The company responsible for Bitfinex Derivatives, iFinex has announced the launch of Ethereum Chain Split Tokens (CSTs), before the upcoming Ethereum Merge.
The company has launched two new CST tokens, named ETHW, which is proof-of-work (PoW) and ETHS, which is proof-of-stake (PoS). Both these tokens will expire by the end of the year.
Paolo Ardoino, CTO at Bitfinex Derivatives said, “We are delighted to provide our users access to these new Ethereum Chain Split Tokens to help prepare for all eventualities as we approach the Ethereum Merge.”
Users will be able to trade on the potential fork event using these tokens, which are available on the Bitfinex derivatives platform.
According to the exchange, there are three possible outcomes. In case there is no consensus change on the current PoW chain, ETHS will expire and ETH will be given in exchange for each ETHW holding.
If the consensus change is successful with no fork, ETHW will expire and ETH will be given in exchange for each ETHS holding.
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In the event of a successful fork as well as a successful consensus change, both ETHS and ETHW will be exchanged for equivalent ETH.
“Not only are we trying to provide the best experience to our users, we also ask for their feedback while designing products like this,” said Jag Kooner, Product Manager at Bitfinex Derivatives.