After a rocky start, EthereumPoW (ETHW) has finally revealed a major release. This Tuesday (20), the network launched its cross-chain bridge, the ETHW Bridge. This bridge will allow transactions between ETHW and tokens from other blockchains to be carried out. According to the Ethereum hard fork team, the new bridge supports Ethereum (ETH) as well as USDT and USDC stablecoins. That is, users of these cryptocurrencies on ETH will be able to transact their tokens for ETHW through the bridge. This greater integration resulted in a strong appreciation in the price of ETHW. According to CoinGecko, the token soared nearly 40% early on Tuesday, reaching R$36.18 in the last 24 hours.
ETHW analysis. Source: CoinMarketCap.
Bridge is biggest release after fork
EthereumPoW was the main hard fork of Ethereum following the implementation of The Merge on September 15th. The network aims to bring together miners who were unhappy with the end of mining on Ethereum but faced difficulties after the launch. That changed on September 20, when the network announced the launch of the BridgeTech-backed ETHW Bridge cross-chain bridge. The bridge supports Ethereum (ETH), Tether (USDT) and USD Coin (USDC) from the Ethereum network to ETHPoW. However, the network has a one-way street. That is, the bridge does not support ETHW to the Ethereum network. That is, that users will not be able to convert ETHW tokens to ETH. Also, there are no details on how to add ETHW network support to Ethereum PoS later. There is not even a prediction whether this will happen or not The contracts on the ETHPoW are as follows: ETH (PoS): 0xB007f6c4511fD2b70a02BfcFAb6072BcEf21788d; USDC: 0xC675FDBe260e1ee93106Ee596B916952a9344f44; USDT: 0xB6334BeDf341d111525A1Db8fBE7805dE57De957. Also, the ChainID of ETHPoW Bridge is 10001. Experts criticized EthereumPoW about the possibility of replay attacks due to problems with ChainIDs. In fact, the new network faced attacks during the days following its launch. In these attacks, hackers managed to obtain 200 ETHW in a replay attack on September 18. At the current price, the value corresponds to just over R$ 7.2 thousand. The attack happened because a bridge called Omni, which works on EthereumPoW, used the old chainID. As a result, the price of ETHPoW (ETHW) is down 37% to a low of $4.22 on Monday.
Price reacts after launch
The price of ETHPoW (ETHW) is up over 40% in the last 24 hours despite the replay attack on the network. In dollars, the token price fluctuated by $4.87 and $7.28, respectively, in the early hours of Tuesday. At the time of writing, the price of ETHW is trading at $6.90. Also, trading volume is increasing after The Merge. Meanwhile, the price of Ethereum (ETH) rebounded slightly after falling below the $1,430 support level. In reais, the price of ETH is trading at R$7,036, up 1% in the last 24 hours. Also Read: SEC Suggests All Transactions On Ethereum Are Under US Jurisdiction Also Read: XRP Could Drop 30% Even With Ripple-friendly Legal Outlook Also Read: Bitnovo and Euronet Announce Partnership to Promote Cryptocurrency Trading at ATMs
