By the way, what becomes of Ethereum PoW (ETHW)?

Fork news – It has now been more than a month since the network Ethereum moved from Proof of Work to Proof of Stake. At the time of the events, some miners who were not enthusiastic about this change created a fork retaining the Proof of Work. A month later, let’s take stock of Ethereum PoW (ETHW).

Ethereum PoW: the fork of miners

On September 15, the network Ethereum has transitioned from Proof of Work to Proof of Stake. Obviously, the miners did not particularly appreciate having their livelihood stolen by the validators.

This is how several miners announced their desire to create a fork of Ethereum that would retain the Proof of Work. baptized Ethereum PoW (ETHW)this new blockchain was launched within 24 hours of The Merge.

Unsurprisingly, ETHW price momentarily spiked at the time of the fork, before tumble in the face of selling pressure.

A checkered start, which will also be marked by the first attacks on the network. Thus, on September 18, a hacker managed to exploit the Omni Bridge on Ethereum PoW. In practice, the attacker took advantage of the use of an erroneous chain id to replay on Ethereum PoW a transaction that took place on the Gnosis Chain.

Despite a rocky start, Ethereum PoW finally seems to be holding up.

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Ethereum PoW: review after a month of existence

Hashrate stabilization

When it launched, the network attracted many miners. Thus, during the first hours, the network recorded a hashing power of 68 Th/s. This subsequently plummeted to around 30 Th/s. Finally, this one met with renewed enthusiasm before stabilize around 40 Th/s since the beginning of October.

Evolution of the hashrate on Ethereum PoW.

Nevertheless, the fork in Proof of Work is still far from its main competitor Ethereum Classic (ETC), in terms of hash power. Indeed, Ethereum Classic accounts for more than 3 times the hashrate of Ethereum PoW, with 144 Th/s.

However, the situation behind Ethereum PoW mining is surprising. Indeed, according to data compiled by BitQuerythe network would only have about thirty different miners.

Number of unique miners on Ethereum PoW
Number of unique miners on Ethereum PoW – Source: BitQuery.

Evolution of the decentralized application ecosystem

The ecosystem of decentralized applications is a second important point to look at to measure the success of Ethereum PoW. Indeed, to be able to compete with Ethereum PoS, ETHW must host a rich ecosystem.

Thus, on October 14, Chandler Guo, one of the miners behind the fork, announced that more than 100 different projects had been launched on the blockchain.

Chandler Guo announces 100 dapps on Ethereum PoW
Chandler Guo announces 100 dapps on Ethereum PoW – Source: Twitter.

In practice, these projects cover the different horizons of DeFi. Thus, the list proposed by Wagmi33 reports projects in several areas ranging from classic DeFi, to NFTs and GameFi.

We also find some well-known Ethereum protocols there, such as a version of Aave or UniWswap, a fork of Uniswap.

On-chain activity

Admittedly, some miners have adopted Ethereum PoW and decentralized applications have been deployed there. However, one question remains: is the network actually used?

To answer this, we will explore on-chain data and look at the number of daily transactions.

In practice, the fork counts an average of just over 200,000 daily transactions.

Number of daily transactions on Ethereum PoW
Number of daily transactions on Ethereum PoW – Source: BitQuery.

By way of comparison, the Ethereum PoS network averages one million transactions per day, almost five times more than Ethereum PoW.

For its part, the network Ethereum PoS faces significant censorship issues. Indeed, many block producers systematically censor transactions related to Tornado Cash.

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By the way, what becomes of Ethereum PoW (ETHW)?


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