Leading cryptocurrency exchange Binance has made an extremely valuable announcement regarding an altcoin project. After the announcement, the price of the cryptocurrency took off. This altcoin was basically ETHPoW, an Ethereum fork.
Binance announced for this altcoin
On September 29, 2022, Binance published an announcement that interested many crypto investors. The announcement by the world’s largest cryptocurrency exchange included an Ethereum fork. Accordingly, Binance Pool announced that it has started mining services for ETHW, an Ethereum fork. In addition, the leading exchange added that users will not pay a random price to pools when using mining services. This move by Binance is valuable as it comes 15 days after Merge.
In the announcement, Binance also explained how to integrate ETHW into its mining services. Accordingly, the famous cryptocurrency exchange will examine ETHW as if it were listing a token. By doing this, the exchange aims to provide the highest level of security to its users. However, the exchange explained that ETHW’s scrutiny does not mean that the token will be listed on the exchange in the future. Subsequently, he added that they cannot guarantee to list any cryptocurrency.
Deposit feature not turned on now
Binance, which offers mining supplements for ETHW in this middle, also announced that the deposit function is now not opened. Accordingly, users can currently benefit from the withdrawal function of ETHW. However, the deposit processes are currently not available to users. Interested investors can now convert their EHTW assets to USDT and BUSD with a tool called “Binance Convert”.
ETHW price spikes with Binance announcement
Following Binance’s announcement, the price of ETHPoW (ETHW) started to rise. According to the latest data, the altcoin has risen close to 15% in the last 24 hours, taking its place in the middle of the best performing assets in the market. The token, which started the day in the range of 10.8 to 11 dollars, was changing hands at 12.22 dollars at the time of writing. With the altcoin’s price rise, the trading volume has seen a similar increase. Accordingly, ETHW’s process volume started the day at $150 million. It is currently worth around $220 million.
What is ETHPoW (ETHW)?
Koindeks.com As we have previously reported, ETHPoW (ETHW) is an Ethereum fork that takes place on the network with the Merge upgrade. Accordingly, Merge switched the Ethereum network to the Proof-of-Stake mechanism. During this transition, the ETHPoW fork appeared. ETHPoW continued to use the legacy system, Proof-of-Work. The altcoin positions itself as “the original Proof of Work Ethereum developed and operated by the community.”