A handful of US asset managers have filed fresh applications to launch Ethereum Futures exchange-traded funds (ETFs).
Here are some of the major developments from the world of crypto over the past few days
A handful of US asset managers have filed fresh applications to launch Ethereum Futures exchange-traded funds (ETFs).
Six prominent asset managers from Grayscale, VanEck, BitWise, Volatility Shares, ProShares, and Round Hill Capital have submitted applications to the US Securities and Exchange Commission (SEC) in separate filings in an effort to introduce Ethereum Futures ETFs to US customers.
Two applications, one for a Grayscale Global Bitcoin Composite ETF and the other for a Grayscale Ethereum Futures ETF, are included in Grayscale’s file. The Chicago Mercantile Exchange will host futures contracts that Grayscale’s Ether ETF will invest in, Cointelegraph reported.
According to the SEC filing, Grayscale’s fund would largely invest in “front-month” Ether futures since they have “the shortest time to maturity”. Grayscale added that it plans to “roll” them before the contracts for Ether Futures expire.
Bitcoin Ordinals Team Launches Non-Profit To Grow Protocol Development
The team behind the Bitcoin Ordinals protocol has established a non-profit organisation with the goal of fostering the growth of non-fungible tokens (NFTs) on Bitcoin.
The Open Ordinals Institute aims to bolster the protocol’s future development as Ordinals inscriptions hit a milestone of 21 million.
Rodarmor had introduced the Ordinals protocol in January 2023. Users rushed to record assets on the Bitcoin Blockchain, including NFTs and Bitcoin-based coins, and it quickly rose to the top of the list of the most well-liked crypto trends.
The California-based nonprofit organisation known as the Open Ordinals Institute will support the Ordinals protocol by financing the group’s core developers, which includes the project’s chief maintainer, who goes by the alias Raph.
Four team members will sit on the new nonprofit’s board: Casey Rodarmor, Raph, Bitcoin-focused podcaster Erin Redwing, and mysterious Ordinals coder known as Ordinally.
Curve Founder Looks To Unexpected Counterparties To Rescue Sinking DeFi Loans
Michael Egorov, the founder of Curve Finance is offloading DeFi positions to alleviate debt, with liquidity sources highlighting his Curve DAO (CRV) positions.
Egorov sold 50 million CRV tokens at a below-market rate, with a three-six-month vesting agreement or potential sale if prices reach $0.80, in an attempt to pay off his mountain of DeFi debts.
The Curve Finance exploit has created a liquidity crisis in the DeFi ecosystem, with several lending protocols rushing to minimise their exposure.
Abracadabra Money, a cross-chain lending platform has also proposed increasing interest rates on outstanding loans to manage risks related to Curve DAO exposure.
The proposal has, however, evoked mixed reactions from the community, with some questioning the loan terms and others praising it as a great plan.
Egorov has nearly $100 million in loans and 427.5 million CRV collateral.
Abracadabra faces a liquidity crisis due to DeFi protocol exploits, causing CRV risk. A proposal to apply collateral-based interest to both CRV cauldrons is also proposed, aiming to reduce CRV exposure to $5 million borrowed MIM.