💹 ETH ETFs: A Boost for Stakers?
In today’s edition: 🐸 Normie loses $40M after exploit, 💰 Uniswap Foundation discloses $41M assets, 📈 ETH L2s record 7M distinct addresses, and more!
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Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress
With crypto becoming more politicized than ever, U.S. Senator from Wyoming Cynthia Lummis came on Unchained to talk about the recent regulatory action in Washington, D.C.
She delves into what led to bipartisan support to repeal SAB 121, and how the strength of the vote there in both the House and Senate may have affected the about-face decision to approve spot ether ETFs. Sen. Lummis also explains why she disagrees with how Gary Gensler’s SEC is handling the industry, how to avoid the next TerraUSD, why she feels Wyoming-chartered Custodia Bank is not being treated fairly, the ban on a Chinese-owned, Wyoming-based Bitcoin mining firm, and what advice she would give to the crypto industry during this election year.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Sam Sriram, Juan Aranovich, and Sage Young
Why ETH Spot ETFs Could Benefit Stakers and Make Ethereum More Resilient
ETH spot ETFs without staking rewards could give a financial boost to direct stakers and balance Ethereum’s staking ratio.
Base Memecoin Normie Loses $40 Million in Market Cap After Exploit
The value of NORMIE plummeted 99% within minutes after an exploiter took advantage of a flaw in its smart contract. According to one developer’s analysis, the so-called attack has all the makings of an inside job.
Uniswap Foundation Reveals Assets and Fund Usage Ahead of Fee Switch Vote
The Uniswap Foundation disclosed that it holds $41.41 million in fiat cash and stablecoins on hand with an estimated runway through the end of 2025.
Lido’s Execution Client Diversity Improves as Geth Usage Drops Below 50% for the First Time
After a series of incidents last winter that showed the risks to Ethereum of a supermajority client, the node operators of the largest decentralized staking protocol have now shifted to running more non-Geth clients.
Ethereum L2 Networks Reach Record High of 7 Million Distinct Addresses
The growth in distinct addresses on Ethereum L2s shows that Ethereum’s scaling strategy is working.
ETH ETFs Will Be Approved. But Could Grayscale Outflows Depress the Price of ETH?
Spot ETH ETF approval has galvanized the Ethereum community. But if outflows from Grayscale’s ETHE outweigh inflows to the ETFs, how could that impact the price of ETH?
Daily Bits… ✍️✍️✍️
⚖️ Donald Trump promised to commute the life sentence of Silk Road founder Ross Ulbricht to time served if re-elected, highlighting Ulbricht's 11 years already spent in prison for creating the darknet marketplace.
🐶 Caitlyn Jenner's X account promoted a memecoin launched on Pump.fun, sparking debate over whether the endorsement is genuine or a result of a hack.
💬 The price of Friend.tech's token dropped over 20% after co-founder Racer hinted at wanting to leave the Base network.
🌀 Tornado Cash co-founder Roman Storm's defense team filed motions to dismiss the charges, arguing the government's case constitutes "prosecutorial overreach" and the seizure of cryptocurrency violated the Fourth Amendment.
📈 Former SEC Chairman Jay Clayton believes Ethereum spot ETF trading is inevitable, but highlights ongoing regulatory questions surrounding the product's approval.
📜 The Ethereum Foundation is working on a formal policy to address potential conflicts of interest after researchers disclosed receiving significant EigenLayer token incentives.
🚀 Aptos achieved an all-time high in user transactions, recording 115.4 million transactions in a single day, driven by the popularity of the new game Tapos Cat.
💊 Crypto-ransomware group LockBit leaked sensitive data from Canadian pharmacy chain London Drugs after the company refused to pay a $25 million ransom, exposing information on hundreds of employees including payrolls, medical data, and more.
🏛️ BitGo can proceed with its $100 million lawsuit against Galaxy Digital after the Delaware Supreme Court overturned a previous dismissal, giving the cryptocurrency custodian another chance to pursue claims over their failed $1.2 billion merger.
🇬🇧 A UK court sentenced Jian Wen to six years and eight months in prison for laundering 150 BTC tied to a $5.6 billion investment fraud, although Wen claimed she was unaware of the funds' illicit origins and was not charged with participating in the broader scheme.
Today in Crypto Adoption...
🔋 Marathon Digital Holdings is partnering with Kenya's Ministry of Energy and Petroleum on a series of renewable energy projects, leading to a 5% increase in Marathon Digital’s stock following the announcement.
The $$$ Corner…
⚖️Gabriel Shapiro's MetaLeX secured $2.75 million to develop new governance standards for decentralized crypto projects, aiming to improve operational transparency.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 1%, trading at $68,434
ETH is up 2.6%, trading at $3,894
BTC dominance: 49.77%
Crypto market cap: $2.71T
*All data as of today, 06:30 am ET. Source: CoinGecko
Recommended Reads
CoinDesk: The Unintended Consequences of FIT21’s Crypto Market Structure Bill
Blockworks: Private stablecoins will be the bedrock of on-chain commerce
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