Grayscale Investments, the American digital asset management company and subsidiary of the Digital Currency Group, announced that it will extend the review period to decide on altcoin ETHPoW trading after the Merge update last year! Here are the details…
Grayscale extended the time to decide what to do with this altcoin!
Giant crypto money company Grayscale is making new decisions about ETHPoW assets after the Merge update experienced by Ethereum last year, as we have previously reported as cryptokoin.com. Grayscale, which drew the attention of investors with its critical statements on March 16, 2023, announced that it plans to extend the review period of the coin to evaluate the markets to determine whether EthereumPoW (ETHW) coins will be purchased after the Ethereum update Merge, which made a great impression last year.
The initial review period required to determine the usefulness and value of ETHPoW was expected to take less than 180 days. The company announced on Thursday that it will extend this review period for another 180 days. In the statement made by Grayscale, the following words are quoted:
“The trading market for ETHPoW coins is yet to be broadly determined, and uncertainty remains both as to whether digital asset protectors will support ETHPoW coins and whether trading markets with meaningful liquidity will evolve.”
“It is impossible to predict the value to be derived from sales!”
In his statements, Grayscale stated that if digital asset protectors choose to support the coin and the trading market develops, the value of the coin may fluctuate significantly for a while. However, the statement said, “It is not possible to predict whether Grayscale will acquire ETHPoW coins as a representative or the value that Grayscale may derive from the sale of ETHPoW coins as a representative”.
1-Day ETHW performanceFollowing the Ethereum hard fork, which moved the network from Proof-of-Work to Proof-of-Stake, the price of ETHPoW climbed as high as $51.45 and then plummeted. According to CoinMarketCap data, the coin changes hands instantly at $3.48.
Critical statement from the team: “Developers, investors and pro-projects may lose their trust!”
On the other hand, Proof-of-Work enthusiasts are still active on the chain. In a recent tweet, it is stated that there are new, impressive NFT projects emerging on the network. But there are many problems with the project, where the lack of funding in the ecosystem is a big reason. The network’s statement on the subject on Twitter is as follows:
“If this situation continues to progress, developers, investors and project parties may gradually lose confidence and the entire ecosystem will gradually shift from existing NFT projects into the void.”
On the other hand, a proposal to develop an EthereumPoW ecosystem DAO is being prepared by the developers to encourage more user activity on the chain.
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