2022-08-11 02:05:42
BitMEX launches a futures product for ETHPoW using Tether (USDT) as collateral, while FTX is still “one in love” with PoS?
BitMEX clears the way for ETHPoW
Before the threshold The Merge — a milestone in bringing the entire Ethereum network to the Proof-of-Stake (PoS) consensus mechanism, the BitMEX exchange is about to launch escrow futures contracts Tether (USDT ERC-20) for ETHPOW, the cryptocurrency representing the post-The Merge split chain that still uses Proof-of-Work (PoW).
The idea of an Ethereum fork wave was born by Chandler Guo – an influential miner in China. He uses the term “ETH POW” to refer to the post-The Merge Ethereum chain split. If successful, the fork network will be called ETHW along with the ETHPOW coin.
In spite of still uncertain about the appearance of fork chains, BitMEX still wants to offer ETHPoW trading, and the platform will officially launch the ETHPOWZ22 contract tomorrow. But BitMEX has warning that the product is “highly speculative”, due to the fact that ETHPOW will probably never exist.
This just in
A brand new ETHPOW futures contract is dropping on BitMEX tomorrow:$ETHPOW $USDT
Contract deets👇https://t.co/CuahDsXqTX pic.twitter.com/d1PAdYuqyh
— BitMEX (@BitMEX) August 8, 2022
The contract supports 2x leverage and will at least initially operate on the “Last Price/Last Price” tick method. This can be changed to the more commonly used “Fair Price” method when sufficient information is available. Earlier this month, BitMEX published a blog post concluding that while ETHPOW has many technical hurdles and doubts about its long-term viability, it remains an interesting investment channel in the short to medium term.
FTX is still “faithful” to The Merge?
Meanwhile, FTX notification does not have any plans to suspend or settle ETH futures contracts prior to the merge event and will do our best to support ongoing trading. Ethereum futures and perpetual contracts (ETH-0930 , ETH-1230 , ETH-PERP) on FTX will track PoS upon completion of The Merge. CHK will soon provide more details on the position of FTX.
FTX’s response to the Merge
Details: https://t.co/QiQYpbv8he pic.twitter.com/drAwbGoyqm
— FTX (@FTX_Official) August 9, 2022
Up to now, the list of organizations announced to support The Merge named Chainlink, AAVE and of course those who chose to accompany the consolidation event from the very beginning. Although Ethereum founder Vitalik Buterin calls the ETHW hard fork proponents a “winner”, just wanting to make a quick profit, there are still a lot of parties supporting and promoting ETH PoW, for example: Poloniex – the exchange is backed by Justin Sun and Galois Capital.
In addition, it is impossible to forget the “neutral side” including MEXC, Huobi, Gate, Digifinex and OKX is still standing at a “crossroads”, announcing that it will support Ether forks if necessary, but has not expressed support or opposition. In short, all will have to wait another month for a definite answer because The Merge will be activated on September 19.
Synthetic CHK
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