• ETH Merge: CoinGecko co-founder reveals forked token strategy

  • Holders can bridge their tokens back to the mainnet, unwrap their Ether, and remove their liquidity to maximize their ETH PoW airdrop eligibility, according to Bobby Ong.

    Many people believe that after Ethereum switches to proof-of-stake (PoS), a fraction of Ether (ETH) miners would split the network back to proof-of-work (PoW) so that they may continue mining. According to an executive, there are ways for ETH holders to benefit from this future event.

    Bobby Ong, the co-founder of token information platform CoinGecko, discussed his preparations for the upcoming ETH Merge in a Twitter thread. According to Ong, ETH holders will soon receive airdrops of ETH PoW tokens, and he gave some advice on how ETH holders might make use of this opportunity fully.

    Ong stated that holding ETH at exchanges that accept the forks is the simplest way to obtain the fork airdrops. Holding ETH in hardware wallets, on the other hand, would work and would make a trader eligible for all forked tokens.

    The CEO also urged traders to bridge their tokens back to the ETH mainnet, unwrap their Wrapped Ether (wETH), and remove their ETH liquidity from decentralized finance (DeFi) protocols in order to maximize the amount that holders can receive.

    Despite these suggestions, Ong stated that while he may be entitled to all of the forked tokens, he would not claim all of the airdrops because some of them could be scam efforts to obtain his signature and keys. According to the CEO, his goal for the forked tokens is to “sell them all immediately.” He stated:

    “Almost all the fork tokens are now dead as they are created solely to keep miners temporarily occupied with mining and have no incentive to grow their community and usage.”

    Meanwhile, nonfungible token (NFT) marketplace OpenSea announced that forked NFTs will not be supported on its platform. Recently, the prominent NFT trading platform declared that it will only handle NFTs on the improved PoS blockchain. Aside from OpenSea, blockchain oracle project Chainlink stated its support for the improved ETH network by stating that PoW forks will not be supported by Chainlink.

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