According to statistics from CoinGecko, the value of Ravencoin has increased by more than 85 percent in the week leading up to the Ethereum split. The price increase is a result of the cryptocurrency exchange FTX launching Ravencoin perpetual futures today.
Ravencoin activity has grown lately as proof-of-work miners explored alternatives to Ethereum mining, which will shortly be discontinued.
Ravencoin may be mined by Ethereum miners who want to continue their operations when the Ethereum blockchain transitions to a proof-of-stake algorithm.
Similar to Bitcoin before it, Ravencoin launched in 2018 using a proof-of-work consensus method blockchain with a maximum quantity of 21 billion coins. Similar to Ethereum, Ravencoin tokens may be used for a variety of purposes, including non-fungible tokens (NFTs) and decentralized apps. NFTs are cryptographically unique tokens associated with digital and physical material that serves as evidence of ownership or membership.
Ethereum’s current consensus method is the energy-intensive proof-of-work. The ever-expanding ecosystem needed thousands of miners to run the network, which exceeded millions of dollars in equipment costs. Until recently, Ethereum mining was immensely lucrative.
When the merging takes place later this week, miners will be left with limited options: abandon their mining company and become ETH stakes, or begin mining other blockchains. While Ravencoin is not as popular or well-known as the second-largest cryptocurrency by market value, it may be mined using GPU-powered mining rigs (GPUs).
As for FTX, the growing interest in Ravencoin allows traders to capitalize on the anticipated price and volume rise of Ravencoin. Futures enable speculators to wager on the future direction of RVN.
In contrast to standard futures contracts, in which buyers and sellers are required to complete the transaction by a certain date, perpetual futures do not have an expiry date, allowing traders to retain holdings forever.
The announcement of the FTX sale was welcomed with enthusiasm by Ravencoin supporters on social media.
“Ravencoin has tremendous support from private sector blockchain and security token ecosystem specialists,” tweeted Leon Ravencoin. These experts contribute to the adoption of security tokens and, by extension, Ravencoin.