Global cryptocurrency exchange BitMEX is offering its users the opportunity to invest in ETHPoW (Ethereum Proof of Work) with the ETHPOWZ22 contract it just added to its list. The exchange allows users to invest in ETHPOW using up to 2x leverage with the Tether (USDT ERC-20) margin contract.

BitMEX, one of the world’s largest cryptocurrency exchanges, has added a new one to its listed assets. The exchange offers its investors the opportunity to invest in ETHPoW with new linear futures contracts ETHPOWZ22. BitMEX enriches the number of assets it lists every day and continues its research activities at full speed. The BitMEX research team has been investigating the possibility of a fork that could result in ETHPoW for some time now. As a result of the investigations, the ETHPOWZ22 contract was created.

ETHPOWZ22, which BitMEX started listing, is a linear futures contract collateralized with USDT (ERC-20). ETHPOWZ22 works similar to a regular futures contract. However, the contract also contains some differences. The first of these differences is the pricing method. ETHPOWZ22 uses the final pricing method. BitMEX prefers to use the latter pricing method as ETHPoW does not yet have an observable price. On the other hand, to protect the industry from manipulations, the contract price limits are set every hour. In addition, the limits are set at +/- 20 up and down. Traders cannot bid above or below the limit raise price.

Once it is possible to produce a solid index representing the spot price of ETH Proof of Work Coin, BitMEX will create the BETHPOWT index. After that, the pricing method will be changed to fair price. The BETHPOWT value is set to 0 until such an index is created. If no index has been created until maturity, the settlement value is 0.

Source: (BYZHA) – Beyaz News Agency