The worth of Ravencoin is up over 85% during the last seven days within the last run-up to the Ethereum merge, in keeping with information from CoinGecko. The pump in value comes as cryptocurrency change FTX introduced the itemizing of Ravencoin perpetual futures in the present day.
Ravencoin exercise had already elevated just lately as proof-of-work miners sought alternate options, as mining Ethereum will quickly now not be an possibility.
Ethereum miners seeking to proceed their operations after the Ethereum blockchain switches to a proof-of-stake algorithm can mine Ravencoin.
Launched in 2018, Ravencoin, like Bitcoin earlier than it makes use of a proof-of-work consensus algorithm blockchain with a max provide of 21 billion cash. Like Ethereum, RVN tokens issued on Ravencoin can be utilized for numerous functions, together with non-fungible tokens (NFTs) and decentralized purposes. NFTs are cryptographically distinctive tokens linked to digital and bodily content material, exhibiting proof of possession or membership.
Ethereum at present makes use of the energy-intensive proof-of-work consensus mechanism. Till now, Ethereum mining was extremely worthwhile because the ever-expanding ecosystem required 1000’s of miners to keep up the community, the price of which surpassed thousands and thousands of {dollars} in tools.
When the merge happens later this week, miners might be left with few options: surrender their mining enterprise and turn into ETH stakers or begin mining different blockchains. Whereas Ravencoin just isn’t as well-known or as used because the second largest cryptocurrency by market capitalization, it may be mined with rigs that use graphics processing items (GPUs).
As for FTX, the elevated curiosity in Ravencoin allows merchants to reap the benefits of the potential improve in Ravencoin value and exercise. Futures permit speculators to guess on the place RVN goes from right here.
In contrast to conventional futures contracts, the place consumers and sellers are obligated to execute the deal on a set date, perpetual futures don’t have an expiration, that means merchants can maintain their positions indefinitely.
The information of the FTX providing was met with pleasure from Ravencoin loyalists on social media.
“Ravencoin has wonderful help from personal sector professionals within the blockchain and safety token ecosystem,” tweeted Leon Ravencoin. “It’s these professionals that assist improve safety token adoption and naturally with it Ravencoin adoption.”
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