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📉Markets Dip Despite Promising ETH ETF Launch

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Digital assets are pulling back despite the long-awaited launch of spot Ether ETFs taking place. The funds entered the markets this morning after receiving final approval from the SEC yesterday. ETH ETF inflows have so far exceeded $300 million in the first 90 minutes, by far outperforming average ETF “Day One” numbers, and also beating the consensus prediction of 10-20% of BTC ETF launch volumes, according to Bloomberg analysts.

The launches came as S&P Global touts Ethereum’s value as a settlement layer for mainstream financial markets and as crypto advocates continue to speculate on how the U.S. presidential elections will impact the industry..

Plus, Atari launched an on-chain arcade on Base, Avail shipped its DA mainnet and native token, Liquid launched a surprise airdrop, and Ondo’s USDY arrived on Cosmos.

✍️ In today’s newsletter:

  • Analysts weigh in on spot Ether ETF launches
  • S&P Global backs Ethereum for finance settlement
  • Can we trust Trump’s pro-crypto pivot?
  • Atari brings retro gaming on-chain
  • Avail DA and AVAIL go live
  • Liquidium drops token to users and Ordinals holders
  • On-chain U.S. treasuries arrive on Cosmos

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👀️ETH Trades Flat Despite Spot Ethereum ETFs Going Live

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Leading digital assets dipped slightly over the past 24 hours despite the highly-anticipated launch of spot Ether ETFs this morning. While ETH is trending sideways, Ethereum is outperforming every other top 20 cryptocurrency. The funds debuted at a $10.25 billion market cap, with Grayscale’s Ethereum Trust accounting for 90% of the total.

️‍✅SEC Grants Final Approval To Spot Ether ETFs

The nine Ether ETFs went live one day after receiving final approval from the SEC. Experts are offering up predictions for the funds’ first-year performance, with analysts tipping inflows equating to between 10% and 25% of those to Bitcoin ETFs.

️‍📊S&P Global Touts Ethereum as a Settlement Layer for Financial Markets

S&P Global, a financial intelligence firm, is singing Ethereum’s praises as a platform for settling mainstream financial markets. “Many private blockchains have been designed to be compatible with Ethereum’s virtual machine, which may support a convergence around the Ethereum ecosystem over time,” said Andrew O’Neil, director of S&P Global’s digital assets wing.

🇺🇸 Is Trump Actually Good For Crypto?

Donald Trump, the former U.S. President and Republican presidential nominee, recently pledged to champion web3 innovation. But given that his pro-crypto pronouncements appeared to comprise a complete u-turn from his past stance on digital assets, not everyone is convinced.

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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

🕹️Atari Launches Onchain Arcade on Base Network

Atari, a giant of the video game industry, is deepening its exploration of web3 technologies. Atari launched an “on-chain arcade” on Base, bringing many classic games from its library onto the Ethereum Layer 2. In other web3 gaming news, Illuvium is gearing up to ship three titles this week.

🆕Avail Unveils DA Mainnet Alongside Native Token

Avail, a blockchain scalability team that spun out of Polygon last year, shipped the mainnet deployment for its long-awaited data availability solution. The project also launched its native token to more than 345,000 wallets, allowing holders to participate in staking.

🪂Bitcoin DeFi Platform Liquidium Distributes Surprise Airdrop

Liquidium, a Bitcoin-based money market protocol, launched a surprise airdrop distributing 10% of the token’s supply. Liquidium users received 7% of the supply, while Ordinals and Runes holders were earmarked 3%.

🌌Ondo Launches the First Tokenized Treasury Product on Cosmos

Ondo’s yield-bearing USDY stablecoin is now live on Cosmos. The launch offers Cosmos users exposure to tokenized U.S. treasuries for the first time.

🌍 ELSEWHERE

  • Mt Gox continues moving Bitcoin, sends $340 million BTC to Bitstamp: Arkham (CryptoSlate)
  • Bitwise discloses ENS addresses for spot Ethereum ETF holdings (The Block)
  • Ethereum Foundation Sells ETH Amid Spot Ether ETF Debut (CoinGape)
  • Wallet Tied to US Government Moves Nearly $4 Million in Bitcoin to Coinbase (Unchained Crypto)

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