Ethereum’s Proof-of-Work Futures to Trade on the Largest Derivative PlatformsAugust 8, 2022
Ethereum is moving closer to the major Merge update that will define it all. That is why different platforms are working hard and are almost ready to meet the demands of retailers as well as institutional investors. Just as many entities that want to experience another version of the world’s second-largest cryptocurrency running on a PoW algorithm.
The Research Looking for More Possibilities
The BitMEX research team had earlier conducted small research. The research bordered on how it might be possible to have a slit chain on Ethereum’s network. It should be able to aid in creating a new Ethereum PoW asset that will equally be available to other users for trading.
BitMEX then made a decision to be part of the first providers of crypto derivatives. It wants to give a leveraged trading platform for Ethereum Proof-of-work tokens. It ETHPoWZ22 is set to go live on Tuesday but it is currently available on testnet for those who are willing to try it out before it is deployed for actual trading.
The statement released to the press has it that users will have an opportunity of trading at two times leverage after USDT ERC-20 has gone live. What is important to note as disclosed is that ETHPoW is not yet in existence and might not be in the market, ever. This gives a reason for traders to be cautious while they trade the asset, most especially as they use leverage.
A Time for Greater Caution
Traders are also urged to bare in mind that the smart contract could morph into a deleveraging subject. This is because of its completely speculative nature. If and when it deleverages, traders will not be able to utilize its margin in any way.
As of the time of putting this report together, Ethereum has a steady ascent in the market. The asset is gently moving toward the $1,800 mark.
Aside from the anticipated Merge into PoS, another factor that has aided Ethereum’s growth in recent weeks is the general market’s rally. Rather than external effects, the market was spurred from within.
Ethereum has one of the fastest growth rates in the crypto market as this rally goes on. It surpasses that of Bitcoin which has poorly relative to its all-time high. Although it is doing considerably well in comparison to most of the year.
The final Merge might see Ethereum aiming for $2,500 at this rate.