ETHPOW faces uncertain future as DeFi TVL falls below $150,000
- ETHPOW’s TVL has fallen to an all-time low.
- Lively handle rely on the community is lower than 1% of its whole handle.
The full worth locked (TVL) on the Ethereum proof-of-work (ETHPOW) community has fallen to its lowest stage since its launch as focus shifts utterly away from the Ethereum fork.
How a lot are 1,10,100 ETHWs value at the moment?
ETHPOW is a fork of Ethereum that went dwell on 15 September 2022, following the Ethereum mainnet’s transition to a proof-of-stake (PoS) consensus mechanism. Following the transition, ETHPOW continued to make use of a proof-of-work consensus mechanism.
Nevertheless, failing to achieve the projected traction, its decentralized finance (DeFi) TVL has since fallen steadily after peaking at $6.8 million on 28 October 2022.
In accordance with DefiLlama, ETHPOW’s TVL was lower than $150,000 at press time. At $110,771, the community’s TVL has plummeted by 98% within the final yr.
Supply: DefiLlama
Quickly-to-be useless?
When it comes to rating, as of this writing, the DeFi protocol with the very best TVL on ETHPOW was UniWswap, with a TVL of $66,646. As of October 2022, the mission’s TVL sat above $5 million.
Within the final week alone, 14 out of the 15 protocols housed throughout the chain logged TVL dips, with one declining as little as 10%.
Supply: DefiLlama
Relating to mining on the community, knowledge from 2Miners.com revealed a sustained decline in ETHPOW’s hashrate. At 9.32 TH/s at press time, the chain’s hashrate has dropped by 45% for the reason that yr started and by 86% since its launch date.
As anticipated, the drop in mining exercise on EthereumPOW additionally culminated in an analogous downward adjustment within the chain’s mining problem. At press time, the community problem was 125.87 T, an 84% decline in community problem for the reason that first block was mined on the community in September 2022.
An prolonged decline in a community’s hash price and community problem may make the community much less safe, centralized, and worthwhile. This might make it much less enticing to customers and builders, which may result in a decline within the community’s total worth.
Learn EthereumPOW’s [ETHW] Worth Prediction 2023-24
Consumer exercise on ETHPOW
In accordance with knowledge from OKLink, ETHPoW noticed an inflow of latest addresses within the final 24 hours. Info from the on-chain knowledge supplier confirmed that 99,000 new addresses had been created on the blockchain throughout that interval, bringing the whole variety of addresses on the chain to 374.71 million.
Nevertheless, at press time, solely 0.053% of this whole handle rely was energetic on the chain. As for its ETHW coin, it traded at $1.21 on the time of writing, having logged an 83% decline in worth in final yr, in line with knowledge from CoinMarketCap.
Supply: CoinMarketCap
