Ahead of Ethereum Merge iFinex Financial Technologies Limited Offers New Chain Split Tokens (CSTs)
in Media Releases
PROVIDENCE, Mahe, Seychelles, August 23 2022 – iFinex Financial Technologies Limited, which operates Bitfinex Derivatives, has today launched Ethereum (ETH) Chain Split Tokens (CSTs). The CSTs will enable users to trade on the potential fork event in the Ethereum consensus protocol that may result in ETH Proof of Work (PoW) and ETH Proof of Stake (PoS) tokens.
The new CST tokens, named ETHW (PoW) and ETHS (PoS), will be available in trading pairs on the derivative platform.
“We are delighted to provide our users access to these new Ethereum Chain Split Tokens to help prepare for all eventualities as we approach the Ethereum Merge,” said Paolo Ardoino, CTO at Bitfinex Derivatives.
“Not only are we trying to provide the best experience to our users, we also ask for their feedback while designing products like this,” added Jag Kooner, Product Manager at Bitfinex Derivatives.
Bitfinex Derivatives has identified three potential scenarios and therefore the ETHW and ETHS tokens are designed to give users the ability to help prepare for the following outcomes:
- In the event that there will be no consensus change on the current Ethereum (Ethereum Proof of Work chain) ETHS will expire worthless and ETH will be given in exchange for each ETHW holding.
- In the event of a successful consensus change for Ethereum (Ethereum Proof of Stake chain) with no fork, ETHW will expire worthless and ETH will be given in exchange for each ETHS holding.
- In the event of a successful fork and a successful consensus change for Ethereum, users will be credited with their respective ETHW and ETHS tokens.
These tokens will expire on 31st December 2022. For full product disclosure please see CST terms.
Customers will be able to create the CSTs using the Token Manager located in the Order Form drop down menu of the sidebar order ticket, or in the menu at the top of the User Interface. Upon creation by a user, ETH will be debited from the user’s account, and an equivalent amount of ETHW/ ETHS will be credited. Users will also be able to reverse this process at any time, redeeming equal numbers of ETHW and ETHS to extract ETH. Further details regarding margin positions and the implications on long or short positions for Ethereum will be announced in due course.
*All users of www.bitfinex.com are subject to iFinex Financial Technologies Limited’s terms of service (“TOS”). Please note that U.S. persons (as defined in the TOS), among other prohibited persons (as defined in the TOS), are strictly prohibited from directly or indirectly holding, owning or operating an Account (as defined in the TOS) on www.bitfinex.com.
The above summary description is for convenience purposes only. ETHW (PoW) and ETHS (PoS) chain split tokens are more particularly described in the CST terms. If there are any differences between the description above and the CST terms, including as the CST terms may be updated from time to time, the CST terms will govern. iFinex Financial Technologies Limited does not intend to update this press release at any time. ETHW (PoW) and ETHS (PoS) are risky and may expire without any value. Please read the CST terms carefully to ensure you understand ETHW (PoW) and ETHS (PoS) chain split tokens available on the derivatives platform. Please ensure you independently assess, understand and accept the related risks before deciding to purchase ETHW (PoW) or ETHS (PoS).
About Bitfinex Derivatives
Launched in September 2019, iFinex Financial Technologies Limited offers a derivatives platform that is accessible through Bitfinex, a digital token trading platform offering state-of-the-art services for digital currency traders and global liquidity providers. Visit www.bitfinex.com to learn more.