After Cardano (ADA) inventor Charles Hoskinson proposed that Ethereum miners switch to Ergo, Ethereum founder Vitalik Buterin claimed that ETC’s friendly community made it a nice coin to mine, Ethereum Classic (ETC) declined by 13.33% since September 6, as reported by Cryptoslate.
As per Cryptoslate, ETC had been trading as high as $41.52, but on September 6 it dropped 19.73% in just half a day to as low as $33.31. In the hours that followed, it swiftly increased by 8%. As of this writing, it is trading at $36.
The attention of the cryptocurrency community has shifted to all Ethereum forks, including ETC, as The Merge approaches. Hoskinson and Buterin have both expressed their views on the direction that Ethereum miners should take when the Merge is finished.
Cryptoslate noted that he expressed his views on ETC a short while ago and called it a “dead project with no purpose or any convincing case to exist.”
Hoskinson had earlier proposed establishing a decentralised treasury and an ETC development fund. In his proposal, a portion of the ETC block rewards allotment was moved from the treasury.
The ETC community rejected this idea because they objected to what Twitter user Maximalist.etc referred to as a “20% miner tax” on their payouts.
The node operator cryptovium ran a Twitter poll on August 23 asking which PoW coin Ethereum miners will switch to once the merge is complete. Participants may vote between ETC, Ergo, Ravencoin, and FLUX.
With 45.5% of the vote, Ergo emerged as the overwhelming victor of the survey. With 27.6% and 19% of the votes, FLUX and Ravencoin came in second and third, respectively. With only 8% of the vote, ETC came in last, Cryptoslate noted.
(With insights from Cryptoslate)