Ethereum miners, particularly the ETHPOW group, have introduced a liquidity pool freezing know-how. ETHPOW is the group of Ethereum miners who’ve vowed to hardfork the chain after the merge.
In a Twitter announcement, they reveal that the usage of liquidity pool freezing know-how was to guard the customers from hackers.
Liquidity Pool Freezing Plan Defined
On their Twitter account, the ETHPOW group reveal that they’re going to freeze some lending protocol sensible contracts. In keeping with them, within the preliminary days after the fork, customers’ ETHW tokens deposited in liquidity swimming pools might be compromised. Swimming pools like Uniswap, Aave, and Compound could have deposited ETHW tokens.
In keeping with the group, these tokens might be swapped by hackers and scientists with worthless USDT, USDC and WBTC. Due to this fact the ETHW core is making the choice to freeze sensible contracts of lending swimming pools until these corporations can give you a greater answer.
They’ve additionally revealed that the freeze is not going to be utilized to staking contracts in the event that they solely take care of a single asset. The ETHW core has additionally beneficial that customers take away their tokens from liquidity swimming pools like decentralized exchanges and lending platforms.
This transfer has drawn criticism from varied influential figures within the crypto group. Foobar, a developer and blockchain auditor, has ridiculed the group by questioning their competence to efficiently pull off this transfer.
Alberto Rosas, the CEO of Gamium Corp, has questioned the blockchain’s decentralization if a small group could make such massive selections. He believes that the ETHW chain will turn into a sluggish, centralized chain with none market worth.
Is The Ethereum Hardfork Probably
The Ethereum merge will change Ethereum’s consensus mechanism from Proof-of-work to Proof-of-stake. This can scale back Ethereum’s vitality consumption by greater than 99%. Nonetheless, it additionally replaces the miners presently required by the PoW system with validators.
Consequently, the miners may shift to a PoW chain like Ethereum Traditional, or hard fork the Ethereum blockchain. Nonetheless, with a whole lot of strain piling up towards Ethereum hardfork, such a transfer will most likely not acquire traction.
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