BitMEX to Launch Derivatives Based on Potential ETH PoW Forks

Crypto derivatives exchange BITMEX has just announced it will offer a futures product based on ETHPoW tokens from a potential fork of the Ethereum blockchain after the mainnet moves to the proof-of-work (PoS) consensus algorithm.

The futures contract, which will trade under the ticker ETHPOWZ22, will reportedly settle in USDT and offer users 2x leverage.

According to the press release:

"This is a highly speculative contract (ETHPOW doesn’t exist yet and might never exist)."

The product is already available on the testnet.

The idea of a fork with the advent of an Ethereum fork that continues to work with the proof-of-work algorithm was proposed in July.

The resulting ETHPoW asset would allow ETH miners to continue working after the merger of the mainnet with Beacon Chain, which is scheduled for September.

 8/9/2022

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