Ethereum Merge: 4 Key Factions and 20 Major Crypto Players’ Stances Revealed

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The Ethereum Merge—officially transitioning the network from proof-of-work (PoW) to proof-of-stake (PoS)—is one of the most anticipated events in blockchain history. Scheduled for September 15, 2025, this upgrade promises to reshape the future of decentralized finance, smart contracts, and energy-efficient consensus mechanisms.

With less than a month before the pivotal shift, major institutions, exchanges, developers, and investors have begun declaring their positions. The landscape has split into four distinct camps: pro-PoS, pro-PoW fork, neutral, and silent observers. This article breaks down each faction and analyzes the official stances of 20 leading crypto entities—giving you a clear, comprehensive view of where the industry stands ahead of The Merge.

Understanding the Ethereum Merge

The Merge refers to the integration of Ethereum’s existing execution layer (where transactions and smart contracts are processed) with the Beacon Chain, its new consensus layer based on PoS. This transition aims to resolve three core challenges:

After The Merge, miners will no longer validate blocks. Instead, validators who stake ETH will secure the network. Importantly, staked ETH will not be immediately withdrawable—this functionality is expected in a follow-up upgrade known as "The Surge," estimated 6–12 months later.

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Faction 1: Pro-PoS (ETHPoS) – The Mainstream Consensus

This group represents the majority of the Ethereum ecosystem. They support the official PoS transition and reject any continuation of PoW as a legitimate fork.

Chainlink

Chainlink has publicly opposed any PoW fork, affirming that its oracle services will continue operating exclusively on the PoS Ethereum chain. Without reliable data feeds from oracles like Chainlink, DeFi applications on a PoW fork would struggle to function.

Frax Finance

Frax DAO proposed recognizing only PoS Ethereum post-Merge as the legitimate network for its stablecoin operations. As a top-five stablecoin by market cap and major liquidity provider on Curve, Frax’s stance carries significant weight.

Vitalik Buterin

Ethereum co-founder Vitalik Buterin emphasized that centralized stablecoins like USDC and USDT will play a decisive role in determining which chain gains legitimacy. He dismissed PoW fork supporters as profit-driven actors with little long-term vision.

Curve Finance

Curve Finance noted that while DAOs can't force a chain choice, the real decision lies with stablecoins. “Only the chain chosen by stablecoins will be viable,” stated their team.

DCG & Barry Silbert

Digital Currency Group (DCG), led by CEO Barry Silbert, fully backs PoS Ethereum. Silbert advised miners to transition to Ethereum Classic (ETC) for continued mining revenue.

Paradigm (Hasu)

Researcher Hasu from Paradigm called the PoW fork a “trap” for retail investors, driven only by short-term gains for miners and exchanges. He stressed that developer activity—and therefore value—will remain on PoS Ethereum.

Tether & Circle

Tether confirmed seamless support for ETH2, emphasizing responsible behavior to avoid user disruption. Circle, issuer of USDC (valued at $54.2 billion), committed to doing “the right thing” for developers, enterprises, and users relying on its stablecoin.

DeBank & Argent

Both DeBank and Argent wallets announced they will not support any PoW forks. DeBank explicitly stated that hard forks could bring “catastrophic” risks to Web3, including confusion, asset loss, and protocol collapse.

Aave & FTX

Aave warned that without proper oracle support and liquidity, its lending protocol cannot operate safely on a PoW chain. FTX confirmed it will continue listing ETH futures tied solely to the PoS network post-Merge.

Faction 2: Pro-PoW Fork (ETHPoW) – The Miner-Backed Resistance

This faction supports preserving proof-of-work through a hard fork, aiming to maintain mining viability and ideological continuity.

Gate.io

Gate.io became one of the first major exchanges to support ETH’s potential PoW fork. It offered users a 1:1 conversion between ETH and speculative tokens ETHS (PoS) or ETHW (PoW). If the fork fails, ETHS reverts to standard ETH.

Tron (Sun Yuchen)

Sun Yuchen (aka Justin Sun), founder of Tron, voiced support for both the Merge and potential forks. He claimed USDD would become the first stablecoin on EthereumPoW and praised PoW’s historical value. Poloniex also pledged early support for ETHW.

F2Pool

One of the largest mining pools, F2Pool declared it would let the miner community decide the fate of PoW Ethereum and committed to providing infrastructure regardless.

MEXC (抹茶)

MEXC announced full support for any successful ETH fork, ensuring users receive 1:1 airdropped assets from both chains post-upgrade.

BitMEX

Despite skepticism about long-term viability, BitMEX launched ETHPoWZ22—a USDT-margined futures contract with up to 2x leverage—offering traders speculative exposure to the PoW chain.

Bao’erzi (Guo Hongcai)

Known as "Bao’erzi," this prominent Chinese miner advocates for an uncensored, unmodified PoW fork to protect miners' investments. He argues that these contributors deserve continued recognition within the ecosystem.

Faction 3: Neutral – Wait-and-See Approach

Huobi

Huobi adopted a neutral stance, stating it respects community consensus but opposes forks without innovation or those involving pre-mining. It reserves the right to support any chain deemed secure and successful.

Faction 4: Silent Observers – No Public Stance

Major players like Coinbase, Ethermine, Hiveon, and 2Miners have remained publicly silent. While their silence may reflect strategic caution, their eventual decisions could significantly influence market sentiment.

Frequently Asked Questions (FAQ)

Q: What happens to my ETH during The Merge?
A: Your ETH balance remains unchanged. No action is required unless you’re staking or using DeFi platforms directly affected by chain selection.

Q: Will there be two types of ETH after the Merge?
A: Potentially yes—one on PoS (official Ethereum) and one on a PoW fork (e.g., ETHW). However, only PoS Ethereum is recognized by most major platforms.

Q: Can I still mine Ethereum after The Merge?
A: Not on the mainnet. Mining ends with PoW’s retirement. Miners may shift to ETC or support a minority PoW fork if it survives.

Q: Which stablecoins are supporting the PoW fork?
A: As of now, only USDD has officially backed EthereumPoW. USDC and USDT are supporting PoS Ethereum only.

Q: Are exchanges listing both ETH chains?
A: Some, like Gate.io and MEXC, plan to list both. Others like Coinbase remain undecided. FTX will track only PoS-based contracts.

Q: Is the PoW fork likely to succeed?
A: Most experts believe it lacks long-term sustainability due to missing developer support, limited dApp migration, and absence of key infrastructure like oracles.

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Core Keywords

The Ethereum Merge marks more than a technical upgrade—it’s a philosophical turning point. The divide between innovation and tradition, efficiency and decentralization, speculation and sustainability is now clear.

While institutions rally behind PoS Ethereum as the legitimate evolution of the network, a determined minority fights to preserve mining culture through a PoW fork. Yet without broad developer adoption, stablecoin backing, or meaningful utility, the longevity of ETHPoW remains uncertain.

As users navigate this shift, clarity from trusted platforms is essential. Whether you're staking, trading, or building on Ethereum, understanding where key players stand helps you make informed decisions in a rapidly evolving landscape.

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