Ethereum Merge and Potential Fork: What’s at Stake and What’s the Opportunity?

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The Ethereum merge — one of the most anticipated upgrades in blockchain history — is drawing near, and with it comes rising speculation about a potential hard fork. As the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) looms, the crypto community is divided. Will a new PoW chain survive? What opportunities or risks does this split present? And how are major institutions, platforms, and key opinion leaders (KOLs) positioning themselves?

This article dives deep into the perspectives of 20 influential players — from DeFi giants and stablecoin issuers to exchanges and crypto veterans — to help you understand what’s really at stake.

The Ethereum Merge: A Brief Overview

The Ethereum merge marks the network’s shift from energy-intensive mining (PoW) to a more sustainable staking model (PoS). This upgrade promises to reduce Ethereum’s energy consumption by over 99%, streamline scalability, and lay the foundation for future upgrades like sharding.

However, not everyone supports this transition. A faction of miners, developers, and investors fears that PoW’s removal undermines decentralization and threatens the livelihoods of those who’ve invested heavily in mining infrastructure.

This tension has sparked talk of a hard fork — a split that could result in two parallel Ethereum chains: ETH PoS (the post-merge official chain) and ETHPoW (a continuation of the original PoW chain).

Core Keywords

These keywords reflect the central themes of this evolving narrative and will be naturally integrated throughout the discussion.

The Anti-Fork Camp: Why Most Back ETH PoS

The majority of major platforms and ecosystem contributors support the merge and oppose any PoW fork. Their stance centers on consensus, sustainability, and long-term network integrity.

1. Chainlink: No Support for PoW Fork

Chainlink, the leading decentralized oracle network, has clearly stated it will not support any PoW fork of Ethereum. In an official blog post, the team emphasized alignment with the broader Ethereum community’s decision to move to PoS. Without reliable oracle support, DeFi applications on a PoW fork would struggle to function — a major blow to usability and trust.

"Chainlink will continue operating solely on the PoS Ethereum chain. Supporting a fork contradicts the community's vision."

2. Frax Finance: Governance-Driven Support for PoS

Frax Finance, creator of the algorithmic stablecoin FRAX, launched a governance proposal urging its DAO to recognize only the PoS chain as the legitimate Ethereum network post-merge. Given Frax’s significant presence on Curve (over 20% of TVL) and Uniswap, this move signals strong institutional backing for PoS.

👉 Discover how DeFi leaders are shaping Ethereum’s future with smart governance decisions.

3. Vitalik Buterin: Forking Is a “Quick Cash Grab”

Ethereum co-founder Vitalik Buterin dismissed the PoW fork as a profit-driven scheme. Speaking at BUIDL Asia in South Korea, he suggested that centralized stablecoins like USDC and USDT would play a decisive role in determining the fork’s fate — and implied that some exchange operators backing the fork are primarily motivated by short-term gains.

4. Curve Finance: Stability Dictates Chain Legitimacy

Curve DAO won’t force a choice — but it will follow the stablecoins. If major stablecoins like USDC or DAI don’t support the PoW chain, Curve will have no reason to operate on it. This creates a domino effect: no stablecoins → no liquidity → no viable DeFi ecosystem.

5. Crypto Pragmatist: The “Ghost Town” Scenario

Jack Niewold, founder of Crypto Pragmatist, warns that an ETH PoW fork could become a “ghost town” — devoid of developer activity, media coverage, or real-world utility. He calls the split an “Ethereum civil war” and highlights a dangerous risk: stablecoin issuers could exploit the fork by redeeming assets on one chain while shorting the other, potentially triggering mass liquidations.

6. DCG: Move to ETC, Not ETHPoW

Digital Currency Group (DCG), parent company of Grayscale, urges miners to transition to Ethereum Classic (ETC) instead of clinging to a doomed ETH PoW fork. CEO Barry Silbert argues this is the most profitable long-term path — especially since DCG has invested in ETC.

7. Paradigm: No One Wants PoW Except Miners

Hasu, researcher at Paradigm, asserts that no one in the Ethereum ecosystem besides miners wants to keep PoW. He calls the fork a trap for retail investors, driven by self-interest from miners and traders looking to profit from confusion.

8. Tether: Seamless Support for PoS Ethereum

Tether (USDT) confirmed it will support the merged PoS chain without interruption. Their stance is clear: stability comes first. They’re not taking sides on PoW vs. PoS — they’re prioritizing user experience and network reliability.

9. Circle: Full Support for PoS Transition

Circle, issuer of USDC (the second-largest stablecoin), pledged full support for Ethereum’s shift to PoS. With over $54 billion in circulation, USDC’s backing ensures liquidity and trust will remain anchored to the official chain.

