The Ethereum Merge has become one of the most hotly debated topics in the crypto space. As the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) approaches, discussions about a potential hard fork have intensified. Below, we analyze perspectives from 20 leading exchanges, projects, and influencers—categorized into three camps: Pro-PoS, Pro-PoW, and Neutral.
01 Pro-PoS Camp (Against Forking)
This group supports the Merge without a fork, advocating for a single PoS chain.
1. Chainlink: No Fork Support
Chainlink confirmed it will only operate on the post-Merge PoS chain, aligning with Ethereum’s community decision. Without oracle support, PoW fork dApps may struggle to function.
2. Frax Finance: Anti-Fork Proposal
Frax’s DAO proposal explicitly backs PoS Ethereum, calling it "critical for stablecoin integrity."
3. Vitalik Buterin: Fork = Quick Cash Grab
Vitalik criticized PoW fork proponents as "entities looking to profit hastily," emphasizing that stablecoins like USDC/USDT will dictate the dominant chain.
4. Curve Finance: Stablecoins Decide
Curve stated that its DAO won’t enforce a fork choice, but only chains with stablecoin support (e.g., PoS) are viable.
5. Crypto Pragmatist: Ghost Chain Risk
Jack Niewold warned that a PoW fork could become a "ghost town" lacking developer activity or adoption.
6. DCG: Back PoS, Mine ETC
Barry Silbert urged miners to shift to Ethereum Classic (ETC) for long-term revenue, opposing any PoW fork.
7. Paradigm: PoW Adds No Value
Researcher Hasu argued that PoW offers no utility beyond miner profits, making forks unsustainable.
8–11. Stablecoins: USDT, USDC, Argent, Circle
- Tether: Will support PoS seamlessly.
- Circle: Fully committed to PoS.
- Argent: No fork plans, excited about energy savings.
- DeBank: Rejects all fork-related services.
12–15. Exchanges & Protocols
- FTX, Deribit: Futures will track PoS ETH.
- Aave: Only PoS is recognized.
- ETC Cooperative: Urged miners to join ETC instead.
02 Pro-PoW Camp (Supporting Fork)
This faction supports preserving a PoW chain post-Merge.
1. Gate.io: Early Fork Token Trading
Gate launched ETHS (PoS) and ETHW (PoW) tokens pre-fork, allowing 1:1 swaps.
2. Justin Sun’s USDD: First Fork-Backed Stablecoin
TRON’s USDD announced support for ETHPoW, positioning itself as the ecosystem’s primary stablecoin.
3. OKX: Evaluating Fork Tokens
CEO Jay Hao confirmed OKX may list fork tokens based on demand.
4. F2Pool: Miner-Centric Decision
The pool will let miners decide but continue supporting ETHPoW.
5–7. MEXC, BitMEX, Sun Yuchen
- MEXC: Backs fork token distribution.
- BitMEX: Launched ETHPoW futures.
- Sun Yuchen: Argued PoW’s value is underestimated.
8. Bao Er Ye (Guo Hongcai): "Fork Again"
The miner advocate pushed for an unchanged ETHPoW chain to protect miners.
03 Neutral or Undecided
HuoBi: "Innovation Over Empty Forks"
The exchange respects community consensus but discourages forks without substantive upgrades.
Silent Players
Major mining pools (Ethermine, Hiveon) and exchanges (Coinbase) remain uncommitted, possibly awaiting clearer outcomes.
FAQs
Q1: Will the PoW fork survive long-term?
A: Unlikely. Without developer/stablecoin support, it may lack utility.
Q2: Can miners profit from a fork?
A: Short-term gains are possible, but long-term viability hinges on adoption.
Q3: Which chain will exchanges support?
A: Most (e.g., FTX, Deribit) default to PoS. Check individual policies.
Q4: What happens to my ETH tokens post-Merge?
A: Holders on exchanges like 👉 Gate.io may receive fork tokens automatically.
Q5: Is staking ETH 2.0 safe?
A: Yes, but ensure you use trusted platforms like 👉 OKX.
Q6: Why do some oppose the fork?
A: Forks risk ecosystem fragmentation and user confusion without clear benefits.
Conclusion
The Ethereum Merge presents both risks and opportunities. While PoS promises scalability and sustainability, a PoW fork could offer short-term speculative plays. Stakeholders must weigh technical, economic, and community factors carefully. For real-time updates, follow 👉 trusted exchanges.