After the Ethereum (ETH) ecosystem went by way of the long-awaited Merge replace that formally marked its transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) consensus algorithm, it has led to some fascinating developments within the crypto area as miners begin to search for options.
Certainly, curiosity in Ravencoin (RVN) has soared, putting it on the prime of the cryptocurrency trending record, forward of Ethereum, Ethereum Traditional (ETC), Bitcoin (BTC), and Shiba Inu (SHIB), in keeping with information retrieved from CoinMarketCap on September 15.
Because the data reveals, miners have flocked to the choice chain en masse on this main mining shift, resulting in the explosion of Ravencoin’s hash price, which soared 541% within the two weeks main as much as the Merge – between September 1 and September 15.
Merge helps Ravencoin soar
As well as, CoinMarketCap information demonstrates that the worth of Ravencoin has elevated practically 75% over the earlier seven days, as miners more and more see RVN as an enough substitute for ETH mining within the post-Merge surroundings.
This surroundings is leaving PoW ETH miners with more and more fewer choices – switching to different chains (like Ravencoin) or stopping mining altogether and changing into Ethereum stakers – earning staking rewards beneath the brand new PoS course of.
The success of Ravencoin will also be attributed to the announcement by the crypto exchange FTX of the itemizing of RVN perpetual futures on September 12. These futures enable individuals to invest on the place RVN will go from the present time limit and maintain their positions.
It’s also value noting that Ravencoin, which was established in 2018, makes use of a PoW consensus algorithm and the RVN tokens issued on it may be used for a lot of various things, similar to ETH, equivalent to decentralized functions (DApps) and non-fungible tokens (NFTs).
Ravencoin (RVN) worth evaluation
In the meantime, the Ravencoin token is buying and selling at $0.06293 at press time, down 0.77% on the day, however up a whopping 74.77% throughout the earlier seven days.
As per CoinMarketCap information, the market capitalization of RVN at present stands at $704.32 million, putting the decentralized finance (DeFi) token in sixtieth place amongst all cryptocurrencies in keeping with this indicator.
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