Bitmex’s new Ethereum Contract does not exist as Crypto…yet

Sahana Kiran
Source – Unsplash

Ethereum [ETH] is the talk of the crypto town. All eyes are on the imminent transition of the network into proof-of-stake [PoS] with the Merge. Amidst this, the need to retain a proof-of-work [PoW] Ethereum chain was put forth by the miners of the network. While the Foundation seems skeptical about this, others in the community have already begun pouring in support.

Just last week, Poloniex emerged as the first exchange to list ETHW and ETHS. However, most of them remained dubious of this listing. The community was so high that the exchange went on to list the assets 18 hours before the scheduled date. Following the footsteps of Poloniex, BitMex announced the listing of Tether-Margined ETHPoW.

In a recent blog post, the platform announced the launch of the Ethereum futures product. The futures product will employ Tether as margin collateral. Starting from Tuesday, the product will be open for trading. The expiry date for the same is 30 December 2022.

In another exchange, OKX did not entirely show support. However, the exchange suggested that it was monitoring the Merge. The platform would include Ethereum’s forked coin in case of sufficient demand.

Last week, MEXC also listed the potential Ethereum hard fork tokens.

All these exchanges already extended support for the hard fork that is yet to occur. The co-founder of Ethereum, however, remained dubious of a hard fork.

Justin Sun fires back at Ethereum co-founder

After several in the community showed support for ETHW hard fork, Vitalik Buterin suggested that they were “trying to make a quick buck.” Tron’s founder Justin Sun, who is one among the supporters, took to Twitter and noted the importance of the PoW chain. He tweeted,

“If the hard fork succeeds, everyone on Ethereum will get ETHW tokens, without any pre-mining. Vitalik will get exactly the same proportion of ETHW as I and everyone do. I’m only supporting pow should exist as a consensus mechanism for Ethereum after merge.”

However, he also concluded by suggesting that both Buterin and the Ethereum Foundation’s contribution to the ETH network was rather huge. Following the Merge, the aforementioned entities would continue leading the development of the network. Poloniex will reportedly persist in its support for Ethereum.