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Bitfinex unveils Ethereum chain split tokens

Stolen Bitcoin worth $100 Million Moved from Bitfinex
Stolen Bitcoin worth $100 Million Moved from Bitfinex

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Popular crypto trading platform Bitfinex has unveiled its Ethereum (ETH) Chain Split Tokens (CSTs). Bitfinex operator, iFinex Financial Technologies Limited, confirmed this development in a statement. The Chain Split Tokens will pave the way for users to trade on the imminent Ethereum consensus protocol.

According to the operator, it plans to make the CST tokens readily available in trading pairs on the derivative platforms. The CST tokens will be in two folds, ETHW (for PoW) and ETHS (for PoS).

The CTO of Bitfiniex, Paolo Ardoino, reacted to the development. He said,  “the team is 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.” 

Jag Kooner, the Product Manager at Bitfinex Derivatives, also commented on the CST unveiling. Kooner boasted that Bitfinex is trying to provide the best experiences to its customers. He added that the crypto trading platform would look forward to customers’ feedback while developing such products.

Bitfinex identified three possible situations and the roles of the ETHW and ETHS tokens in each. The first possible situation, as depicted by the firm, is if the Ethereum Merge failed to bring about a consensus change on the current Ethereum (PoW chain). Bitfinex says ETHS will expire, and ETH will become traded for every ETHW holding. 

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The second possible situation is if the merge brings about a consensus change for the Ethereum PoS chain with no fork, ETHW will expire, and Bitfinex will avail an amount equivalent to ETH for ETHS holdings. 

The third possible situation is that if the fork and consensus shift for Ethereum is successful, users will receive their corresponding ETHW and ETHS coins. Bitfinex, however, advised users to prepare for the three possibilities.

The crypto trading platform said that ETH would be debited in their respective accounts when users create the Token Manager. Upon the successful debit, they will receive the equivalent of the ETH in the form of ETHW/ETHS. Bitfinex further said that the network would provide users with a feature to help them reverse the transactions at any time. This will be possible by exchanging an equivalent amount of ETHW and ETHS for ETH. The firm, however, hinted that these CSTs would expire on the last day of 2022.

The unveiling of the CSTs is coming a month after it launched a P2P app. According to reports, Bitfinex partnered with Hypercore and Tether to build Keet’s project. Bitfinex says Keet will function as an application to aid the sharing of live files, audio and video calls, and text chat.

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