Young Platform supports the Ethereum Proof-of-Work (ETHW) airdrop
Young Platform supports ETHW’s airdrop. When will it be distributed? Who is entitled to it?
After the activation of Ethereum’s The Merge update, a group of miners performed a hard fork, creating a new blockchain on which mining can continue. This alternative blockchain, called Ethereum Proof-of-Work, has its own new token, ETHW. It will be distributed via airdrop to all those who owned Ether before The Merge.
When will ETHW’s airdrop be released?
Excluding possible delays by the Custody Provider relied upon by Young Platform, which is carrying out checks and monitoring the blockchain created from the hard fork, we expect to airdrop the ETHW tokens over the next 15 days, during which a date will be announced as soon as it is certain. The airdrop will be carried out in a 1:1 ratio, meaning that for every ETH held prior to the activation of The Merge, one ETHW will be released.
There are currently no plans to list the ETHW token. However, the Young Platform team is considering it. A possible listing will be announced with advance notice!
Who can participate in the airdrop?
The distribution of the ETHW token is calculated on the basis of the snapshot taken on the 15th September 2022 at 06:42 UTC. This corresponds to the time when The Merge update was activated.
To check whether you are entitled to ETHW airdrop on Young Platform, please refer to these three different cases. If on the 15 September 2022, at 06:42 UTC:
1. You had ETHs in your Spot Wallet
You will receive the ETHWs you are entitled to directly in your Spot Wallet.
2. You had ETHs active in your Earning Wallet
If you had not deactivated the Earning Wallet functionality for your ETHs by the 15th of September 2022 06:42 UTC, your right to receive the ETHW airdrop depends on the outcome of the analysis that Young Platform’s Earning Wallet Provider is performing on the new blockchain created from the fork. You will be able to receive ETHW in proportion to your Ether in the Earning Wallet only if the Ethereum Proof-of-Work blockchain is supported by Copper (the Custody Provider) within 30 days after the hard fork. Moreover, the new blockchain must simultaneously meet at least two of the three requirements explained below.
The three requirements, two of which must be met by the Ethereum Proof-of-Work blockchain, are:
- Hash Power: the average hash power mining of ETHW on the 30th day following the occurrence of the Hard Fork (calculated as a 30-day average on such date) is at least 5% of the hash power mining of ETH on the day preceding the Hard Fork (calculated as a 3-day average of the 3 days preceding the Hard Fork).
- Market Capitalization: the average market capitalisation of ETHW (defined as the total value of all ETHW) on the 30th day following the occurrence the Hard Fork (calculated as a 30-day average on such date) is at least 5% of the average market capitalisation of ETH, calculated as a 30-day average on such date.
- 24-Hour Trading Volume: the average 24-hour trading volume of the ETHW on the 30th day following the occurrence the Hard Fork (calculated as a 30-day average on such date) is at least 1% of the average 24-hour trading volume of ETH (calculated as a 30-day average on such date).
The fulfilment of the requirements and the consequent right to receive the airdrop will be promptly communicated according to the required timeframe for the analyses (approximately one month).
3. You deactivated the Earning Wallet functionality for your ETHs before the 15th of September 2022
If you deactivated the Earning Wallet functionality for your ETHs before the 15th of September 2022 06:42 UTC, but your ETHs were not yet transferred from the Earning Wallet to your Spot Wallet, you are still entitled to the airdrop. You therefore fall under case 1 “You had ETH in your Wallet”.