While there is no official Ethereum PoW coin around, derivatives trading platforms are ready to offer access to leveraged tokens
Ethereum is approaching its fundamental merge update, which is why various platforms are gearing up to meet the demand from retail or even institutional investors who consider themselves to be the second largest on the market with a PoW consensus algorithm. Will expose for alternative version of cryptocurrencies.
Previously, the BitMEX Research team explored the possibility of a chain split on the Ether network that could cause the creation of a new ETH PoW coin that will be also available for trading by other users.
BitMEX decided to become one of the first crypto derivatives providers to offer leveraged trading for Ethereum PoW tokens, ETHPOWZ22 will go live tomorrow and is now available on the testnet for anyone who wants to “play with it” before actual trading. ready for
According to the press release, when USDT ERC-20 goes live, users will be able to trade with up to 2x leverage. An important disclosure is the fact that ETHPOW does not exist yet and might never appear on the market, which is why traders should remain cautious when trading the asset, especially when using leverage.
To protect investors from speculation, the platform is using last price marking due to the absence of spot ETHPOW coins in the market. Traders will not be able to place orders above or below the 20% limit from the mark price.
Traders should also keep in mind that the contract might become a subject of a deleveraging considering its purely speculative nature. With the deleveraging, traders will not be able to use the margin.
At press time, the Ethereum market has been calmly and steadily rising, approaching the $1,800 range.
