News07 September 2022

Miners and traders are borrowing ETH en masse ahead of a future fork

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Crypto Creditors are already cutting opportunities to borrow Ethers. And Degens are all trying to rack up debts to get the coveted fork tokens.

DeFi is noticeably tired of the mass influx of people who sleep and see how cool it can be to make a profit on the future merger (well, we're not criticizing :D).

More specifically, it seems that Ether credits r taken to maximize their potential for earning Ether proof-of-work fork tokens (ETHPoW). They r supposed to be credited after the fork, when Proof-of-Stake appears, but there should also remain ETH, which runs on the old Proof-of-Work (in short, this one is mined and less environmentally friendly, while the steak version requires no mining and is 99% more environmentally friendly).

Even a little before, one could not imagine such a problem, although it was looming. And now all the Ether miners r trying to maximize the earning potential of ETHPoW, which has created such a headache for decentralized finance platforms.

It's unclear, though, whether forked circuits will attract enough interest to create a solid ecosystem & community.

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