Tron’s Justin Sun Open to Donating Forked ETH To Ethereum Developers On One Condition

Currently, Sun’s crypto exchange, Poloniex, has holdings of more than one million ETH.

Tron reveals plan to donate forked ETH tokens to Ethereum developers on a condition

Justin Sun, the founder of the Singapore-based Tron, has announced that he will donate some forked ETH tokens to Ethereum developers via his crypto exchange Poloniex, if Ethereum hard fork succeeds.

Sun Tweeted, “we currently have more than one million ETH.” According to his statement, if Ethereum hard fork succeeds, his company will donate “some forked ETHW to ETHW community and developers to build the Ethereum ecosystem.”

Poloniex Supports Ethereum Hard Fork Tokens

In a statement issued by Poloniex, the company stated that the exchange would offer Ethereum its full support for the upgrade and upcoming hard fork. “If successful, the Merge could create two parallel blockchains after the upgrade. All ETH holders on Poloniex will receive the forked assets at a 1:1 ratio when the upgrade is completed,” the statement read. 

Sponsored

Describing itself as “the world’s first exchange to list ETH”, and “legendary crypto exchange since 2014,” Poloniex underlined that it would list two potential forked ETH tokens and the associated markets “to mitigate the risks from market volatility during the hard fork and safeguard users’ assets.”

Poloniex further emphasized that, in order “to maintain a stable market,” it would keep the rate of exchange the same for both ETHW/ETH and ETHS/ETH. 

The exchange also teased the possibility of adding more trading pairs, as ETHS and ETHW would only exist on Poloniex, meaning that users will not be able to make deposits or withdrawals to wallets outside of Poloniex.

On the Flipside

  • A significant portion of the Tron CEO’s net worth is reportedly tied up in the Ethereum ecosystem.

Why You Should Care

Ethereum’s ETH 2.0 ‘Merge’ update is scheduled for September 2022. With the update edging closer, Poloniex’s decision to lend its full support to the upgrade could serve to instill confidence in ETH among investors. 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Akriti Seth

Akriti is a Zurich-based reporter, focused on the political, regulatory, and legislative developments around crypto. She is a business journalist with over six years of experience working as a correspondent for organizations like Channel NewsAsia and Bloomberg TV India. In that time, Akriti has covered news in the finance, pharma, and state sectors.