The Ethereum Merge has ignited one of the most intense debates in the crypto world. As the long-anticipated shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS) draws near, speculation about a potential hard fork—resulting in a new chain and a new token, ETHPOW—has gained momentum.
But what does this mean for the broader ecosystem? Is a PoW fork technically viable? Economically sustainable? Or merely a short-lived gamble for miners and speculators?
To answer these questions, we’ve compiled insights from 20 major institutions, platforms, and key opinion leaders (KOLs) across the blockchain space. Their perspectives reveal a divided landscape—some firmly oppose the fork, others actively support it, while a few remain cautiously neutral.
The Anti-Fork Camp: ETHPoS Advocates
These entities support the transition to PoS and reject any continuation of Ethereum’s PoW chain.
1. Chainlink: No Support for PoW Fork
Chainlink has made it clear: it will not support any PoW fork of Ethereum. In an official blog post, the oracle giant stated that its services will continue exclusively on the post-Merge PoS Ethereum chain. Without reliable oracles, DeFi applications on a PoW fork would struggle to function or scale.
2. Frax Finance: Governance Vote Against Fork
Frax Finance, home to one of the top five stablecoins, launched a governance proposal urging its DAO to recognize only the PoS Ethereum chain after the Merge. Given Frax’s deep integration with Curve and Uniswap, this move signals strong institutional resistance to fragmentation.
3. Vitalik Buterin: Fork = Quick Profit Scheme
Ethereum co-founder Vitalik Buterin dismissed the PoW fork as a “get-rich-quick” scheme driven by exchanges and miners. He emphasized that centralized stablecoins like USDC and USDT will play a pivotal role in determining the legitimacy of any forked chain.
4. Curve Finance: Stability Dictates Legitimacy
Curve DAO won’t force a choice—but whichever chain hosts major stablecoins will be the de facto Curve network. The message is clear: no stablecoin support, no liquidity; no liquidity, no future.
5. Crypto Pragmatist: A “Ghost Town” Scenario
Jack Niewold, founder of Crypto Pragmatist, warned that a PoW fork could become a ghost town—devoid of developer activity, media attention, and real-world usage. He also raised concerns about malicious actors exploiting the fork by shorting PoS ETH while redeeming stablecoins on the PoW side.
6. DCG: Migrate to Ethereum Classic (ETC)
Digital Currency Group (DCG), which has invested in Ethereum Classic, urges miners to transition their hash power to ETC instead of clinging to a dying PoW fork. CEO Barry Silbert called this the path to long-term profitability.
7. Paradigm: Only Miners Benefit
Hasu, researcher at Paradigm, argued that no one in the Ethereum community—except miners—wants to keep PoW alive. He dismissed the fork as a trap for retail investors, orchestrated by self-interested miners and traders.
8. Tether: Seamless Support for PoS Ethereum
Tether confirmed it will fully support the merged PoS chain “seamlessly.” With over $65 billion in circulation, USDT’s stance is critical—its absence on a PoW chain could cripple its viability.
9. Circle: Backing the PoS Transition
Circle, issuer of USDC (the second-largest stablecoin), pledged full support for the transition to PoS. They emphasized responsibility toward developers, enterprises, and users relying on USDC within the Ethereum ecosystem.
10. Argent & DeBank: No Fork Support
Wallet provider Argent celebrated the Merge’s 99% reduction in energy use and ruled out supporting any fork. Similarly, DeBank announced it would not offer services on any potential forked chain to avoid ecosystem chaos.
11. Aave: Only PoS Is Recognized
Aave will only operate on the PoS chain due to oracle and liquidity constraints. Using Aave on a forked chain via decentralized UIs is at users’ own risk.
12. FTX & Deribit: Futures Track PoS Chain
Both exchanges confirmed their ETH futures and perpetuals will track the PoS chain post-Merge. Deribit added that if a fork token exceeds 0.25% of ETH’s value and proves stable, they may distribute it—but not as margin collateral.
