Crypto exchange Bitfinex plans new chain split tokens
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iFinex Financial Technologies Limited, which operates the Bitfinex cryptocurrency exchange, has announced Ethereum chain split tokens (CSTs) to help prepare for all eventualities as the Ethereum merge nears.
“The Merge” upgrade involves the Ethereum blockchain’s transition from the proof-of-work (PoW) consensus mechanism to proof of stake (PoS), and is expected to happen mid-to-late September.
Bitfinex’s new CST tokens — ETHW (PoW) and ETHS (PoS) — will be available in trading pairs on the derivative platform, the exchange said in a statement.
The exchange said it has identified three potential scenarios, and the ETHW and ETHS tokens are designed to help users prepare for any outcome.
In case there is no consensus change on the current Ethereum, ETHS will expire and ETH will be given in exchange for each ETHW holding, the exchange said.
However, in case of a successful consensus change with no fork, ETHW will expire and ETH will be given in exchange for each ETHS holding.
Users will be credited with their respective ETHW and ETHS tokens, in the event of a successful fork and a successful consensus change for Ethereum, the company said.
These tokens will expire on Dec. 31.
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