The Gradual Decline of ETHW
ETHW, the native coin of the Ethereum proof-of-work (PoW) blockchain, has experienced a significant decline in value since its debut. Trading at just $1.32 on Sept. 13, 2023, the coin has plummeted by over 95% from its initial price. In contrast, the main Ethereum blockchain’s native coin, ETH, was valued at $1,600 on the same day.
This decline contradicts the claims made by Chandler Guo, who initiated Ethereum’s last hard fork. Guo had insisted that ETHW was “very cheap” and predicted a 100X increase in its price. However, one year later, ETHW’s value is less than 1% of ETH’s value and shows no signs of catching up.
Furthermore, ETHW’s daily traded volumes have also decreased significantly over the past year. While it averaged over $100 million after the hard fork, recent data shows volumes below $8 million between September 1 and 13, 2023.
Identifying Problems in the Ethereum PoW Chain
In contrast, ETH has maintained its position as the second-most dominant cryptocurrency with daily traded volumes ranging from $2 billion to $17 billion since transitioning to proof-of-stake.
The team behind the Ethereum PoW network acknowledged in March that the protocol faces challenges. They cited a lack of funding and a need for a unified and effective organization to coordinate limited resources. To address these issues, they proposed creating “EthereumPoW One – An All-in-One Ecosystem DAO.” However, this proposal has not been able to reverse ETHW’s declining price.
Hot Take: The Struggles of ETHW
Despite optimistic supporters, ETHW has experienced a steady decline in value since its launch. The coin’s price is now less than 1% of ETH’s value, and its daily traded volumes have significantly decreased. The Ethereum PoW team’s proposed solution, “EthereumPoW One – An All-in-One Ecosystem DAO,” has not been able to reverse this trend. It remains to be seen whether ETHW can regain its value and compete with its counterpart on the main Ethereum blockchain.
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