With Ethereum’s highly-anticipated Merge event drawing closer, several players in the crypto space have started taking sides.
While some have pledged their support for a
proof-of-work-based Ethereum network, others like OpenSea have stepped forward
to say they would not support forked NFTs.
The leading NFT marketplace confirmed its support for
Ethereum’s upcoming proof-of-stake (PoS) upgrade in a Wednesday tweet. As a
result, any NFTs distributed on a possible EthereumPoW fork after Merge will
not be supported by OpenSea.
OpenSea also noted that although it expects a smooth
transition to proof of stake (POS) Ethereum, it was preparing for any issues
that may arise with the upcoming upgrade.
Apart from OpenSea, others like Chainlink have also voiced
their commitment to the PoS transition. In Chainlink’s case, the team said that
its protocol would not be supporting any Ethereum forks post-Merge.
Surprisingly, the native asset for the so-called EthereumPoW
chain is already trading at $100 on some exchanges, despite not being in
existence yet. Some trading platforms have started to list ETHW and ETHPoS in
anticipation of a hard fork backed by Ethereum’s PoW miners.
The Merge will reportedly lower Ethereum’s energy
consumption by over 90% while paving the way for other scaling solutions like
sharding further down the line. The transition will allow ETH holders to secure
the network by staking their coins for profit and eliminate the need for
miners.
However, several Chinese Ethereum miners have been trying to
orchestrate a fork to retain the PoW network past September.
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