The Pro-Fork Camp: Champions of ETHPOW
Despite widespread opposition, several players are backing the idea of preserving a PoW version of Ethereum.
1. Gate.io: Early Fork Token Redemption
Gate.io plans to allow users to swap ETH 1:1 for both ETHS (PoS) and ETHW (PoW) ahead of the Merge. If the fork fails, ETHS converts back to standard ETH automatically.
2. TRON: Full Support for Potential Fork
TRON announced it will support both chains if a fork occurs, crediting users with 1:1 forked assets. This aligns with founder Justin Sun’s broader pro-PoW sentiment.
3. OKX: Evaluating Demand for Fork Tokens
OKX CEO Jay Hao stated the exchange is monitoring developments closely and will assess listing decisions based on market demand.
4. f2pool: Miner-Driven Decision
The mining pool declared it will let miners decide the fate of ETH PoW and continue offering mining services regardless.
5. MEXC: Supporting Upgrade & Fork
MEXC committed to supporting both the Merge and any resulting hard fork, ensuring holders receive 1:1 forked tokens.
6. BitMEX: Launching ETHPoW Futures
BitMEX launched ETHPoWZ22—a leveraged futures product—allowing traders to speculate on the potential PoW token with up to 2x leverage, even before its official existence.
7. Guo Hongcai (Bao Er Ye): Moral Duty to Miners
Veteran crypto advocate Guo Hongcai argues that miners who dedicated resources to Ethereum deserve continued support. He calls for a clean fork—no pre-mine, no changes—to preserve decentralization values.
8. Justin Sun: USDD to Anchor ETHPOW
Sun announced that USDD will become the first stablecoin on the EthereumPoW ecosystem, aiming to bootstrap liquidity where others hesitate. Poloniex will list the native token first, he claims—positioning TRON’s ecosystem as a pioneer in post-fork innovation.
Neutral Stance: Wait-and-See Approach
Huobi Global takes a balanced view—respecting community consensus but discouraging forks without meaningful innovation or improvements. They’ll support asset claims on any successfully forked chain, provided security standards are met.
The Silent Majority
Notably absent from public discourse are major mining pools like Ethermine and Hiveon, along with Coinbase—one of the largest CEXs globally. Their silence suggests strategic caution or internal deliberation about timing and positioning.
Frequently Asked Questions (FAQ)
Q: Will there definitely be an Ethereum PoW fork?
A: There is no guarantee. While some groups plan to create one, success depends on miner participation, exchange listings, stablecoin support, and developer adoption—all of which remain uncertain.
Q: What happens to my ETH during the Merge?
A: If you hold ETH on a supported wallet or exchange, your assets will automatically exist on the new PoS chain. No action is required in most cases.
Q: Could a PoW fork have long-term value?
A: Unlikely without strong ecosystem backing. Past forks like Bitcoin Cash lost momentum due to lack of innovation and centralization risks. Without major DeFi protocols or stablecoins, ETHPOW may struggle to gain traction.
Q: Why do some support a PoW fork?
A: Miners lose income after the Merge, so preserving PoW offers economic survival. Some also believe in ideological continuity—decentralized mining as a core principle.
Q: How can I get ETHPOW if it launches?
A: Exchanges like Gate.io and MEXC plan to distribute it 1:1 to ETH holders at snapshot time. However, be cautious—receiving forked tokens may expose you to scams or technical risks.
Q: Is trading ETHPOW safe?
A: High risk. Without underlying utility or broad support, price volatility could be extreme. Only trade with funds you can afford to lose.
The Ethereum Merge represents more than a technical upgrade—it’s a philosophical crossroads. While most institutions back progress toward sustainability and scalability via PoS, pockets of resistance highlight ongoing tensions between innovation and tradition in decentralized systems.
As the dust settles, one truth remains: the chain with sustained community support, liquidity, and utility will emerge as Ethereum’s true successor.