge mess for the entire network and community.”
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Last but not least, ETHW Core recommends everyone to withdraw their ETH from LPs (e.g. DEX and Lending Protocol) before hard forking.
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) August 16, 2022
As such, the team said it will “temporarily freeze” certain LP contracts to protect crypto assets deposited by users.
“Last but not least, ETHW Core recommends everyone to withdraw their ETH from LPs (e.g. DEX and Lending Protocol) before hard forking,” they said.
Also Read: Controversial Ethereum Fork Token ETHW Hits 50% of IOU Market
Price promotion: At press time, ETHW was trading at $63.94 in the IOU markets, down 4.86% in 24 hours. ETH traded at $1,885, down 0.86% over the same period.
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