EthereumPoW (ETHW) trading starts now + token distribution

We are pleased to announce that Kraken now supports EthereumPoW (ETHW).

Funding and Trading

ETHW trading is live and the ETHW token has been distributed to eligible clients. A further announcement will be made once Funding is live, at which point you will be able to add ETHW to your Kraken account by navigating to Funding, selecting the asset, and hitting Deposit. Keep an eye on our status page for updates.

Here’s what you need to know:

Please Note:

• It is possible that the ETHW token may not emerge and that its value could settle to zero. ETHW’s price is highly volatile, please take the time to research the risks involved in trading this token.
• You may receive the below email as part of the ETHW token distribution:
  

What is EthereumPoW?

EthereumPoW is a copy of the Ethereum network’s proof-of-work (PoW) blockchain as it existed before moving to a proof-of-stake (PoS) consensus mechanism. EthereumPoW retains the functionality of the Ethereum network before its transition to PoS and is supported by mining groups who are unable to earn rewards via Ethereum’s new protocol. ETHW is the native token of the blockchain which is used to pay for network transaction fees, earn rewards for securing the protocol via mining and purchase goods and services from decentralized applications (dApps) built on the platform.

ETHW token distribution

Kraken clients will be credited with the ETHW forked token at a 1 for 1 ratio for each ETH token held at the time of the snapshot. This credit would only apply to unstaked, liquid ETH and not to staked (ETH.S) tokens.

Please contact our support team if you wish to opt out of the token distribution.

Snapshot timestamp: 

• Block Height: 15537393
• Time: Sep-15-2022 06:42:42 AM +UTC
• Unix time: 1663224162

A further announcement will be made once the distribution is completed.

Please note: it is possible that ETH deposits sent closer to The Merge event may not count toward the snapshot of clients’ ETH balances. Only settled account balances at the snapshot time will be considered. 

Important: Traders holding open margin positions during The Merge need to be aware of the treatment of their positions, as forked tokens can impact your account once credited/debited. 

Margin positions will be treated as if the user held the underlying ETH, which means that Kraken will:

• Add the relevant amount of forked ETHW tokens to the account for ETH long positions.
• Deduct the relevant amount of forked ETHW tokens from the account for ETH short positions.

Check out our blog post for further information about the token distribution treatment for margin traders.

Useful links

Will Kraken make more assets available?

Yes! But our policy is to never reveal any details until shortly before launch – including which assets we are considering. All of Kraken’s available tokens can be found here, and all future tokens will be announced on Kraken’s blog and social media profiles. Our client engagement specialists cannot answer any questions about which assets we may be making available in the future. 

Trade with caution

There is no guarantee that a limit order will execute. There is also no guarantee a market order will execute at a certain price. The availability and liquidity of the particular digital asset will impact these types of orders.

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell or hold any digital asset or to engage in any specific trading strategy. Some crypto products and markets are unregulated, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position.