According to CoinGecko data, the value of Ravencoin has increased by more than 85% in the seven days leading to the Ethereum merge. The price increase follows today’s announcement by cryptocurrency exchange FTX of listing Ravencoin perpetual futures.
$RVN activity has recently increased as proof-of-work miners look for alternatives, as mining Ethereum will soon be out of the question. Ravencoin can be mined by Ethereum miners who want to keep mining after the Ethereum blockchain switches to a proof-of-stake algorithm.
Cryptocurrency exchange FTX announced the listing of the Ravencoin perpertual futures.
Ravencoin, launched in 2018, uses a proof-of-work consensus algorithm blockchain with a maximum supply of 21 billion coins, similar to Bitcoin. RVN tokens issued by Ravencoin, like Ethereum, can be used for various purposes, including non-fungible tokens (NFTs) and decentralized applications.
NFTs are cryptographically distinct tokens linked to digital and physical content to demonstrate ownership or membership.
Ethereum currently employs the time-consuming and energy-intensive proof-of-work consensus mechanism. Until recently, Ethereum mining was highly profitable because the ever-expanding ecosystem required thousands of miners to maintain the network, costing millions of dollars in equipment.
The merge will make miners either look for a new blockchain to mine or make them become stakeholders
When the merge occurs later this week, miners will have only two options: abandon their mining operations and become ETH stakeholders or begin mining other blockchains. While Ravencoin is not as well known or widely used as the second largest cryptocurrency by market capitalization, it can be mined using GPU-powered mining rigs (GPUs).
Regarding FTX, the increased interest in Ravencoin allows traders to profit from the potential increase in Ravencoin price and activity. Futures contracts allow investors to speculate on where RVN will go from here.
Unlike traditional futures contracts, which require buyers and sellers to execute the transaction on a specific date, perpetual futures do not have an expiration date, allowing traders to hold their positions indefinitely.
Ravencoin supporters on social media reacted positively to the news of the FTX offering.
“Ravencoin has incredible support from private sector professionals in the blockchain and security token ecosystem,” Leon Ravencoin said on Twitter. “It is these professionals who help to increase security token adoption, and thus Ravencoin adoption.”