Ethereum Classic (ETC) Developers Schedule Hard Fork for September 17
After delays and dissent, Ethereum Classic developers reached a consensus to activate the Atlantis hard fork in September.
The Atlantis hard fork will include 10 Ethereum Classic Improvement Protocols (EIP) and will be the first major upgrade in a year. Some of the proposals aim to improve the interoperability of Ethereum and Ethereum Classic, allowing for distributed apps to become interoperable. Ethereum Classic differs from Ethereum in its bid to preserve mining, but for other smart contract and dApp features, the two chains are attempting a form of synchronization.
Following the news, ETC appreciated slightly, to reach $8.72. The asset has remained relatively stagnant over the past months, moving under $9. ETC has failed to claim a higher valuation in comparison to ETH, but remains among the top 20 of assets by market capitalization. ETC also sees active trading in Asia, as well as a supportive community.
According to Blocktivity, the Ethereum Classic network carries around 52,000 transactions per day, outpacing Bitcoin Cash (BCH). Still, the network usage is relatively slow, with a negligible number of dApps.
The ETC market price is set mostly on Asian exchanges, including OKEx, and the project has strong Korean trading support. More than 37% of all ETC volumes are against Tether (USDT), and the asset is among the topmost liquid coins. ETC also receives more than $81 million’s equivalent per day from the Bitcoin (BTC) markets, Coinlib data show.
ETC, however, shows a sinking trend against BTC, moving to new lows despite the stable dollar price. In the past, ETC has peaked at above 0.008 BTC, and now sinks down to 0.0009 BTC. “Altcoin season” has not arrived for ETC, as the recent BTC rally left most altcoins behind. But the looming hard fork and exposure may serve to reawaken the asset.
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