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Bloomberg ETF analysts have reduced their predicted odds of a spot Ethereum ETF approval this May to 30%. The primary reason they are reducing these odds is the lack of filing changes for these products. However, the market seems to be pricing in better odds than this as Ethereum has been keeping pace with Bitcoin, surging since the launch of the spot Bitcoin ETFs in January.
Crypto venture firm Paradigm is leading a funding round for Monad Labs, a startup aiming to build an ‘Ethereum killer’. The deal, valuing Monad at $3 billion, includes over $200 million in funding, following the company’s $19 million seed round in February. If successful, it will be 2024's largest crypto fundraise to date. This not only shows that investors are interested in what Monad is building but also that VCs are starting to have an appetite for larger deals.
Espresso Systems is developing a marketplace for shared sequencing that will enable L2s on Ethereum to sell block space. The project aims to tackle the fragmentation that is happening in the Ethereum ecosystem without compromising the benefits of rollups and validiums, allowing for the unified and efficient execution of user intents across multiple chains. Espresso is also creating a decentralized finality gadget, HotShot, to improve transaction confirmation speeds and security. The goal of this is to facilitate greater interoperability and reduce transaction costs and latency for end-users.
Prom is launching a new L2 that will be interoperable with both EVM and non-EVM ecosystems. It offers a cost-efficient and scalable solution by leveraging zkSNARK technology and Polygon Zero’s ZK proof tech. The Prom ecosystem will be powered by its native utility token, $PROM, which enables transactional and governance functionalities.
Ordinals could be the leaders as far as NFTs go this cycle due to the potential resurgence of a 2021-like NFT mania and the perceived security, decentralization, and affordability of Bitcoin. Bitcoin whales could catalyze the Ordinals’ price appreciation even further than was possible with ETH NFTs. This author predicts that most of the top 10 NFT collections will be on Bitcoin by 2025.
This thread provides a helpful lay of the land as far as decentralized AI projects go in the crypto space. It lists several projects in different verticals within decentralized AI or areas that support it. Some of the projects it goes over include Grass, Story Protocol, Bittensor, and Ora.
While the crypto prediction platform, Polymarket, is putting the odds of an ETH ETF approval in May at a 24% chance, the author of this thread believes the chances are much higher. ETH continues to keep pace with BTC, even though BTC has had the benefit of incredibly strong ETF inflows. Regardless of whether or not the ETF is approved in May, the author of this thread is convinced that it will happen at some point and that the market is already attempting to account for that.
This article discusses the prospects of combining blockchain infrastructure with AI agents. This could lead to an "Internet of Agents" where AI-driven activities are facilitated by blockchains’ cryptographic security, incentives, composability, and decentralization. Possible applications of this approach include AI prediction markets, user intent matching, action planning, and shared funds. However, there are potential risks such as the exposure of model vulnerabilities and the steep costs of implementing secure machine learning computations.
Coinbase put out a challenge to the SEC's denial of its rulemaking petition in court, claiming the decision is unjust and violates administrative law as it continues to argue for clear regulation in the digital asset space.
After announcing a new tranche of convertible notes last week, MicroStrategy acquired 12,000 BTC for $821.7 million, expanding its holdings to 205,000 BTC.
Kamino Finance revised its airdrop parameters after receiving feedback from unhappy users. The changes aim to manage the distribution of the KMNO token and address challenges in rewarding users fairly with a focus on long term users.
VanEck is temporarily waiving fees on its Bitcoin ETF to attract more investors in response to BlackRock gaining 69% market share of the newly approved spot Bitcoin ETFs.