News

BitMex Is The Latest Exchange To FOMO Hard Fork Ethereum

The BitMEX exchange plans to provide leveraged exposure for ETHPOW – a potential Ethereum fork that does not yet exist. The plan is based on a potential hard fork effort to retain the Ethereum PoW chain after The Merge event in September.

Starting Tuesday, traders will be able to secure loans up to 2x leverage on Tether (USDT ERC-20)-ETHPOW margin contracts, according to the BitMEX blog.

There are several differences between the ETHPOW contract and other futures contracts. For example, they will use the Last Price label to fill in a coin’s observable price gap and establish a maximum and minimum bid limit that traders can place around that price, which is updated hourly.

BitMEX also states that the contract includes a higher risk of automatic de-leverage as the contract is “purely speculative” at this time.

“This is a highly speculative contract (ETHPOW doesn’t exist yet and might never exist),” reads the announcement. 

The growing Ethereum PoW campaign was promoted by Chandler Guo – an influential Ethereum miner – last month. According to former BitMEX CEO Arthur Hayes, Guo and other “serious individuals” in the Ethereum mining community are actively discussing how to effectively coordinate the fork.

After years of delay, The Merge has finally been scheduled for September 19. The event will convert Ethereum’s mainnet consensus from PoW to PoS, transforming the method of network security to reduce energy consumption.

In other words, the Ethereum mining industry will shut down, incentivizing participants to push for a chain split.

In a blog post from BitMEX Research last week, analysts expressed doubts about the long-term viability of the ETHPOW chain but acknowledged that it could present a “short to mid-term” trading profitable.

Furthermore, Ethereum co-founder Vitalik Buterin recently noted one problem that Ethereum hard forks may face in the future: a lack of cooperation from stablecoin issuers.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

22 minutes ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

2 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

2 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

3 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

4 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

5 hours ago

This website uses cookies.