According to data from CoinGecko, the last run-up of the Ethereum merge saw the value of Ravencoin up more than 85% in the past seven days. The pump in price comes as cryptocurrency exchange FTX today announced the listing of Ravencoin Perpetual Futures.
Ravencoin activity already soared recently as proof of work miners sought alternatives, as mining ethereum will not be an option any time soon.
Ethereum miners wishing to continue their operations after switching to the Proof-of-Stake algorithm of the Ethereum blockchain can mine Ravencoin.
Launched in 2018, Ravencoin, like bitcoin, uses a proof-of-work consensus algorithm blockchain with a maximum supply of 21 billion coins. Like Ethereum, RVN tokens issued on Ravencoin can be used for a variety of purposes, including non-fungible tokens (NFTs) and decentralized applications. NFTs are cryptographically unique tokens associated with digital and physical content, which show proof of ownership or membership.
Ethereum currently uses an energy-intensive proof-of-work consensus mechanism. Until now, Ethereum mining was highly profitable because the ever-expanding ecosystem required thousands of miners to maintain the network, costing more than millions of dollars in equipment.
When the merger happens later this week, miners will have a few options left: quit their mining business and become an ETH stakeholder or start mining another blockchain. While Ravencoin is not as well-known or used as the second largest cryptocurrency by market capitalization, it can be mined with a rig that uses a graphics processing unit (GPU).
For FTX, the increased interest in Ravencoin enables traders to take advantage of potential increases in Ravencoin’s price and activity. Futures allow speculators to place bets on where RVN goes from here.
Unlike traditional futures contracts, where the buyer and seller are obliged to execute the deal on a set date, perpetual futures do not expire, meaning traders can hold their positions indefinitely.
News of the FTX offering was met with enthusiasm from Ravencoin loyalists on social media.
“Ravencoin has amazing support from private sector professionals in the blockchain and security token ecosystem,” tweeted Leon Ravencoin. “These are professionals who help drive security token adoption and naturally with it Ravencoin adoption.”