The Ethereum merge has become one of the most anticipated events in the blockchain space, marking a pivotal shift from proof-of-work (PoW) to proof-of-stake (PoS). As the transition nears, speculation about a potential hard fork—resulting in a new PoW-based Ethereum chain—has intensified. This divergence has split the crypto community, with major institutions, developers, and thought leaders weighing in on whether a split is feasible, necessary, or valuable.
In this comprehensive analysis, we explore insights from over 20 key players across exchanges, protocols, and influential figures to understand the implications of the Ethereum merge and possible fork. We’ll examine both sides of the debate, identify core risks and opportunities, and provide clarity on what stakeholders can expect.
The Anti-Fork Camp: Why ETHPoS Is the Future
A growing coalition of platforms, developers, and financial protocols supports a unified Ethereum under PoS and opposes any hard fork that preserves PoW.
1. Chainlink: No Support for PoW Forks
Chainlink, the leading decentralized oracle network, has clearly stated it will only support post-merge Ethereum (ETHPoS). In an official blog post, the team emphasized alignment with the Ethereum community’s decision to move toward sustainability and scalability. Without reliable oracle services, dApps on a PoW fork would struggle to function securely or at scale.
2. Frax Finance: Governance-Driven Alignment
Frax Finance launched a governance proposal urging its DAO to recognize only the PoS Ethereum chain as legitimate after the merge. As a top-five stablecoin protocol with deep integration in DeFi (holding over 20% of Curve’s TVL), Frax’s stance carries weight. Their argument? Clarity protects users and maintains ecosystem coherence.
3. Vitalik Buterin: Forking Is About Fast Profits
Vitalik Buterin dismissed the idea of a viable PoW fork during a BUIDL Asia event, suggesting supporters are primarily motivated by short-term financial gain. He pointed out that centralized stablecoins like USDC and USDT will be critical arbiters—if they don’t back the PoW chain, it lacks legitimacy and utility.
4. Curve Finance: Follow the Stablecoins
Curve DAO won’t force a choice between chains. However, their position hinges on where stablecoins land. Only the chain adopted by major stablecoin issuers will be considered valid for Curve’s operations.
5. Crypto Pragmatist: A “Ghost Town” Scenario
Jack Niewold, founder of Crypto Pragmatist, warned that an ETH PoW fork could become a deserted network—devoid of developer activity, media attention, or real economic use. He likened it to an “Ethereum civil war,” highlighting systemic risks if stablecoin issuers exploit price discrepancies between chains.
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6. DCG: Move to ETC, Not ETHPoW
Barry Silbert, CEO of Digital Currency Group (DCG), urged miners to transition to Ethereum Classic (ETC) instead of clinging to a hypothetical ETH PoW fork. DCG’s investment in ETC aligns with this recommendation, promoting long-term viability over speculative splits.
7. Paradigm: Miners Are the Only Real Supporters
Hasu from Paradigm noted that outside of miners, no significant segment of the Ethereum community wants to continue PoW. The energy savings (up to 99.95% reduction) and improved security model make PoS the clear evolution path.
8–9. Tether & Circle: Full Support for PoS
Both Tether (USDT) and Circle (USDC) confirmed seamless support for the merged PoS Ethereum chain. Circle emphasized responsibility, noting USDC’s $54+ billion market cap demands cautious stewardship during network shifts.
10–13. Argent, DeBank, Aave, FTX – Unified Backing for ETHPoS
Wallets (Argent, Rabby), analytics platforms (DeBank), lending protocols (Aave), and exchanges (FTX) all confirmed they will treat the PoS chain as the canonical Ethereum. Aave explicitly warned users against using its interface on non-PoS forks due to lack of oracle support.
14. ETC Cooperative: Fork Is Too Late & Pointless
With just weeks before the merge, ETC Cooperative argued it's too late to launch a meaningful PoW alternative. Major projects will likely disable contracts on the forked chain to prevent user confusion and loss.
