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Coingecko Co-Founder Shares Thought On Forked Tokens Ahead Of ETH Merge
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The upcoming ETH Merge remains a highly anticipated and hyped event in the crypto space. Also, it has created different reactions and beliefs among institutional participants. The Merge is a transition to a Proof-of-Stake consensus mechanism from Proof-of-Work. Also, the scheduled launch date is on September 15, 2022.
However, as the date for the Merge draws closer, more sentiments are building on its possible hard forks. A group of miners has been threatening to hard fork the Ethereum mainnet after merging it with the Beason Chain.
Currently, the mainnet is operating as the PoW network that still allows mining activities. The Merge is expected to halt the mining process as the network will completely depend on staking for transaction validation.
The miners that intend to hard fork the main are looking for means to continue earning tokens from the network. The Ethereum mainnet will offer airdrops of ETH PoW tokens with such actions. The forked tokens have less value than the normal tokens, and not all crypto exchanges accept forked tokens.
Holders Could Maximize Their ETH Forked Tokens
But the co-founder of CoinGecko, Bobby Ong, gave some ideas to help token holders maximize their forked tokens. Through a tweet thread, Ong shared personal strategies concerning the Merge.
The co-founder explained that holders would soon receive PoW tokens as airdrops for the Merge. Hence, they need to understand how to maximize their earnings and holdings.
Ethereum price surges above $16,00 l Source: ETHUSDT on Tradingview.com
According to Ong, the ETH holders should use crypto exchanges that support forked tokens for their holdings. Alternatively, he suggested that they could use hardware wallets. This will also make the holder eligible to get the forked tokens.
Additionally, the co-founder stated that holders should engage in token bridging to maximize the number of tokens they could receive.
This process means that holders will bridge their holdings to the Ethereum mainnet and proceed to unwrap their Wrapped ETH (wETH). After, they should remove all their Ether liquidity from DeFi protocols and exchanges.
Possible Scams From Token Airdrops
Ong mentioned that not all airdrops are genuine, as there could also be scams. Hence, he revealed that despite his eligibility in getting all forked tokens, he wouldn’t claim all. He warned token holders that some scams would be a means of accessing users’ keys and signatures.
Also, the CoinGecko executive advised users to sell all their forked tokens. He disclosed that forked tokens have no considerable value or growth capacities for the community. They are just some temporary offers to pacify miners for a limited period.
Some platforms, such as OpenSea, an NFT marketplace, and Chainlink, a blockchain oracle, reported that they wouldn’t support forked tokens.
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