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The Ethereum Merge hard fork represents the transition of the Ethereum consensus mechanism from proof-of-work to proof-of-stake. Proof-of-work is an energy consumption system that has been criticized for wasting energy. The transition is expected to reduce Ethereum's energy consumption by more than 99%. However, the switch will replace Ethereum miners who currently have to run on the current proof-of-work system. The next step for miners is quickly becoming a hot topic in the Ethereum community. One possible option for the Ethereum mining industry is to switch to Ethereum Classic. ETC is the result of the Ethereum Foundation's decision to hard fork the Ethereum blockchain in 2016. The price of ETC increased by 170% in anticipation of this move.
Another and more controversial option is a hard fork of the Ethereum blockchain after the merger. The proof-of-stake layer is Ethereum's main chain. Another blockchain is coming that still works with a proof-of-work mechanism. A hard fork can cause a lot of confusion and potential technology issues.
The Ethereum Merge launch is scheduled for the week of September 19th. When the date comes, many influential names and companies continue to make statements for or against the hard fork.
Changes in the Ethereum to Ethereum exchange rate over several days are shown in the table
Vitalik Buterin, the founder of Ethereum, strongly opposes any potential hard fork. At EthCC, Vitalik asked proof-of-work enthusiasts to support the Ethereum Classic chain. He also stated that the proponents of the hard fork are stock market owners who want to make a quick buck.
Chainlink, a leading smart contract company, has announced that it will only support the Ethereum proof-of-stake layer. No other hard fork blog here will be supported by Chainlink.
The second largest mining pool, f2pool, says the trial period for Ethereum is over. After the hard fork, they left the decision up to individual Ethereum miners. However, they hope to follow up with evidence of the stabbing.
DeBank DeFi, a major cryptocurrency portfolio company, says Ethereum hard fork will be a disaster. They announced that none of their products will support the token that comes from the hard fork.
Barry Silbert, founder of the Digital Currency Group, has expressed support for only Ethereum and Ethereum Classic. Digital Currency Group is the parent company of Grayscale, Genesis Trading and CoinDesk.
ETC Cooperative has written an open letter explaining why the Ethereum hard fork will not work. Compared to when it was difficult to fork Ethereum in 2016, today she explained the great difficulty of such a fork.
Ethereum hard fork support explained
Justin Sun, the founder of the Tron blockchain and Poloniex Exchange, is the biggest supporter of the Ethereum hard fork. The Poloniex exchange lists ETHw and ETH tokens. He also got into a war of words with Vitalik Buterin because of this.
BitMEX, a cryptocurrency trading platform, recently announced that it will allow margin options trading ahead of an expected hard fork.
Huobi, a crypto exchange, has announced that it will list hard fork tokens if they meet security requirements.
Chandler Guo, an influential miner in China, has made it clear that he will support Ethereum.
OKX CEO Jay Hao also suggested the possibility of listing all hard fork tokens in case of excessive demand. Alistair Milne, CIO of the Altana Digital Currency Fund, believes that the Ethereum hard fork could be as large as 9% of Ethereum. This makes the market value of such a token the size of Ripple (XRP). However, it explicitly does not support a possible hard fork.
Kevin Zhou, CEO of Galois Capital, believes he will look at the three chains after the merger. Kevin Zhou is also known for predicting the fall of Terra LUNA.