The Ethereum Merge—officially known as "The Merge"—is one of the most anticipated upgrades in blockchain history. Scheduled for mid-September 2025, this pivotal transition marks Ethereum’s shift from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. As the deadline approaches, major institutions, exchanges, developers, and investors have begun aligning themselves with one of four emerging factions: ETHPoS supporters, ETHPoW advocates, neutral observers, and those remaining uncommitted.
This article breaks down the stances of 20 leading crypto entities, offering a clear, SEO-optimized overview of where the industry stands ahead of this transformative event.
Understanding the Ethereum Merge
The Ethereum Merge aims to address three core challenges: security, scalability, and environmental sustainability. By transitioning to PoS, Ethereum expects to reduce energy consumption by over 99%, significantly improving its ecological footprint.
After the Merge, miners will no longer validate transactions. Instead, validators who stake ETH will secure the network. Importantly, staked ETH will not be immediately withdrawable—this functionality is expected in a later upgrade, often referred to as "the Shanghai upgrade," estimated 6–12 months post-Merge.
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Faction 1: ETHPoS Supporters – Backing the Official PoS Chain
This group firmly supports the transition to PoS and opposes any continuation of PoW-based Ethereum forks. Their rationale centers on network continuity, developer alignment, and ecosystem stability.
Chainlink
Chainlink has publicly opposed PoW forks, affirming that its oracle services will continue exclusively on the PoS Ethereum chain. The team emphasized that without reliable oracles, DeFi applications on a PoW fork would struggle to function.
Frax Finance
Frax Finance’s founder, Sam Kazemian, proposed a governance motion urging the DAO to recognize only the PoS chain as the legitimate Ethereum post-Merge. As a top-five stablecoin by market cap and major liquidity provider on Curve and Uniswap, Frax’s stance carries significant weight.
Vitalik Buterin
Ethereum co-founder Vitalik Buterin highlighted that centralized stablecoins like USDC and USDT will play a decisive role in determining the fate of any PoW fork. He criticized pro-fork efforts as profit-driven moves by exchanges and miners, rather than community-backed initiatives.
Curve Finance
Curve DAO stated it cannot force a chain choice, but emphasized that only the chain adopted by stablecoins will be viable for its protocol. This indirectly pressures stablecoin issuers to make early decisions.
Crypto Pragmatist (Jack Niewold)
Analyst Jack Niewold labeled a potential PoW fork a “ghost town” due to lack of developer support and media attention. He warned of systemic risks if stablecoin issuers were to redeem on a PoW chain while shorting ETH on the PoS side—potentially triggering mass liquidations.
DCG & Barry Silbert
Digital Currency Group (DCG) CEO Barry Silbert declared full support for PoS Ethereum and advised miners to migrate to Ethereum Classic (ETC) for sustainable mining income.
Paradigm (Hasu)
Researcher Hasu noted that while the Merge could be delayed if technical issues arise, there is near-universal agreement within the core community to abandon PoW. He views PoW forks as traps for retail investors.
Tether & Circle
Both Tether (USDT) and Circle (USDC) have committed to supporting the PoS Ethereum chain. Circle stressed its responsibility to users and developers relying on USDC. Tether stated its support would be seamless, emphasizing responsible behavior over speculation.
Argent & DeBank
Wallet provider Argent praised the Merge’s energy efficiency and confirmed no plans to support PoW forks. DeBank went further, announcing that all its products—including Rabby Wallet and DeBank Open API—will ignore any forked chains to protect users from confusion and loss.
Aave
Aave will operate solely on the PoS chain due to oracle and liquidity constraints. Users accessing Aave via UI on a forked chain do so at their own risk.
FTX & Deribit
FTX affirmed it will continue listing ETH futures tracking the PoS chain. Deribit will settle contracts on the ETH Foundation-supported chain (PoS). While it may distribute forked tokens if they exceed 0.25% of ETH’s value, they won’t be accepted as margin.
Faction 2: ETHPoW Advocates – Pushing for a PoW Fork
This faction believes in preserving mining and decentralization through a continued PoW chain. While facing skepticism from core developers, they’ve gained traction among certain exchanges and mining pools.
Gate.io
Gate.io announced support for ETH token swaps during the upgrade window, allowing users to convert ETH into ETHS (PoS) or ETHW (PoW). If the fork fails, ETHS reverts to standard ETH.
Tron (Sun Yuchen)
Tron founder Sun Yuchen expressed belief in PoW’s enduring value. He claimed that USDD, Tron’s algorithmic stablecoin, would become the first stablecoin on EthereumPoW. Exchange Poloniex also pledged early support.
“We may have underestimated the value of Ethereum as the last major PoW smart contract platform.” – Sun Yuchen
OKX
OKX CEO Jay Hao stated the exchange is actively monitoring the Merge and will assess listing forked tokens based on user demand.
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F2Pool & MXC (抹茶)
Major mining pool F2Pool pledged to support ETH PoW mining services, letting miners decide the chain’s future. MXC (MEXC) confirmed it will distribute 1:1 forked assets to ETH holders.
BitMEX
Despite acknowledging technical hurdles, BitMEX launched ETHPoWZ22, a USDT-margined futures contract with up to 2x leverage, signaling short-term speculative interest.
Guo Hongcai ("Bao Er Ye")
Chinese miner advocate Guo Hongcai launched a YouTube manifesto supporting ETHPoW, arguing miners deserve continuity after years of investment. He called for a clean fork without pre-mines or inflation changes.
ETC Cooperative responded by urging him to redirect miners to ETC instead.
Faction 3: Neutral – Observing with Caution
Huobi (HuoB)
Huobi adopted a neutral stance, stating it respects community consensus but opposes forks without innovation or involving pre-mines. It will support asset claims only if chains are secure and successfully maintained.
Faction 4: No Public Stance
Several key players remain silent:
- Major mining pools: Ethermine, Hiveon, 2Miners
- Top exchange: Coinbase
- Some wallet providers and infrastructure firms
Their silence may reflect strategic caution rather than indifference. As the Merge nears, expect more announcements.
Frequently Asked Questions (FAQ)
Q: What happens to my ETH after the Merge?
A: Your ETH balance remains unchanged. No action is required for standard holders. The token simply moves from PoW to PoS consensus.
Q: Will there be two types of ETH after the Merge?
A: Possibly. If a PoW fork occurs, you may receive free tokens on the new chain (e.g., ETHW). However, only the PoS chain is recognized by most major platforms.
Q: Can I still mine Ethereum after the Merge?
A: Not on the main Ethereum chain. Mining ends with PoW’s deactivation. Miners may switch to ETC or support a potential ETHPoW fork.
Q: Are stablecoins supporting both chains?
A: No. Tether and Circle have confirmed support only for the PoS chain. USDD claims support for ETHPoW, but adoption remains limited.
Q: Should I worry about my DeFi positions?
A: On the official PoS chain—no. Most protocols like Aave and Curve won’t operate on forks. Avoid interacting with forked versions of these platforms.
Q: How can I prepare for potential forks?
A: Use non-custodial wallets cautiously before the Merge. Exchanges typically handle distribution automatically. Avoid using forked tokens until legitimacy is confirmed.
Final Thoughts
As Ethereum approaches its historic Merge, alignment among major players reveals a clear trend: institutional and developer support overwhelmingly favors PoS. While a PoW fork may emerge with backing from certain exchanges and miners, its long-term viability hinges on liquidity, stablecoin support, and community adoption—none of which are guaranteed.
For users, the safest path is clear: support the PoS chain, avoid unverified forks, and stay informed through trusted platforms.
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