15. Deribit: Settlement Only on PoS Chain
Deribit will settle all ETH futures on the PoS chain backed by the Ethereum Foundation. While they may distribute forked tokens if viable (valued above 0.25% of ETH), these won’t be accepted as collateral.
The Pro-Fork Camp: Keeping ETHPoW Alive
Despite strong opposition, several entities advocate preserving a PoW version of Ethereum for ideological or economic reasons.
1–2. Gate.io & Poloniex: Supporting Forked Assets
Gate.io announced early support for pre-merge ETH conversions into both ETHS (PoS) and ETHW (PoW). Users receive 1:1 forked assets, with automatic fallback if the split fails. Similarly, Poloniex committed to listing the native currency of EthereumPoW.
3. OKX: Monitoring Demand for Fork Listings
OKX CEO Jay Hao affirmed support for the merge while stating the exchange will assess demand for listing any resulting forked tokens—an approach balancing neutrality with market responsiveness.
4–5. f2pool & MEXC: Miner-Centric Stance
f2pool declared it would let miners decide the future of ETH PoW and continue providing mining services regardless. MEXC echoed this sentiment, supporting both upgrade and potential hard fork with 1:1 airdrops.
6. BitMEX: Launching ETHPoW Futures
BitMEX introduced ETHPoWZ22, a USDT-margined futures product offering up to 2x leverage. While acknowledging technical challenges, BitMEX sees short-term trading opportunities in volatility surrounding the fork.
7. Guo Hongcai ("Bao Erzai"): Moral Argument for Miners
Veteran investor Bao Erzai champions the fork on humanitarian grounds—arguing miners who invested heavily in hardware and belief deserve continued relevance. His YouTube “Fork Manifesto” calls for preserving the original PoW chain without changes or pre-mines.
8. Sun Yuchen: USDD to Anchor ETHPoW
TRON founder Sun Yuchen believes PoW still holds unique value. He announced USDD as the first stablecoin to support EthereumPoW, positioning it as foundational infrastructure for a revived mining economy.
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Neutral & Undecided Players
Huobi expressed cautious neutrality—respecting community consensus but discouraging forks without meaningful innovation or improvements. They pledged to support user claims on any successfully forked chain that meets security standards.
Meanwhile, major mining pools like Ethermine, Hiveon, and 2Miners, along with Coinbase, have remained silent. Their hesitation may reflect strategic positioning or genuine uncertainty about user demand post-merge.
Frequently Asked Questions (FAQ)
Q: Will there definitely be an Ethereum hard fork?
A: Not guaranteed. While some groups plan to create a PoW chain, success depends on miner participation, exchange listings, and stablecoin support—all of which remain fragmented.
Q: What happens to my ETH during the merge?
A: Your ETH remains safe and automatically transitions to the PoS chain. No action is needed unless you wish to claim tokens on a potential fork.
Q: Can both ETHPoS and ETHPoW coexist long-term?
A: Unlikely without strong ecosystem backing. Historical precedent (e.g., Bitcoin Cash) shows most forks lose momentum unless they solve real problems or gain major adoption.
Q: Which chain is considered “real” Ethereum?
A: The PoS chain is widely recognized as the official continuation by developers, core teams, and most DeFi protocols.
Q: Could a fork destabilize DeFi?
A: Yes—especially if stablecoins split or arbitrage exploits emerge. Protocols like Aave and Curve are preparing safeguards to mitigate such risks.
Q: Should I buy into a potential ETHPoW token?
A: High risk. Without broad protocol support or liquidity, ETHPoW could quickly lose value. Only consider if you understand mining economics and speculative markets.
Final Outlook: Evolution Over Division
While emotional and economic arguments fuel interest in preserving ETHPoW, momentum overwhelmingly favors a unified Ethereum under proof-of-stake. The environmental benefits, institutional backing, and developer consensus point toward sustainable growth on ETHPoS.
For investors and users, clarity comes from focusing on chains with real utility—not speculative forks driven by nostalgia or profit motives.
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