Ethereum PoW Token Airdrop: Will an ETH PoW Airdrop Happen?

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Ethereum PoW airdrop token.
Credit: Pixabay

The Ethereum 2.0 release date is now closer than ever. With that, the talks concerning whether a Ethereum PoW token airdrop will take place are also gaining momentum.

The Ethereum merge is scheduled for next week. However, during the merge, a forked Ethereum chain could form via an Ethereum Hard Fork. This would benefit Ethereum miners concerned about the shift to Ethereum staking.

Several exchanges including Binance, FTX, and Coinbase have laid down comprehensive plans to credit the forked tokens born during the merge into the user's accounts based on the 1:1 ratio. Let's take a closer look.

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Will an ETH PoW Airdrop Happen?

An ETH PoW token airdrop is not guaranteed, but exchanges are making plans and preparations in case.

As stated by Binance and FTX, some exchanges will use a snapshot taken before the merge to credit the user's accounts with forked tokens based on a 1:1 ratio. The exchanges are prepared to support any scenario that may spring out of the merge.

The Ethereum hard fork strategy is backed by a group of 60 participants, led by a Chinese miner Chandler Guo. Guo believes that during the merge, Ethereum could split into a chain that will still retain its PoW consensus and permit the miners to continue their mining practices.

Bobby Ong, the founder of CoinGecko, shared a Twitter thread guiding users on how they can receive forked PoW tokens.

According to Ong, users must hold ETH in wallets that support the PoW forked tokens. Ong also noted that not all exchanges will give users forked tokens, recommending they use hardware wallets.

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He also suggested that users should move ETH from Layer-2's back to the mainnet to receive any forked tokens. Similarly, Ong recommended any Wrapped Ethereum be unwrapped.

While several crypto entities extended their support for the PoW forked tokens, this is not the same everywhere. OpenSea, issued an announcement adding that it will not be supporting forked NFTs. Chainlink also reiterated a similar stance echoing that the platform will not support PoW tokens born during the Ethereum merge.

Much like the Ethereum merge price, ETH users do not know what Ethereum will look like after the merge. Make sure to keep up to date with the latest Ethereum news today to find out more.