BitCoke Launched USDT Hard-fork and Support USDTW “Candy” Exchange
ETH 2.0 Merge migration is coming close, and several Ethereum hard-fork projects (e.g., ETHW, ETHF) are preparing to continue to operate the PoW consensus Ethereum after the fork.
Stablecoins play an crucial role in the blockchain ecosystem. Despite the fact that USDT, USDC and other centralized stablecoins issuers have stated that they will migrate assets to the PoS chain led by the Ethereum Foundation, one can not deny that PoW ETH chain needs stablecoins though. As such, in order to maintain a fair and open ground for users with different perspectives toward the PoS migration, BitCoke officially launched the USDT (pre-) hard fork on August 28, allowing users to freely exchange USDT for USDTS and USDTW “candy” token.
1. Definition of potential fork tokens :
- USDTS represents the USDT for the new PoS (proof of interest) chain;
- Forked USDTW “candy” represents USDT of the PoW (proof of work) chain that may continue to exist.
2. USDT and USDTW “candy” token exchange explained:
Ahead of ETH2.0 migration, BitCoke enabled the USDT exchange function for USDTS and USDTW. Users can click the “Exchange” button on the asset page of Wallet account to exchange USDT into two potential fork tokens (USDTS and USDTW) at a ratio of 1:1.
It is also viable to exchange the two potential fork tokens back to the USDT in the same ratio. During this period, BitCoke will turn off the USDTS and USDTW withdrawal & deposit.
3. Trading arrangements for USDTS and USDTW:
- USDTS/USDT pair, not available;
- USDTW/USDT trading pair, opening around September 5th. The specific time will be provided in future announcement.
Givent that USDT issuer Tether has publicly announced that USDT assets will follow the PoS Ethereum migration, BitCoke will automatically convert USDTS to the upgraded USDT in a 1:1 ratio after the snapshot on September 15th, and consequently USDTS will cease to exist in he market.
The PoW chain with the most computational power will be the main chain of USDTW. If the community changes the token symbol after the upgrade, we will fully respect the community’s opinion and change symbol accordingly.
Please note that since there is no preset time as to when upgrade of Ethereum PoS completes, please be sure to go to the official website of Ethereum Foundation to learn about the upgrade prcedures and arrangements. BitCoke’s USDT hard fork and trading arrangements are both pro forma timing.
Kindly follow BitCoke public channels to get updated:
Twitter: https://twitter.com/BitCokedotcom
Global Telegram Group: https://t.me/BitCoke_Official
Website: www.bitcoke.com
