HomeBitcoinETH Merge: CoinGecko co-founder discusses forked token management tactics

ETH Merge: CoinGecko co-founder discusses forked token management tactics

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In order to maximize their eligibility for the ETH PoW airdrop, holders can unwrap their Ether, remove their liquidity, and bridge their tokens back to the mainnet, according to a tweet from Bobby Ong.

Many think that after Ethereum switches to proof-of-stake (PoS), a portion of Ether (ETH) miners would split the network to become proof-of-work (PoW), allowing them to continue mining. A CEO thinks there are strategies for ETH owners to profit from this upcoming occasion.

Bobby Ong, the co-founder of the website CoinGecko provides information about tokens and discussed his strategies for the impending ETH Merge in a Twitter thread. Ong stated that ETH holders would soon receive airdrops of ETH PoW tokens and offered some advice on how to take advantage of this chance effectively.

Ong pointed out that holding ETH at exchanges that accept the forks is the simplest way to receive the fork airdrops. However, keeping ETH in hardware wallets would also be functional and might entitle a trader to all forked tokens.

The executive also suggested that traders bridge their tokens back to the ETH mainnet, unwrap their Wrapped Ether (wETH), and remove their ETH liquidity from decentralized finance (DeFi) protocols in order to maximize the amount that holders can receive.

Despite these suggestions, Ong stated that even if he could be qualified to get all of the forked tokens, he would pass on some airdrops because some of them might be phishing efforts to obtain his signature and keys. Additionally, the CEO disclosed that his plan for the forked tokens is to “sell them all right away.” He stated:

“Almost all the fork tokens are now dead as they are created solely to keep miners temporarily occupied with mining and have no incentive to grow their community and usage.”

In the meantime, NFT marketplace OpenSea said that it will not support forked NFTs on its platform. Recent news on the prominent NFT trading platform’s decision to exclusively support NFTs on the improved PoS blockchain. Along with OpenSea, the blockchain oracle project Chainlink declared that it would not accept PoW forks in order to show its support for the updated ETH network.

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