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Announcements Gate.io Will Support ETH Potential Hard Fork and List ETHS and "Candy" Token ETHW

Gate.io Will Support ETH Potential Hard Fork and List ETHS and "Candy" Token ETHW

2022-08-06 15:42:20 UTC 145846 Read
As ETH2.0' Merge update is around the corner, this milestone inevitably sparks a lot of discussion in the whole crypto community. So far, there are two main voices, one is that after the shift of Ethereum 2.0 from PoW (Proof of Work) to PoS (Proof of Stake), the previous ETH hashrate will turn to other Pow tokens mining, the other is executing hard fork after the update, two parallel blockchains with different consensuses could be created.

Gate.io will fully support this update with a responsible attitude towards users' assets. To mitigate the risks caused by market volatility during the hard fork and safeguard users' assets, Gate.io has decided to distribute the potential forked "Candy " Token ETHW to ETH holders and enable "Candy" Token ETHW's trading as follows:

1.Potential forked tokens ETHS and ETHW explained:
ETHS (ETHPoS) represents the token for the new PoS (proof-of-stake) chain.
ETHW (ETHPoW) represents the token for the PoW (proof-of-work) chain that will potentially continue to exist.

2.Swap period of potential forked tokens explained:
Prior to the ETH2.0 upgrade, ETH holders on Gate.io can go to the Swap Page to swap their ETH into two "potential forked" tokens, ETHS and ETHW at a 1:1 ratio since 9th, August,2022 12:00 AM (UTC+8). Users are also allowed to swap their ETHS and ETHW back into ETH at the same ratio before the upgrade. Meanwhile, deposit & withdrawl of ETHS [IOU] and ETHW [IOU] will not be available.

3.Trading for potential forked tokens explained:
Trading will begin on 9th, August 2022 12:00 PM (UTC+8);

Gate.io will take a snapshot of the ETHS holders' accounts before the upgrade. If the ETH2.0 ends up with more than one chain, ETHS will be automatically converted into the upgraded ETH at a 1:1 ratio and the ETHS will be delisted, and the PoW chain with the most hashrate will serve as the main chain of ETHW. Gate.io will also support PoW chain resulting from the hard fork, and rename ETHW in case the community requires us to do.

But if the hard fork ends up failing, The ETH symbol will be retained. And ETHS and ETHW will be delisted all together. Users can swap their ETHS and ETHW tokens back into ETH at 1:1 ratio (1ETHS+1 ETHW = 1 ETH).

Please be aware of the potential risks involved. Gate.io will inform you in the following announcements at once there are any changes.

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Gate.io Team
August 6th, 2022

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