Traders will soon be able to speculate on the future price of a forked Ethereum coin, even though it may never exist.
In advance of Ethereum’s merge event—a move which will see the whole network shift to proof of stakeproof of stake—crypto exchange BitMEX is launching a Tether-margined (USDT ERC-20) futures contract for ETHPOW, the cryptocurrency that could result from an attempt to resist the merge.
Chandler Guo, an influential Ethereum miner, launched a campaign late last month in opposition to the merge event, with a plan to force a hard fork in the network.
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Ever since a prominent Chinese Ethereum miner announced his intention to resist the upcoming Ethereum merge and create a new, parallel network and cryptocurrency, the idea has begun to gain some traction. But how far can it really go?
The miner, Chandler Guo, launched a campaign last week to draw opposition to the merge—the network’s imminent and much-anticipated transition to Ethereum 2.0 and proof of stake. Guo plans to hard fork the Ethereum network once it transitions to proof of stake next...
BitMEX warned that the product was “highly speculative,” due to the fact that ETHPOW does not yet exist and may never exist. There is also a higher possibility of auto-deleveraging, which exchanges use when a position is closed in negative equity, and the insurance fund is unable to cover the losses.
🚨This just in 🚨
A brand new ETHPOW futures contract is dropping on BitMEX tomorrow:$ETHPOW$USDT
The contract supports up to 2x leverage, and will at least initially operate on the “Last Price” mark method. This may eventually be changed to the more generally used “Fair Price” method when there is enough information to create an index.
Earlier this month, BitMEX researchers wrote a blog post that concluded that ETHPOW “may have many technical challenges and its long term viability is in question” but that “its existence may provide an exciting opportunity for traders and speculators in the short to medium term.”
Traders will have to wait another month to see how the split turns out, with Ethereum’s merge currently expected on September 19.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Ethereum just lost one of its long-time institutional backers.
In a Thursday statement, algorithmic trading firm Two Prime announced it is dropping all exposure to Ethereum (ETH) and will exclusively manage and lend against Bitcoin (BTC) going forward, citing Ethereum’s unpredictable behavior, declining market momentum, and eroding institutional appeal.
Why Two Prime is Going BTC Only https://t.co/VtrQAUyGL0 pic.twitter.com/4BWVd8R7HM
— Two Prime (@Two_Prime) May 1, 2025
Two Prime didn’t say h...
Crypto asset manager 21Shares applied for an exchange-traded fund tracking the price of Sui, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.
The 21Shares Sui ETF aims to broaden investors’ access to the native token of the layer-1 network designed for high-speed transactions, which has been dubbed by some as a “Solana Killer.”
The filing named Coinbase as a custodian to safeguard investors’ funds, according to the registration statement, but did not specify...
New CertiK estimates suggest about $364 million was lost through crypto hacks, scams and exploits in April alone.
The cybersecurity firm says the vast majority of this total, $337 million, is related to phishing attacks.
#CertiKStatsAlert 🚨
Combining all the incidents in April we’ve confirmed ~$364M lost to exploits, hacks and scams after ~$18.2m was returned.
KiloEx, Loopscale and zkSync all had funds returned by whitehat exploiters.
~$337M of the total is attributed to phishing.
More… pic.tw...