33% Think ETH Will Fork Into 2 Chains Post Merge: Survey

Zinger Key Points
  • With a tentative date for the Ethereum Merge now in sight, there is speculation about the potential outcome.
  • Galois Capital's idea of a potential ETH1 blockchain post Merge scenario was not well received by ETH2 proponents.

A third of respondents to Galois Capital’s survey believe that Ethereum ETH/USD will fork into two blockchains following the Merge to Proof-of-Stake (PoS).

What Happened: In a poll posted on Twitter last week, crypto hedge fund Galois Capital asked users what they believed would be the most likely post merge scenario.

While 53.7% believed that the ETH merge would be executed smoothly, 33% of respondents said that ETH would likely fork into two chains – a new PoS chain ETH2 and the existing Proof-of-Work (PoW) chain ETH1.

For context, a blockchain fork takes place when members of the network (miners or developers) do not agree on a planned upgrade. As a result, some continue to mine the existing network under the same rules, while others contribute to the network with the upgraded software.

It is worth nothing that Ethereum itself was born as the result of a fork of the Ethereum Classic ETC/USD blockchain after the DAO hack in 2017. 

With a tentative date for the Merge now in sight, the crypto market is rife with speculation about the potential outcome for the second-largest blockchain by market capitalization.

Galois Capital floating the idea of a potential ETH1 blockchain post Merge scenario was not well received by ETH2 proponents. The Twitter account offered Ethereum creator Vitalik Buterin and one of China’s early Bitcoin BTC/USD and Ethereum miners Chandler Guo $7.5 million for consulting advice on how to minimize the damage involved in transitioning to PoS – an offer that attracted a sarcastic response from Buterin.

Price Action: According to data from Benzinga Pro, ETH was trading at $1,649, down 3.72% over 24 hours.

Posted In: CryptocurrencyNewsMarketsChandler GuoVitalik Buterin
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