Yuga Labs' Stance on The Merge and Ethereum PoW
Yuga Labs, the powerhouse behind prominent NFT collections like Bored Ape Yacht Club (BAYC), has made an official statement regarding The Merge and the Ethereum Proof-of-Work (PoW) fork scenario.
Yuga Labs' Stance on The Merge and Ethereum PoW
As The Merge approaches, various stakeholders have expressed their views on the Ethereum Proof-of-Work and Proof-of-Stake scenarios. If you’re unclear on the post-Merge debate, you can refer to the attached article below.
On August 18, 2022, Yuga Labs announced its position on the matter:
The Ethereum network is gearing up for the merge mid September. In line with the broader Ethereum community, in the event of a viable PoW fork, Yuga intends to only recognize NFTs on the PoS ETH chain as subject to the relevant NFT license and eligible for Yuga-offered utility
— Yuga Labs (@yugalabs) August 17, 2022
“The Ethereum Merge is scheduled for September 15-16.
Given the potential for PoW forks post-Merge, Yuga Labs will only recognize NFTs on the ETH PoS chain as the authentic, copyright-protected version, exactly as they exist on the current Ethereum chain.”
Thus, Yuga Labs and its NFT ecosystem will exclusively accept NFTs on the ETH PoS chain. NFTs appearing on any PoW hard fork chains will not be recognized or supported by Yuga Labs.
With this announcement, Yuga Labs joins the ranks of Ethereum PoS supporters. Previously, Aave, along with various DeFi protocols and the FTX exchange, have backed The Merge and Ethereum 2.0. Major stablecoins like USDC and USDT, key players in this debate, have also affirmed their support for ETH PoS.
Crypto Projects' Stances on Ethereum Post-Merge
On the flip side, EthereumPoW (ETHW) has faced considerable controversy, particularly regarding its intentions to freeze user assets after The Merge. However, ETHW remains a fork project initiated by some Ethereum miners. The future of PoW forks and their backing remains uncertain.