10. Argent & DeBank: No Fork Support

Wallet providers Argent and DeBank have both announced they will not support any forked chains. DeBank explicitly stated that hard forks could bring “catastrophe” to the Web3 ecosystem and will disable all services on potential PoW forks.

11. Aave: Only PoS Is Recognized

Aave will only operate on the PoS chain due to oracle and liquidity constraints. Users who access Aave on a forked chain via decentralized UI do so at their own risk — no protocol support will be provided.

12. FTX & Deribit: Futures Will Track PoS Chain

Major derivatives exchanges like FTX and Deribit have confirmed their ETH futures and perpetual contracts will track the PoS chain post-merge. Deribit will only distribute forked tokens if they exceed 0.25% of ETH’s value and show stability — a high bar unlikely to be met.

The Pro-Fork Camp: Who Still Believes in ETHPoW?

Despite overwhelming opposition, a minority supports preserving the PoW chain — often citing miner rights, decentralization ideals, or speculative opportunity.

1. Gate.io: Early Support for Forked Tokens

Gate.io announced it would allow users to swap ETH 1:1 for ETHW (PoW) or ETHS (PoS) ahead of the merge. If the fork fails, ETHS will convert back to standard ETH.

2. TRON & Poloniex: Backing ETHPoW

TRON founder Justin Sun declared that USDD would become the first stablecoin on EthereumPoW. Poloniex also committed to listing the forked token, positioning itself as a hub for PoW supporters.

3. OKX: Monitoring Demand for Fork Listings

OKX CEO Jay Hao stated the exchange supports the merge but will evaluate listing ETHPoW based on user demand and market stability.

👉 See how leading exchanges are preparing for blockchain transitions and user demand shifts.

4. f2pool: Miners Decide Their Fate

f2pool, one of the largest mining pools, said it will let the miner community decide whether to continue supporting ETH PoW — and pledged ongoing mining services regardless.

5. BitMEX: Launching ETHPoW Futures

BitMEX launched ETHPoWZ22, a futures product with up to 2x leverage, betting on short-term trading demand despite long-term skepticism about the fork’s viability.

6. Guo Hongcai (Bao’erzai): Championing Miner Rights

Veteran crypto investor Guo Hongcai (aka “Bao’erzai”) launched an Ethereum fork initiative, arguing that miners who invested time, money, and faith deserve to keep their work rewarded. He advocates for a clean fork — no pre-mining, no changes — preserving Ethereum’s original spirit.

ETC Cooperative responded with an open letter urging him to abandon the effort, suggesting miners join ETC instead.

The Neutral Stance: Huobi’s Balanced Approach

Huobi (HuoB) took a middle ground — respecting community consensus but discouraging forks without real innovation. It opposes pre-mining and will support users in claiming assets only if a fork proves successful and secure.

The Silent Majority: Who Hasn’t Spoken?

Notably absent from the conversation are:

Their silence may reflect strategic caution — avoiding premature alignment or waiting for clearer market signals.

FAQ: Your Burning Questions Answered

Q1: Will there definitely be an ETH PoW fork?
A: While technically possible, success is unlikely without support from stablecoins, DeFi protocols, or major exchanges. Most indicators suggest low adoption.

Q2: If I hold ETH, will I get free coins from a fork?
A: Only if an exchange or wallet you use supports the fork. On-chain holders may receive tokens automatically — but they could have little or no value.

Q3: Is ETHPoW a good investment?
A: High risk, speculative at best. Without ecosystem support, liquidity, or developer activity, long-term value is questionable.

Q4: Can both chains coexist like Bitcoin and Bitcoin Cash?
A: Unlikely. Bitcoin Cash had early merchant adoption; ETHPoW lacks equivalent traction. Ethereum’s ecosystem is tightly coupled — splitting it fractures utility.

Q5: What happens to staking rewards after the merge?
A: Stakers continue earning rewards on the PoS chain. The network becomes more efficient, with lower entry barriers for participation.

Q6: How does this affect gas fees?
A: The merge doesn’t directly reduce gas fees — that requires scaling solutions like rollups. However, it paves the way for future upgrades that will.

Final Thoughts: The Future Belongs to Consensus

While the idea of an ETH PoW fork stirs emotion — especially among miners — the future of Ethereum lies with PoS. The overwhelming support from DeFi leaders, stablecoin issuers, developers, and major platforms makes this clear.

Any surviving PoW chain will likely become a niche playground for speculators — not a legitimate successor to Ethereum’s legacy.

For users, the message is simple: Stay informed, avoid hype-driven decisions, and align with networks backed by real utility and consensus.

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This article does not constitute financial advice. Always conduct your own research before making investment decisions.