EthereumPoW Ecosystem Continues to Grow as Support for Mining Remains
Proof-of-work Ethereum fork ETHW has attracted a lot of support since the Merge transitioned the network away from mining a month ago.
The minable version of Ethereum has garnered a lot of attention since it spawned as a hard fork this time last month. In a move remnant to the 2017 genesis of Bitcoin Cash (BCH) from its big brother, EthereumPoW may have started another fork war between proponents of each respected network.
The fork was spawned by former Ethereum miner and ICO investor Chandler Guo, who tweeted on Oct. 14 that more than 100 projects have been launched on the network in just a month.
now more than 100 project at ethw in one month https://t.co/hzArydXQR7— Chandler Guo (@ChandlerGuo) October 13, 2022
Hunger for mining chains
Ethereum co-founder Vitalik Buterin has tried to push Ethereum Classic as the network for miners, but Guo maintains that it has no ecosystem. The early support by leading mining pools, such as F2Pool, Poolin, AntPool, Nanopool, and BTC.com, means that PoW Ethereum will live on.
On Oct. 13, Chinese blockchain outlet Wu Blockchain posted an update on the EthereumPoW ecosystem, noting that it has at least 80 “eco-dapps” or services running on it, including DeFi, GameFi, DEX, and NFT ones.
“As a public chain less than a month old, its on-chain ecosystem is already as well built as its next-door competitor, ETC, which has been around for several years.”
Several projects from the Wagmi33 Foundation (a venture capital sub DAO of aWSB, one of the largest global Web3 communities) list were mentioned. These included DEXes such as LFGSwap and UniWswap, stablecoin projects like PaperDAO, copycat memecoins ShibaW, and NFT marketplace Nuwton.
Wagmi33 is also supporting the development of a rival domain name service called WENS (EthereumPoW Name Service).
Guo has dismissed environmental concerns claiming that intelligent mining operations do not rely on power from the central grid but seek out cheap and abundant energy.
ETHW Price Outlook
The token spiked as high as $60 when it launched in mid-September, but like so many others, it has tanked since then.
ETHW is currently trading at $7.54 following a 2.3% drop on the day, according to CoinGecko. It has already lost 87% from its all-time high last month as initial hype and degen activity have waned. ETC is down a similar amount from its peak, currently trading at around $24.
Considering those depressed prices and the rate of network expansion, ETHW could be one to watch when crypto spring finally arrives.