Dubbed “ETH2,” the symbol appeared to have been tracking the original Ether market data synchronously. For instance, the cost to purchase ETH2 came out to be the same as that for ETH. Meanwhile, their market capitalization, volume, circulating supply and price changes were also identical.
Coinbase is already promoting eth2 as a new coin? pic.twitter.com/C67UxooLU0
— Nuno (@nvcoelho) December 6, 2021
Nonetheless, unlike the original, the ETH2 token had no Trading Activity, Popularity Score, or Typical Hold Time, underscoring that its role — for now — is to merely track the ETH market data until at least mid-2022.
That is probably as ETH2 seems to have been posing as the native token of Ethereum’s ongoing upgrade, dubbed Ethereum 2.0, which is expected to go fully live by June 2022. But the Coinbase’s index listing appears closer to “Arrow Glacier,” a fork that would give developers more time to prepare for Ethereum 2.0.
Before Ethereum 2.0
The Arrow Glacier update aims to delay a so-called “difficulty bomb,” an incentive hardcoded inside the Ethereum blockchain since its launch in 2015, which would make it difficult for people to mine Ether. In doing so, the BOMB, if triggered, would slow down the Ethereum network, for as long as it remains proof-of-work.
Tim Beiko, one of the core developers working on the Ethereum upgrade, noted that…