Crypto Exchanges In Korea Propose Solution to Counter The Merge

DAXA, a mutual consultative entity for the exchanges of digital assets made up of the 5 biggest Korean crypto exchanges, has confirmed that it will present a solution to confront the impending upgrade of Ethereum ‘The Merge.’ Considerable attention is being given by the market as – for the first time – the listing problem will be sorted out since DAXA’s establishment.

Renowned 5 Crypto Exchanges in Korea to Offer a Solution to Counter Ethereum Merge

As per the market on 5th August, DAXA (comprising of 5 well-known crypto exchanges taking into account Gopax, Korbit, Coinone, Bithumb, and Upbit) is making a strategy to support the proof-of-work (PoW)-based hard fork of Ethereum. In the respective plan, the matters like the potential effect on the investors (including listings and airdrops) will be expectedly dealt with by DAXA. In addition, the details regarding the respective plan will be declared under the circumstances related to every exchange.

Initially, the establishment of DAXA was carried out in June. It determined to mutually collaborate on delisting as well as the listing standards along with the provision of ample information for the investors. In the previous month, eight advisors from legal, research, and academia fields were appointed by it. Furthermore, Ethereum Merge counts as an upgrade where a conversion is to take place in the consensus algorithm to proof-of-stake (PoS), which was previously proof-of-work (PoW).

The community of Ethereum has declared that the implementation of the Merge will be done from the 10th to the 20th of this month. Nonetheless, it is thought that the entities against the PoS conversion are establishing a strong ground to confront it via a hard fork while responding to the impending Merge.

ETH Holders to Have Equal Amount in ETHW through Airdrop

This indicates that the network of Ethereum, which utilizes the method of PoW, will be persistently utilized through the elimination of the chain distinctly from Ethereum’s Merge upgrade. On the establishment of the hard fork, the present holders of ETH tokens will get a hard fork from “ETHW” via an airdrop. If a person possesses 1 ETH, the same amount as 1 ETHW will be provided to him.

The same is the case with the holders of ERC20 (which is based on Ethereum). Keeping in view that ERC20 is the basis for the majority of the altcoins, it is anticipated that the inclusion of many investors will be witnessed in the expected airdrop.