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👀SEC Receives Updated Spot Ether ETF Filings

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Spot Ether ETF hype continues to dominate the news cycle, with the SEC receiving a flurry of updated applications from prospective issuers. Ethereum ecosystem assets are also outperforming the broader crypto markets as analysts tip Ether ETFs could soon receive approval.

ZkSync is rumored to be gearing up to announce its highly anticipated token before the end of the week. Last week, the leading Ethereum scaling company reaffirmed its commitment to decentralization.

In other Layer 2 news, Kakarot launched a testnet for its Cairo-based ZK-EVM. The project aims to introduce EVM compatibility to the Starknet ecosystem.

Plus, Yuga Labs ruffled feathers with an official CryptoPunks collaboration, Fantasy.Top launched its second round of creator rewards, WHALES rallied after deploying a memecoin launchpad, and Bitcoin miner revenues are down post-halving.

✍️ In today’s newsletter:

  • Updated Spot Ether ETF filings spur bullishness
  • ZkSync’s airdrop announcement could be imminent
  • Kakarot launches ZK-EVM testnet
  • Yuga community unhappy with CryptoPunks collaboration
  • Fantasy Top creators unhappy with opaque rewards distribution
  • Whales Market ships memecoin launchpad
  • Miner revenues dry up after Bitcoin halving

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📈 Markets in the last 24 hrs:

TickerValue24h
Bitcoin$69,6115.07 %
Ethereum$3,613 17.64 %
Gold 1st Future$2,434 0.90 %
S&P 5005308.13 0.09 %
Arch Web32.41 11.34 %
Learn more about Arch Indices ,[object Object]%

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📄Spot Ether ETF Hopefuls Update Filings, Extending Timeline For SEC Approval

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The SEC has received updated filings from five prospective spot Ether ETF issuers. The new filings notably removed mention of plans for the funds to stake their underlying Ether. James Seyffart, an ETF analyst at Bloomberg, said the amended applications mean the SEC won’t deliver a verdict on the funds for at least a few weeks.

🚦Here Are All the Signs an ETH ETF Approval May Be Around the Corner

Analysts are anticipating that the SEC may soon greenlight the pending cohort of prospective spot Ether ETFs. The news comes as a swerve following months of pessimism regarding the funds’ prospects.

📈Ethereum Ecosystem Tokens Surge on Spot ETF Approval Hopes

Spot Ether ETF bullishness triggered impressive gains for tokens throughout the Ethereum ecosystem. Leading Ethereum Layer 2 and DeFi assets are among the best-performing top 100 cryptocurrencies of recent days.

🪙ZkSync Could Launch Token This Week

The crypto rumor mill is tipping that ZkSync, a top Ethereum scaling team, could announce plans to airdrop a token within the coming week. The gossip follows long-term speculation, with Polymarket traders betting the token will be live by July at a 76% probability.

⛓️Kakarot ZK-EVM Launches Testnet, Paving The Way For EVM-Compatibility On Starknet

Kakarot’s Cairo-based modular ZK-EVM is now live on testnet. The project, which boasts backing from StarkWare and Vitalik Buterin, plans to introduce EVM compatibility to the Starknet ecosystem, opening the floodgates to established Ethereum DeFi protocols.

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The Guru Network aims to integrate AI and blockchain technologies to enhance real-world business applications across multiple chains. This multi-chain AI compute layer utilizes the CCIP protocol for secure messaging and value transfer, positioning itself as a "Layer 3" solution. Key features include reliable off-chain data integration and automated business process management, which aims to reduce user error and streamline operations. The network facilitates an environment where developers, known as 'Gurus', can deploy AI-driven applications and workflows, enhancing both scalability and efficiency across supported blockchains. Incentives are offered for contributions to the network's growth and functionality, with a focus on fostering a collaborative ecosystem for both individual and enterprise-level participants.

READ MORE: Guru Network: Multi Chain AI Compute Layer

💥Yuga Labs’ First “Punk in Residence” Release Sparks Controversy

The Yuga Labs community is up in arms after the NFT company revealed its first official CryptoPunks collaboration with artist Nina Chanel Abney. The Punk in Residence program will comprise a series of collaborations between CryptoPunks and artists who hold CryptoPunks.

💰Fantasy.Top Creators to Receive Nearly 600 ETH in Rewards

Fantasy.Top distributed roughly 600 Ether in royalties to creators. However, recipients are unhappy with the lack of transparency surrounding how rewards were allocated, prompting a pledge from the project to disclose greater information regarding how rewards will be distributed in the future.

🐋Whales Market Token Surges 30% After Releasing Memecoin Launchpad

The launch of Whales.meme, a memecoin launchpad from Whale Market, sent the price of the project’s WHALES token flying. The platform’s deployment follows the meteoric rise of Pump.fun.

⛏️Bitcoin Halving Strains Miners as Revenues Drop

Proof of Work miners are struggling in the aftermath of Bitcoin’s fourth halving, with reduced block rewards translating to reduced rewards for validators. Bitcoin’s hashrate is down 9% since the upgrade went live, signaling that many miners have been forced to halt operations.

🌍 ELSEWHERE

  • Hong Kong orders crypto project Worldcoin to halt operations in city over ‘excessive’ data collection (Hong Kong Free Press)
  • Bitcoin Is Coming to Ethereum Stalwart MetaMask: Sources (CoinDesk)
  • Ethereum liquid restaking platform Kelp raises token round at $90 million valuation (The Block)
  • Exploiter Returns Stolen Funds After Gala Games Froze $180 Million (Unchained)

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