A number of asset managers in the United States have filed new applications to develop Ethereum Futures exchange-traded funds (ETFs).
Six notable asset managers, including Grayscale, VanEck, BitWise, Volatility Shares, ProShares, and Round Hill Capital, have filed separate applications with the US Securities and Exchange Commission (SEC) to provide Ethereum Futures ETFs to US investors.
Grayscale’s submission contains two applications, one for a Grayscale Global Bitcoin Composite ETF and the other for a Grayscale Ethereum Futures ETF. The Chicago Mercantile Exchange will house futures contracts in which Grayscale’s Ether ETF will invest, according to Cointelegraph.
Grayscale’s fund, according to the SEC filing, will primarily invest in “front-month” Ether futures since they had “the shortest time to maturity.” Grayscale plans to “roll” them before the Ether Futures contracts expire.
The Bitcoin Ordinals team has established a non-profit organization to further the development of the protocol.
The Bitcoin Ordinals protocol team has formed a non-profit organization with the objective of promoting the emergence of non-fungible tokens (NFTs) on Bitcoin.
As Ordinals inscriptions reach 21 million, the Open Ordinals Institute hopes to strengthen the protocol’s future development.
Rodarmor implemented the Ordinals protocol in January 2023. Users rushed to record assets, such as NFTs and Bitcoin-based coins, on the Bitcoin Blockchain, and it rapidly moved to the top of the list of the most popular crypto trends.
The Open Ordinals Institute, a nonprofit organization based in California, will assist the Ordinals protocol by funding the group’s core developers, which include the project’s lead maintainer, who goes by the alias Raph.
Casey Rodarmor, Raph, Bitcoin-focused podcaster Erin Redwing, and the mystery Ordinals coder known as Ordinally will serve on the board of the new organization.
Curve’s Founder Looks to Surprising Counterparties to Save Sinking DeFi Loans
Curve Finance founder Michael Egorov is unloading DeFi shares to reduce debt, with liquidity sources highlighting his Curve DAO (CRV) positions.
In an attempt to pay off his stack of DeFi debts, Egorov sold 50 million CRV tokens at a below-market pricing, with a three-six-month vesting agreement or prospective sale if prices hit $0.80.
Curve Finance has caused a liquidity crisis in the DeFi ecosystem, with various lending protocols scrambling to reduce their exposure.
Abracadabra Money, a cross-chain lending company, has also advocated raising interest rates on outstanding loans in order to mitigate risks associated with Curve DAO exposure.
The initiative, however, has elicited varied comments from the community, with some criticizing the loan terms and others hailing it as a brilliant idea.
Egorov has loans totaling approximately $100 million and CRV collateral of 427.5 million.
Abracadabra is experiencing a liquidity crisis as a result of DeFi protocol exploits, which are causing CRV risk. A suggestion is also made to apply collateral-based interest to both CRV cauldrons, with the goal of reducing CRV exposure to $5 million borrowed MIM.
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