Many believe that after Ethereum transitions to Proof-of-Stake (PoS), the network will create a Proof-of-Stake (PoW) fork so that a group of Ether (ETH) miners can still continue mining. An executive believes that there are ways for ETH holders to take advantage of this upcoming event.
In a Twitter thread, Bobby Ong, co-founder of token information website CoinGecko, said: It has been shared. His strategies when it comes to the upcoming ETH merger. According to Ong, ETH holders will soon receive ETH Pow token airdrops and he shared some tips on how ETH holders can take full advantage of this opportunity.
Ong says the easiest way to get fork airdrops is to hold ETH on exchanges that support forks. However, holding ETH in a hardware wallet works just as well and makes a trader eligible for all fork tokens.
To maximize the amount that holders can earn, the executive advised traders to return their tokens to the ETH mainnet, unbundle Ether (wETH) and withdraw their ETH liquidity from decentralized finance (DeFi) protocols.
Related: What is the fork? Ethereum’s potential forked ETHW token is trading below $100
Despite these recommendations, Ong said that while he may qualify for all forks, he won’t claim all airdrops because some of them could be fraudulent attempts to obtain signatures and keys. The executive shared that his strategy for the fork tokens is to “sell them all immediately”. wrote:
“Almost all fork tokens are now dead because miners have no incentive to stay mining for the time being and grow their community and usage.”
Meanwhile, Invincible Token (NFT) marketplace OpenSea has said it will no longer support forking NFTs on its platform. The popular NFT trading platform recently announced that it will only support NFTs on the updated PoS blockchain. In addition to OpenSea, blockchain oracle project Chainlink has expressed its support for the upgraded ETH network by announcing that PoW forks will no longer be supported by Chainlink.