FTX Lists ETHW Perpetual Futures
FTX supported a forked version of Ethereum (ETHW), but its low price made mining difficult for miners.
On September 26, FTX announced the listing of ETHW perpetual futures on the exchange’s Twitter page:
Despite Ethereum’s (ETH) much-talked-about software update, dubbed The Merge, over the past few weeks, which raised expectations of a price rally, the ETH value continued to fall.
After the merge, the Ethereum fork created two versions—ETH, which runs on the new proof of stake mechanism, and ETHW, which runs on the older proof of work consensus mechanism.
The fact that FTX supports ETHW in perpetual futures trading can be risky because the ETHW price is plummeting. The previous FTX also supported ETHW trading spots.
According to Vineet Budki, managing partner and CEO, Cypher Capital, a Dubai-based venture capitalist firm:
“We are still far away from the implementation of sharding on ETH which has promised to bring the much-required throughput and reduction in fees. ETH foundation plans to execute sharding by late next year. Until such a moment, we expect ETHW to co-exist in the ecosystem and foresee the demand for POW mining to gradually fade away over time.”
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