💰Ether ETFs' Debut Drive $1B In Volume
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Spot Ethereum ETFs launched with a bang despite the price of ETH dipping. The funds’ debut day of trade hosted $1 billion in volume and inflows exceeding $100 million. Despite ETH’s poor market performance, on-chain data shows that most traders are positioned long on Ethereum.
Toyota is exploring innovative use cases for tokenization and account abstraction. New research from the Toyota Blockchain Lab proposes leveraging account abstraction to bring automotive hardware operations on-chain.
Plus, BlackRock’s BUIDL courts investment from Ethena Labs, Base pursues Stage 1 decentralization, Pudgy Penguins’s parent company raises $11 million, and Jeff Garzik co-founds EVM-compatible Bitcoin Layer 2.
✍️ In today’s newsletter:
- Ether ETFs host $1B volume on debut
- On-chain traders long ETH
- Toyota explores ERC-4337 for on-chain use cases
- BlackRock pitches BUIDL for Ethena Labs investment
- Base launches fault proofs on testnet
- Pudgy Penguins raises funds for L2 development
- Hemi Labs announces EVM-compatible Bitcoin L2
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📈 Markets in the last 24 hrs:
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👀️Ethereum ETFs Did $1 Billion in Volume in First Day of Trading
The debuting cohort of spot Ether ETFs posted a strong first day of trade, with the funds attracting more than $1 billion in volume and inflows of $100 million. However, the price of ETH pulled back in spite of the ETFs’ impressive performance.
️📊Derivatives Traders are Going Long ETH
On-chain data shows derivatives traders on decentralized exchanges are heavily long on Ether. The market action diverges from Bitcoin, with the number of BTC shorts ticking up over the past week.
🚗Toyota Explores Ethereum's ERC-4337 To Unlock On-Chain Automotive Operations
Toyota, the automotive giant, is exploring innovative use cases for account abstraction and tokenization on public blockchains. The Toyota Blockchain Labs is researching bringing vehicle operations on-chain using ERC-4337, unlocking new use cases for car owners, drivers, and developers.
SPONSORED POST
The state bloat problem is blockchain’s biggest elephant in the room. Every day, millions of new entries are created on public blockchains like Stellar and Solana, and each validator needs to store all this state indefinitely. Every meme NFT, hello world test contract, and spam token needs to be kept around forever no matter how often the information is actually used, or even if it gets used at all. As more users and use cases come to blockchain, the issue will only grow, causing networks to become slower and more expensive as they try to keep up with all this bloat.
READ MORE: Scalability with State Archival on Stellar vs. Solana’s Avocado
🤌BlackRock's BUIDL Eyes Major Investment from Ethena Labs
The BUIDL fund from BlackRock, the world’s largest asset manager, responded to Ethena Labs announcing plans to invest a portion of its reserves into real-world assets. Ethena invited proposals from asset issuers, to which Securitize, BUIDL’s distributor, suggested Ethena invest $34 million.
🌐Base Launches Stage 1 Decentralization On Testnet
Base, the surging Layer 2 from Coinbase, deployed fault proofs on testnet in preparation to pursue Stage 1 decentralization on mainnet. The move would allow anyone to permissionlessly propose or challenge state roots for verification on Ethereum, moving away from its current centralized system.
💵Pudgy Penguins’ Parent Company Raises $11 Million to Build Consumer Blockchain
Igloo, Inc., the parent company behind the popular Pudgy Penguins NFT collection, completed an $11 million funding round. The money will fund the establishment and operations of Cube Labs, a new entity tasked with developing the forthcoming Layer 2 network, Abstract.
🆕Jeff Garzik’s Hemi Network Brings EVM Execution To Bitcoin
Hemi Labs, a development team co-founded by pioneering blockchain developers, Jeff Garzik and Maxwell Sanchez, announced the impending launch of the Hemi Network Layer 2. The Bitcoin-based L2 offers Ethereum Virtual Machine compatibility and seeks to foster DeFi applications on Bitcoin.
🌍 ELSEWHERE
- Trump quashes rumors of considering Dimon or Fink for Treasury Secretary (CryptoSlate)
- Mt. Gox creditors to start receiving bitcoin and bitcoin cash from Bitstamp on Thursday (The Block)
- Ferrari extends cryptocurrency payment system to Europe after US launch (Reuters)
🔥TRENDING
- Owlto Finance, the Premier Blockchain Interoperability Protocol, Raises Funds at $150M Valuation
- Arca Taps Securitize To List Tokenized U.S. Treasury Fund
- Hermetica Launches Bitcoin-backed Synthetic Dollar
- Trump to Launch Fourth NFT Collection Because ‘The People Want Him To’
- Real World Asset Sector Outperforms on Growing TradFi Tokenization Effort
- Crypto Markets Surge After BlackRock CEO Larry Fink Calls Bitcoin ‘Digital Gold’
- Starknet Integrates Pyth Network as Oracle Provider
- DeXe Partners with HOT to Empower Telegram with DAO Creation
- Pixelverse to Launch PIXFI Token on TON Network
- ‘Mempool Sniping’ Plagues Bitcoin Ordinals
- Pendle Launches New Pools On Arbitrum Network
- Scroll TVL Soars Past $1 Billion
- Bloomberg Analyst Says Ethereum Spot ETF to Launch July 23
- Trump-related Tokens Soar After Ex President Survived Shooting at Rally
- Matcha Unveils New Price Engine For Whales Trading on DEXs
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