Advertisement

Loading...

⌛Analysts Push Back Ether ETF Timeline Predictions

Together with

the-defiant

GM Defiers!

Experts keep pushing back their estimated timeline for spot Ether ETFs to receive final SEC approval. After initially penciling in July 2 as the date to watch, Bloomberg’s ETF analysts are now eying July 8. However, Nate Geraci of ETFStone believes the funds will receive approval by July 12 and begin trading during the following week.

Ethereum is outperforming among smart contract networks, enjoying a significant lead in terms of TVL, fee revenue, and smart contract market cap. The data comes despite some observers claiming Ethereum has been losing ground to competitors.

Polkadot is facing community pushback after revealing it spent $37 million on marketing campaigns during the first half of 2024. However, Polkadot’s treasury team believes the high rate of DOT inflation should pose a more pressing issue for investors.

Plus, markets pull back as Mt. Gox fears intensify, Genesis Digital Assets is reportedly planning an IPO, and Chainlink is providing on-chain NAV data for Fidelity’s Institutional Liquidity Fund.

✍️ In today’s newsletter:

  • Ether ETFs expected to launch by mid-July
  • Ethereum extends dominance over smart contract sector
  • Polkadot’s marketing budget elicits backlash
  • BTC slides below $60k amid crypto downturn
  • Genesis Digital Assets eyes IPO
  • Sygnum taps Chainlink for Fidelity fund data

🙏Sponsored

📈 Markets in the last 24 hrs:

TickerValue24h
the-defiantBitcoin$62,617-0.09%
the-defiantEthereum$3,435.82-0.70%
the-defiantBNB$578.120.12%
the-defiantSolana$149.011.40%
the-defiantXRP$0.4871.39%

🎬WATCH

Check out our podcast with Daniel Fogg, the CEO of Rootstock Labs, to learn about the bubbling Bitcoin sidechain. Catch up on our interview with Chris Bradbury, the CEO of Summer.fi, to learn about their new points campaign. Plus, watch our explainer looking at the advanced AI blockchain tooling offered by DexGuru's GURU Network 👀

THANKING OUR NEWSLETTER SPONSORS

| NEWSLETTER CONTINUES BELOW |

the-defiant

Stellar empowers builders to unlock human and economic potential. Explore the new Stellar smart contract platform, Soroban, designed for scale and sensibility.

the-defiant

The PayPal stablecoin PYUSD is live on Solana. PayPal has over two decades of payments experience, and is now making low-cost, high-throughput web3 payments possible through the PYUSD on Solana launch. Learn about PYUSD on Solana and start building the future of payments.

PayPal, Inc. is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.

the-defiant

zkVerify reduces proof verification costs by over 90% and provides a developer-friendly environment for proof verification across a range of rollups and settlement layers.

zkVerify was developed by Horizen Labs.

the-defiant

The PayPal stablecoin PYUSD is live on Solana. PayPal has over two decades of payments experience, and is now making low-cost, high-throughput web3 payments possible through the PYUSD on Solana launch. Learn about PYUSD on Solana and start building the future of payments.

PayPal, Inc. is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.

⏱️Ethereum ETF Approval Delayed Until July 8

the-defiant

Analysts are adjusting their outlook for the pending cohort of spot Ether ETFs. Bloomberg’s ETF analysts revised their predictions to July 8, while other onlookers anticipate the funds will launch in mid-July.

🎉Data Contradicts Narrative: Ethereum Continues to Dominate Layer 1 Sector

Ethereum continues to lead the smart contract sector, despite some pundits speculating the world computer is giving up ground to the likes of Solana. Data from CoinMarketCap shows Ethereum hosting 62% of smart contract capitalization, boasting 70% of Layer 1 fee revenue, and accounting for 84% of DeFi TVL.

💰Polkadot Community Unhappy With Heavy Treasury Spend

Polkadot is facing backlash from its community after revealing its treasury spent $37 million on marketing during the first half of 2024, also equating to 42.5% of its H1 expenditures. While many investors are worried about selling pressure placed on the DOT markets, Polkadot’s treasury team believes DOT’s 10% annual inflation should pose a greater cause for concern.

SPONSORED POST

the-defiant

On June 18th, 2024, Stellar public network validators voted to upgrade the network to Protocol 21, which actives five new Core Advancement Proposals (CAPs) on the Stellar Mainnet.

The five CAPs introduced in Protocol 21 allow for some neat features, including an improvement to state archival, a few overall cost improvements to smart contract transactions, and perhaps the most exciting, native support of secp256r1 verification in smart contracts, enabling passkey signing support. The Stellar Development Foundation has built out a web app where you can demo passkeys to build a smart wallet.

READ MORE: Protocol 21 Upgrade on Stellar Brings Enhanced Security with Passkeys

📉Bitcoin Drops Below $60,000 as Mt.Gox Fears Resurface

Crypto markets continue to fall, with only three top 100 cryptocurrencies posting gains in the past 24 hours. Analysts are attributing the bearish momentum to investors managing risk ahead of Mt. Gox’s long-awaited creditor repayments this month.

⛏️Bitcoin Miner Genesis Digital Reportedly Eyes U.S. IPO

Genesis Digital Assets is reportedly the latest Bitcoin mining firm to explore going public. Notably, FTX, the bankrupt centralized exchange, is among its largest shareholders after investing more than $1 billion in GDA’s 2022 funding round.

⛓️Chainlink Powers NAV Data For Sygnum's On-Chain Fidelity Fund

Sygnum Bank is leveraging Chainlink to provide NAV data for its on-chain representation of Fidelity’s Institutional Liquidity Fund. The news follows Chainlink providing NAV data for the Depository Trust & Clearing Corporation’s (DTCC) tokenization pilot in May.

🌍 ELSEWHERE

  • Hong Kong regulators to review crypto rules ‘as appropriate,’ says finance secretary (The Block)
  • Obol Labs Forms Industry Group to Push for Decentralized Validator Technology (CoinDesk)
  • Accelerating Bitcoin Programmability With The Solana Virtual Machine (Bitcoin Magazine)
  • Blast Phase 2 Will Split 10 Billion Tokens Between ‘Points’ and ‘Gold’ (Unchained)

🔥 TRENDING

The Defiant Alpha
“an industry must-read
new-york

Get even more! For actionable insights and community access, Join The Defiant Alpha to receive:

  • The Defiant Daily | Mon to Fri
  • Weekly Recap | Saturdays
  • DeFi Alpha | Sundays
  • Access to exclusive degen chats and events

Become a Member