Before the threshold The Merge — a milestone that brings the entire network Ethereum to the Proof-of-Stake consensus mechanism (PoS), the BitMEX exchange is about to launch margin futures contracts Tether (USDT ERC-20) for ETHPOW, coin cryptocurrency represents a post-The Merge split chain that still uses Proof-of-Work (PoW).
The idea of a fork . wave Ethereum was founded by Chandler Guo – an influential miner in China. This guy uses the term "ETH POW” for string splitting Ethereum post The Merge. If successful, the fork network will be called ETHW along with the ETHPOW coin.
Although there is still uncertainty about the arrival of fork chains, BitMEX still wants to offer ETHPoW trading and the platform will officially launch the ETHPOWZ22 contract tomorrow. But BitMEX has warned that the product is “highly speculative”, due to the fact that ETHPOW may never exist.
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 over its long-term viability, it remains an interesting investment channel in the short to medium term.
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 the founder Ethereum Vitalik Buterin called the proponents of the ETHW hard fork a "snatch", just wanting to make a quick profit, there are still many supporters and promoters. ETH PoW, for example, is Poloniex – an exchange backed by Justin Sun and Galois Capital.
In addition, it is impossible to forget the “neutral side” including MEXC, Huobi, Gate, Digifinex and OKX are still standing at a "crossroads", announcing that they will support Ether forks if necessary, but have not expressed their 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.