Weekly Recap: ETH Surges to Highest Price Since December 2021
Happy weekend Defiers!
The Ethereum ecosystem is booming as ETH rallies above $4,200 for the first time since December 2021.
Investor sentiment has been buoyed by ongoing ETH purchases by multi-billion-dollar treasury companies and ETFs, alongside increased regulatory clarity after the SEC’s Department of Corporate Finance said that certain liquid staking activities are not considered to be securities, paving the way for wider institutional adoption.
Also this week, the SEC and Ripple jointly dropped their appeals, ending a five-year legal battle. The regulator also issued guidance stating that some stablecoins could be considered equivalent to cash for accounting purposes.
Meanwhile, Tornado Cash co-founder Roman Storm was found guilty of operating an unregistered money-transmitting business. The verdict signals that crypto developers may face increased legal risks when working on one of the areas the industry arguably needs most: privacy.
Finally, Solana memecoin launchpad pumpfun has struggled since its token launch in mid-July, with the platform’s weekly revenue plunging to its lowest level since March 2024.
Enjoy!
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Ethereum TVL Hits All-Time High as ETH Rallies
Ethereum’s ecosystem TVL just hit a new high of $306 billion, surpassing its previous high of $253 billion in December 2024 and $195 billion in 2022.
DeFi protocols continue to scale new heights as ETH rallies above $4000, with Aave hitting a record $60 billion in net deposits.
Meanwhile, the Layer 1 still accounts for a whopping 90% of DeFi protocol fees, as Layer 2 deployments struggle to generate revenue.
SEC Drops Ripple Appeal Signaling Shift in Crypto Regulation — But Uncertainty Remains
The U.S. Securities and Exchange Commission (SEC) and Ripple jointly dropping their appeals shows a big shift in how U.S. regulators plan to handle crypto. The joint dismissal ends a five-year legal battle that started in 2020, when the SEC sued Ripple for selling XRP, the native token of Ripple's payment network, as unregistered securities.
SEC Division's View on Liquid Staking Has ‘Opened Up the Floodgates’ for Institutions
The SEC’s Division of Corporation Finance published a statement on Tuesday that certain liquid staking activities are not considered securities, paving the way for wider institutional adoption of staking.
Also this week, the agency issued guidance stating that some stablecoins may be classified as cash equivalents under accounting standards.
Tornado Cash Verdict Threatens to Hold Back DeFi Where it Matters Most
Roman Storm, the co-founder of crypto mixer Tornado Cash, was found guilty on Wednesday of one criminal charge in a case that could reshape how the law treats developers in decentralized finance (DeFi).
The verdict signals that developers may face increased legal risks when working on one of the areas the industry arguably needs most: privacy.
PumpFun Revenue Plunges 96% to Lowest Level Since March 2024
Memecoin launchpad pumpfun has struggled since its token launch on July 14, and the platform’s metrics are echoing its token’s poor performance, with weekly revenue falling to just $1.7 million, its lowest level since March 2024.
Trending
- SEC Drops Ripple Appeal Signaling Shift in Crypto Regulation — But Uncertainty Remains
- Ethereum TVL Hits All-Time High as ETH Rallies
- Fundamental Global Files $5B Shelf Registration Opening Door to Major ETH Purchases
- Hyperliquid Vault Manager Under Fire for Moving $29 Million of User Funds to Other Blockchains
- Tornado Cash Verdict Threatens to Hold Back DeFi Where it Matters Most
- Ripple Expands Its Stablecoin Payments Infra with $200M Rail Acquisition
