TRON founder Justin Sun surprises the community with his statements from time to time. His latest statement also shocked the crypto space. As Ethereum’s Merge upgrade approaches, TRX inventor Justin Sun has announced that the altcoin project will support a potential hard fork.
TRON inventor supports Ethereum fork
One of crypto’s biggest whales has pledged to support any Ethereum Proof-of-Work fork. TRON founder Justin Sun on Thursday weighed in on one of crypto’s biggest talking points in recent weeks. He then said that he will donate some forked ETH to the community to help grow a Proof-of-Work Ethereum ecosystem. Sun was probably referring to the TRON Reserve DAO. “We are currently holding over 1 million ETH,” the founder tweeted. However, 1 million ETH represents less than 1% of the total circulating supply. Sun announced:
“If the Ethereum hard fork is successful, we will donate some forked ETHW to the ETHW community and developers to build the ecosystem.”
Justin Sun released TRON in 2018, sometimes described as a clone of Ethereum. However, Sun keeps a significant portion of his net worth not in TRON but in the Ethereum ecosystem. The TRON inventor has been caught in the past with millions of dollars in and out of Ethereum DeFi. It also holds many extremely valuable Ethereum NFTs. Sun wrote the above post after he shared a blog post announcing that the Poloniex crypto exchange will support any potential Ethereum hard fork token. Poloniex announced in its blog post that it will fully support the Ethereum hard fork. The exchange has announced that it will list potential hardfork tokens, originally called ETHS and ETHW. It also announced that users can trade these tokens for ETH at a ratio of 1:1.
Ethereum hard fork plans revealed
A potential Proof-of-Work Ethereum fork is becoming a hot topic in the crypto community as the network’s milestone Merge upgrade approaches. As Cryptokoin.com reported, Ethereum will switch to Proof-of-Stake with the Merge upgrade. Thus, Blockchain will no longer trust miners, but validators. Also, ETH will take its place among the cryptocurrencies that can be staked. With the Merge upgrade, current ETH miners will be exposed. This is why many community members are eager to fork the current Ethereum upgrade. Early ETH investor Chandler Gou, nicknamed “ETHPOW”, is one of the biggest proponents of the hard fork plan.
There are debates on both sides as to whether a fork will continue. However, recent rumors indicate that it is increasingly likely. If the Proof-of-Work fork is successful, it could mean ETH holders receive a payout in the form of an airdrop. The growing controversy surrounding ETHPOW also highlights the market’s growing confidence that the Merge upgrade will ship soon. The final testnet for the update is scheduled for the next few days, while Merge itself is scheduled for release in mid-September. The TRON founder’s announcement is an important one for investors eager for an Ethereum PoW fork.
12855
