- Ethereum Classic, a project that keeps Ethereum’s original codes, is now outperforming the crypto market, gaining 80% in seven days.
- The recent rise in popularity of Ethereum Classic has been linked to miners migrating to ETC after Ethereum’s mainnet Merge.
- Relishing the possibility, developers of Ethereum Classic have announced that they are ready to welcome “disenfranchised Ethash miners.”
- After an update, Ethereum Classic can now be directly converted to fiat using Payment gateway NOWPayments_io.
Ethereum Classic is the original, unaltered version of ETH. After the famous hack of 2016, the Ethereum Foundation launched a new form of the ETH mainnet. However, some miners stuck to the original ETH codes, starting the Ethereum Classic project.
And unlike Ethereum, looking to migrate to a proof-of-stake (PoS) consensus model, Ethereum Classic remains ETH’s original proof-of-work (PoW) status. So, why has this unaltered version of Ethereum been outperforming every cryptocurrency in the market?
Recent Developments and Future Events
Following a smooth completion of Ethereum’s Merge on the Kiln Testnet, ETH miners are already looking to migrate with their expensive machines to other networks, with Ethereum Classic looking to become the biggest beneficiary.
Developers of Ethereum Classic look all but ready to welcome “Disenfranchised Ethash Miners.” The Ethereum Classic team also announced that ETC is now compatible with the Ethereum Virtual machine, meaning ETH dApps can port over to ETC.
On March 18, Ethereum Classic published a blog, “Ethash Miners: Migrating to ETChash Post ETH Merge.” An excerpt from the blog reads;
“This Merge event will disenfranchise the largest EVM’s Proof of Work mining ecosystem. Ethereum Classic is well-positioned to absorb much of this abandoned Ethash hashrate.”
Receiving more miners will increase the power (hashrate) of the Ethereum Classic network. The greater the number of miners on the network, the greater its security and the less likely it is to fall victim to a 51% attack.
Anticipating an influx of miners, Ethereum Classic has announced that its block rewards will be reduced by 20%. The process, which has been dubbed the “fifthening” by miners, will see ETC’s block reward drop to 2.56 ETC per block.
Before the migration of miners to Ethereum Classic took center stage, the project announced that it can now be directly converted to fiat using Payment gateway NOWPayments_io. Buyers and sellers using NOWPayments can accept both $ETC and fiat, without any stress.
Ethereum Classic has also been growing its ecosytem, supporting the growth of dApps, DEXs, DeFi, and NFTs on the network. In late February, decentralized exchange HebeSwap launched on the ETC network with its wallet supporting up to 100 chains.
The speculation that Ethereum miners would be migrating to Ethereum Classic has driven the price of ETC to new highs. Over the last 24 hours, ETC has gained 11% and over 80% in the last seven days.
The 24-hour price chart of Ethereum Classic (ETC). Source: Tradingview
Its 80% gains over the past week dwarf those of other top 50 cryptocurrencies. Ethereum Classic’s recent gains have seen the token set a new 4-month trading high at $50.37.
The seven-day price chart of Ethereum Classic (ETC). Source: Tradingview
ETC now trades at $48.677 and is ranked as the 28th largest crypto, with a market cap of $6.5 billion.
On the Flipside
- Despite having the same roots, Ethereum Classic has suffered less use and popularity than its sibling, Ethereum.
- In addition, despite the recent price boost, the price of ETC is still 73% down from its May 2021 all-time high of $176.16.
Expectations of the migration of ETH miners to the Ethereum Classic network has caused a rejuvenation in the ETC community. The Ethereum Classic community is sharing their bullish expectations for the ETC coin.
Popular crypto analyst Frank Nii Okanta Ankrah, wrote about ETC;
Ethan J. Dewicki wrote;
Sharing his thought about the project, @BreezeCrypto wrote;
I don't know who needs to hear this but Ethereum Classic is still the original Ethereum and $ETC is still Vitalik's first creation. When ETH goes Proof of Stake ETC will be the only Ethereum using proof of work (a higher degree of security compared to PoS). #ClassicIsComing pic.twitter.com/AJnWR24hOY— breeze (@BreezeCrypto) March 22, 2022
Why You Should Care
Gaining additional miner support from Ethereum’s merge would improve the security of the Ethereum Classic network and could potentially boost the price of the ETC coin as broader ranks of miners hold and trade it.