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♢ETH Rallies After VanEck Announces Ether Futures ETF
The Defiant Daily
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ETH is on the move after VanEck, a top investment manager, announced plans to launch an exchange-traded fund investing in Ether futures contracts. Investors pushed the price of ETH up 3.5% over the past 24 hours in response to the news.
Ledn, a centralized crypto lender, launched a new product offering investors access to Ether staking yields. The product is separated from the firm's lending activities, meaning stakers would be protected in the event of a Ledn bankruptcy.
Plus, a16z, the heavyweight crypto investor, is betting on IYK, a firm producing Near Field Communication (NFC) chips for physical items. The NFC chips allow connectivity between smartphones and the items, enabling new digital experiences.
✍️ In today’s newsletter:
- Ether futures ETF incoming from VanEck
- Ledn launches ETH staking yields
- IYK closes $16.8M round led by a16z
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $26,350 | ↗ 0.55% |
| ETH | $1,597 | ↗ 0.31% |
| S&P 500 | $4,300 | ↗ 0.59% |
| GOLD | $1,860 | ↙ -0.6% |
| Arch WEB3 | 0.76pts | ↗ +2.14% |
| ↳ FINANCE | 0.77pts | ↗ 0.48% |
| ↳ INFRA | 0.76pts | ↗ 3.17% |
| ↳ CONSUMER | 0.81pts | ↗ 0.55% |
Learn more about Arch Indices here.
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MetaMask Snaps are new features and functionality, created by third-party developers, that MetaMask users worldwide can install directly to customize their wallet. With MetaMask Snaps, every wallet becomes a unique reflection of its owner's aspirations and preferences.
Business
VanEck To Launch Ether Futures ETF
TLDR VanEck, the $80B asset manager, will soon launch an ETF investing in Ether futures. ETH rallied 3.5% following the news, ranking as the third-best-performing top 30 digital asset over the past day.
SO WHAT Anticipation for the debut of a Bitcoin futures ETF propelled the markets to their peak in 2021. However, some analysts are skeptical of ETFs backed by futures contracts, which invest in derivatives and thus do not drive scarcity for the underlying asset tracked.
READ MORE: VanEck To Launch Ether Futures ETF
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Ethereum
Ledn Launches Support For ETH Staking Yields
TLDR Ledn, a centralized crypto lender, now offers exposure to ETH staking yields for its users. Withdrawals and deposits are not subject to delays, with the platform offering APYs of up to 2%.
SO WHAT CeFi players are competing to offer a streamlined onboarding process for prospective stakers. However, centralized platforms face stiff competition from the booming sector of liquid staking tokens.
READ MORE: Ledn Launches Support For ETH Staking Yields
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Business
a16z Bets On ‘Phygital’ Sector With IYK
TLDR IYK, an NFC chip manufacturer seeking to facilitate digital experiences via physical objects, closed a $16.8M funding round led by Andreessen Horowitz (a16z). Users can scan NFC chips via smartphone to access content, including information on a product's provenance and production.
SO WHAT A16z was extremely active this past month, investing $103.4M into five deals since the start of September. The investment firm described IYK as driving consumer engagement across both physical and digital spheres.
READ MORE: a16z Bets On ‘Phygital’ Sector With IYK
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- New US bill to require firms to report off-chain transactions to CFTC (Cointelegraph)
- Coinbase Receives Regulatory Approval to List Perpetual Futures Trading to Users Outside US (CoinDesk)
- Epic lay off 830 people thanks to "unrealistic" metaverse ambitions (Rock Paper Shotgun)
