MoonXBT Launches Liquid Contract for ETHW/USDT Ahead of Other Major Exchanges
Singapore, Singapore Sep 23, 2022 (Issuewire.com) – Although Ethereum has completed the merge, other kinds of developments around it have not ended. Among them is the EthereumPOW (ETHW), a recently forked coin from Ethereum which has gained a great amount of attention from the crypto space.
MoonXBT, the innovative social trading platform, launched the liquid contract for ETHW/USDT trading pair on Sep, 21st. This move comes ahead of many major exchanges that have only launched airdrops of ETHW to ETH holders such as Binance, or listed IOUs for ETHW such as FTX.
MoonXBT’s liquid contract allows users to place market orders and trigger orders for ETHW/USDT trading pair contracts. Given the feature of liquid contracts, investors are allowed to put as much as up to 5,000 USDT as margin and add up to 100 times leverage. It will support only isolated mode. MoonXBT charges 0.05% transaction fees for the contract trading as well as a 0.05% overnight fee which will be collected at UTC 00:00.
ETHW was born under the backdrop of the Ethereum merge which altered the consensus algorithm from proof-of-work (PoW) to proof-of-stake (PoS). With the change, Ethereum replaced the original miners with staking validators who are essentially nodes to write transactions into the Ethereum public ledger.
Given the above, Chandler Guo, one of the most prominent crypto miners, has proposed the hard fork of Ethereum which will keep the PoW chain running and named the coin of the chain ETHW. ETHW has so far earned support from multiple big mine pools as well as many central exchanges. FTX has listed IOUs for the coin, and crypto.com and Binance have launched the distribution of ETHW to ETH holders.
As a young exchange with innovation in crypto derivatives, MoonXBT, taking the initiative, launched the liquid contract for ETHW/USDT which is a move catering to the rising interest in ETHW from the users.
After its start, ETHW has already gone through some drastic ups and downs. Relay exploits have happened to cause a loss of some 200 ETHW which then caused a big crash in the price of ETHW. However, ETHW has seen a surge in price recently after it launched a new cross-chain bridge that supports Ethereum(ETH), USD Coin(USDC) & Tether(USDT).
According to MoonXBT, ETHW at the phase right now can be deemed as a volatile asset. And contract trading can be good as a way to hedge the risk and earn profit from the swing of the prices. By instantly launching the liquid contract for ETHW/USDT trading pair, MoonXBT provides opportunities for investors to potentially benefit from the price volatility especially now that the forked chain is still not fully established.
Moreover, MoonXBT is a crypto-social trading platform. Its flagship social trading function – copy trading – is also applied to ETHW/USDT trading pairs. This allows users to follow those who have better trading skills or more knowledge in ETHW of their trading strategies to optimize their profit and lessen risks in the face of the not quite stable ETHW.
MoonXBT also has a vibrant community consisting of members from all around the world as well as forums for users to exchange ideas. For a new phenomenon such as ETHW, it might be a good choice to familiarise oneself with its situation and contemplate possible movements by having conversations and social interactions with crypto peers before and during making investment actions.
For more information, please visit: https://support.moonxbt.com/hc/en-us/articles/5538581040271
Follow MoonXBT for more updates:
This article was originally published by IssueWire. Read the original article here.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Diligent Reader journalist was involved in the writing and production of this article.