Following the Ethereum Merge update, forked token ETHW was created. As a result, Phemex plans to undertake the following actions.
Phemex will be listing ETHW/USDT on our spot market at 12:00 UTC on September 20, 2022.
- ETHW (Ethereum Proof-of-Work): After the Ethereum Merge upgrade to become Proof-of-Stake, a group of miners hard forked the Ethereum network to create the EthereumPoW token. This fork has resulted in an airdrop duplicating balances on the Ethereum network.
At 14:00 UTC on Sept. 14, 2022, a snapshot was made of users’ ETH assets, as well as ETHS + ETHW assets (from ETH Swap) on Phemex.
After ETHW/USDT is listed, users will obtain ETHW on a 1:1 basis according to their previous ETH snapshot balance in 1-3 business days. Furthermore, users will also obtain additional ETHW on a 1:1 basis based on their ETHW snapshot balance from Sept. 14.
ETHS has already been converted to ETH directly on a 1:1 basis.