According to former Ethereum (ETH) and Bitcoin (BTC) miner, Chandler Guo, the price of ETH and the forked ETHW will be at par in the future. As per Guo’s opinion, ETHW is trading very cheaply at the moment and has the potential for 100x growth.
Guo spoke to Bitcoin.com and shared his thoughts on the new forked Ethereum token. Nonetheless, the former miner admits that there is a lot of catching up to be done.
Guo stated,
“Currently, ETH price is high because there are many developers and over 200 different projects running on top of the Ethereum PoS [proof-of-stake] blockchain. On the other hand, there are less than 10 projects on the ETHW.”
To further support his argument, Guo highlighted that within four days, the forked blockchain launched two new DEX (decentralized exchange), two NFT (non-fungible token) exchanges, and two bridges. He further added that within a year, he expects over 100 projects to run on the ETHW network. Moreover, the daily transaction volume of the new chain has risen since the merge.
Guo says,
“The trading volume of ETHW is huge. Today it’s almost a billion dollars. (As of toda)] ETHW (is) supported by more than 20 mining pools, and 2000 miners from around the world. More than 30 exchanges have listed ETHW.”
Guo also spoke on the other chain that was created after the merge, Ethereumfair (ETF). He said,
“I know another team has forked ETH but nobody is mining there, nobody is listing their token. Only a few exchanges and mining pools. It (the success of a fork) all depends on who forked the ETH. I did not fork this so that I could benefit from this. But others fork for their own good or benefit. That’s why they get rich from that — I do not (do) that.”
Will Ethereum and ETHW really be at par?
Now, Guo’s opinion might have some truth to it, but to say that both tokens would be priced at par might not pan out as he expects.
Firstly, Ethereum already has a lot of projects running on top of it. The project is immensely popular among developers. To match ETH’s network, ETHW would have to show incremental growth. However, by that time ETH might just go further ahead of the curve.
Secondly, ETH now uses 99% less energy than before. This is a significant point as the world is currently going through an energy crisis. Moreover, the world is becoming more conscious about the environment and energy use. As the cost of energy rises, the profitability of miners will subsequently decrease. This may have an impact on the miners of the ETHW chain. Additionally, users might not want to use a product that is more energy intensive, than one that is less.
However, Guo did argue against the energy concern by saying that many miners prefer to use “abandoned energy.” Abandoned energy, he said, is unutilized natural gas or hydroelectricity.
Nonetheless, it is too early to tell if both tokens would actually be at par in the future. Only time will tell how things actually play out.
At press time, Ethereum was trading at $1,341.21, up by 5.1% in the last 24 hours. Meanwhile, ETHW was trading at $6.20, up by 4.9% in the last 24 hours.