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I show you how to Claim ETH POW Tokens After ETH Merge and Hard Fork. Fork is to happen on September 15 at 1:12 AM CST according to ethernodes.org/merge. I would follow official ETHPOW account at @EthereumPoW. Exchanges that support ETH POW tokens are Binance.com, FTX will list at a later date, COINBASE not sure. Here are the ones confirmed ETHPOW listing confirmed Nexo, Gate.io, Poloniex, MEXC, Phemex, DigiFinex, and CoinW. ETH POW backer is Chandler Guo. Follow him on Twitter for details.
Below are six steps to claim you ETH POW tokens after the merge.
First step
Hold ETH at the time of the POW fork.
The first is to hold ETH on a self custoday wallet at the time of the PoW fork such as Metamask. Do not hold ETH on any exchange’s wallet where you may not be able to receive the new tokens. Do not hold Wrapped eth (WETH) on ETH chain. If you have WETH on ETH chain unwrap them to ETH using Uniswap with just paying gas fees. Ethereum POW chain will be launched 24 hours after the merge.
Some exchanges have already publicly let it be known that they will give them to their users should the PoW fork be successful, while other exchanges have not yet said anything about it. However, those who hold ETH on a non-custodial wallet will always be able to retrieve the new ETHPoW tokens.
Holding ETH on a wallet of an exchange that supports PoW fork, at the time of the fork, simplifies things a lot, because the users in this case will just have to wait. Moreover, they can sell them as soon as they receive them, without having to wait until they can be withdrawn or deposited.
Second step
Do NOT hold ETH on layer 2 such as Optimism, Arbitrum, Polygon, Avalanche or others. In fact, those who keep ETH on layer 2 will not be given any new ETHPoW tokens. So, in this case, it would be better to move them to a regular layer 1 wallet, i.e., bring them back to the Ethereum blockchain. I would use multichain Router to Swap ETH from other chains than Eth into WETH on Ethereum. Multichain bridge is very fast it took only 5 minutes to bridge WETH on Fantom into WETH on Ethereum chain. Then use Uniswap to Unwrap WETH to ETH on Ethereum chain.
Third step
Do not Hold ETH on Defi protocols or you will not receive ETHPOW tokens. I would withdraw ETH from Defi protocols and hold them on your METAMASK or other Web3 self custoday wallet.
Fourth step
Borrowing ETH just before the PoW fork, and returning it soon after. In this way, more ETHPoW can be obtained, although in truth it is a risk. In fact, there is no guarantee that this fork will succeed. The value of the ETHPoW thus obtained may be very little at of this shooting it is like $18 per token. The Merge, on the other hand, which is an entirely different thing, should have no problem succeeding, regardless of what happens to the PoW fork.
It is also worth noting that ETH holders will receive an identical number of ETHPoW, but also that the market value of ETHPoW is certainly not that of ETH.
For example, a person who owns 0.5 ETH will receive 0.5 ETHPoW. While 0.5 ETH is worth about $700, 0.5 ETHPoW might be worth only $10, or one-sevetieth.
In fact, for those who do not know, there are some kind of “futures” in the market about the value that ETHPoW will have once it lands on the market (ETHW), and right now that value is estimated to be about $18, compared to about $1,500 for ETH.
Monitor the value ratio between sETH and ETH, because as he had mentioned earlier many may want to sell sETH to cash in ETH before the PoW fork.
The tip: “buy the rumor, sell the fact.” That is, consider selling ETH after the fork. I would not hold ETHPOW for too hold. If you remember what happend to Bitcoin Cash (BCH) after the hard fork it crash in price. Same thing will happen to ETHPOW unless lots of Defi Protocols are launched in this new chain. I doubt any bit Venture Capitalist or Miners will pony up cash to attract Defi Protocols to make this token worth more in terms of utility.
In conclusion, As more detail emerge where to go to claim you ETHPOW tokens, I will provide it here. Make sure to follow EthereumPOW and ChandlerGuo on twitter for details as it comes.
If you enjoy this Ethereum Merge ETHPOW claiming video, please subscribe and hit the tip (it does not cost you anything) button show some love. Happy crypto.
