Binance on The Merge: How the Stance of World’s Top Crypto Exchange Could Impact Possibility of Future Ethereum Forks

Strong Backing for Proof of Stake

Binance, the largest cryptocurrency exchange in the world, will fully support the Ethereum Proof of Stake (PoS) chain following The Merge event anticipated in September.

In making the Aug. 10 announcement, Binance adds the loudest voice to the ongoing conversation about the potential for competing Ethereum chains after the transition from Proof of Work to PoS.

Specifically, Binance will fully support Ethereum PoS. If there is a case of chain forks coming out of Ethereum, Binance will consider supporting those new tokens. All tokens of the chain fork, if they want to be listed on Binance, have to go through the exchange's regular vetting process.

In summary, ETH PoS will be fully supported by Binance, but the exchange is open to the possibility of listing future PoW tokens that might emerge.

Major stablecoins USDT and USDC have voiced their support for ETH PoS. Also, Chainlink, Aave, and Ethereum Co-Founder Vitalik Buterin also strongly oppose ETH PoW.

However, as opposed to Binance's stance, the Poloniex exchange has allowed users to start trading separate ETH PoS tokens ($ETHS) and ETH PoW tokens ($ETHW), and MEXC and Huobi are considering doing the same.

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Proof-of-Workers of the World, Unite

One account on Twitter has claimed the mantle of EthereumPoW and released a manifesto about continuing the PoW chain after The Merge.

This project claims there will be no premine or additional token inflation on a future PoW chain, intends to end the EIP-1559 coin burning mechanism, and declares the future chain will become autonomous with no governing entity within three years.

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