Spot Solana exchange-traded funds (ETFs) in the United States could potentially drive up the price of SOL by a factor of nine, according to crypto market maker GSR Markets.
In a June 27 report, GSR described Solana as part of “crypto’s big three” and investigated whether Solana would be the next spot cryptocurrency ETF to receive U.S. regulatory approval.
Coincidentally, the report came out the same day VanEck filed to issue a spot Solana ETF, surprising many.
GSR, which holds a long position on SOL, estimated an “8.9x” price increase assuming the spot Solana ETFs would attract 14% of the flows that spot Bitcoin ETFs have seen since their January launch, based on their relative market cap size.
In GSR’s “blue sky scenario,” Solana’s current price of $149 could soar to over $1,320, boosting Solana’s market cap to $614 billion.
In contrast, GSR’s “bear” and “baseline” scenarios would see spot Solana ETFs capturing 2% and 5% of Bitcoin ETF flows, leading to 1.4x and 3.4x price increases for SOL, respectively.
The firm noted that these estimates might be even higher if spot Solana ETFs included income from staking rewards, although staking wasn’t allowed in the approved spot Ether ETFs.
GSR stated, “Solana is poised for a spot ETF if and when additional spot digital asset ETFs are allowed in the US, and the impact on price may just be the largest yet.”
Despite GSR’s optimism, Bloomberg ETF analyst Eric Balchunas and others believe that a change in the U.S. presidency and the chair of the Securities and Exchange Commission (SEC) would be necessary for a spot Solana ETF to be seriously considered.
The SEC and its Chair, Gary Gensler, labeled SOL as a security in lawsuits against Binance and Coinbase, arguably making the pathway to approval more challenging than for the now-approved spot Bitcoin and Ether ETFs.
VanEck’s application follows cryptocurrency asset manager 3iQ’s filing for a spot Solana ETF in Canada, marking a North American first.
The Solana ecosystem and network have also received praise from $1.5 trillion asset manager Franklin Templeton, although the firm hasn’t confirmed plans for a spot Solana ETF in the future.
Globally, over $1 billion worth of Solana exchange-traded products are already available.
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A failed spam attack on the Cardano blockchain has prompted developers to work on a node upgrade to prevent future distributed denial-of-service (DDoS) attacks.
On June 25, the Cardano network faced a DDoS attack beginning at block 10,487,530.
Raul Antonio, CTO of Fluid Tokens, explained that the attack aimed to trick the Cardano blockchain into charging lower fees for high-value transactions.
Additionally, if the attack had succeeded, the attacker could have stolen staked Cardano tokens from the network.
During the attack, Philip Disarro, founder and CEO of Anastasia Labs, explained: “The idea behind this attack is to take advantage of the fact that the size of reference scripts currently does not impact the transaction fee, but it does impact the work that validators have to do to process the transaction.”
Disarro and other Cardano developers managed to outsmart the attacker, reclaim the stolen ADA tokens, and stop the DDoS attack.
The attacker eventually ceased the DDoS attack and failed to move any stolen funds.
READ MORE: Bitcoin and Ether Transaction Fees Plunge Amidst Crypto Market Turmoil
Disarro commented: “Thanks for the free money moron.
“Truly iconic that the attacker who presumably wanted to damage the ecosystem actually ended up donating to the open-source smart contract development work we do […]”
Disarro mentioned that there were alternative methods to stop the attack, but his approach was the quickest.
He added, “If you rush to deploy something to production without thorough testing and a high-quality, independent audit, you might wind up losing a lot of money to vulnerabilities just like the attacker did.”
Intersect, a member-based organization for the Cardano ecosystem, confirmed the attack and thanked the developer community for their swift action against the DDoS attack.
Despite the attack, the Cardano network was not compromised and continued to function normally.
However, Intersect noted, “The network has experienced a higher load than normal and some stake pool operators (SPOs) have been negatively affected due to an intensification in block height battles.”
Intersect assured that once a solution has been thoroughly tested and deployed, they will share the new node version for SPOs to upgrade to.
The Intersect task force is working to identify and test a solution to further reduce the impact of such spam attacks.
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Curve Finance has revised its fee distribution mechanism, transitioning from the 3crv token to its native stablecoin, crvUSD, to enhance the stablecoin’s utility within the Curve Finance ecosystem and incentivize users.
According to a press release shared with Cointelegraph, switching the fee distribution to crvUSD will create “an additional supply sink for the stablecoin,” primarily due to uncollected fees contributing to this “supply sink” and potentially boosting the total value locked (TVL) in the ecosystem.
Michael Egorov, founder of Curve Finance, discussed the switch’s impact on users with Cointelegraph:
“The transition to crvUSD means that users will now obtain fees in a dollar-denominated stablecoin.
“This shift simplifies the process significantly, as crvUSD doesn’t have to be converted to anything else to be utilized in Curve Finance products.”
The press release highlights that distributing fees in crvUSD will incentivize stablecoin usage, encouraging users to engage more with products and services that use it.
On community incentives through this transition, Egorov explained that Curve users could deposit crvUSD into the ecosystem using the fees earned.
“The value of 3crv, although generally increasing, has a variable conversion rate (currently around 1.03).
“This variability necessitated additional steps for users to convert 3crv into a more stable or usable form of currency for other activities.”
READ MORE: Binance Tightens Security Measures to Combat Account Misuse and Enhance Platform Integrity
Curve Finance acknowledges potential liquidity concerns and risks associated with the transition.
Egorov elaborated on the risks, mentioning operational risks and asset age:
“The 3crv token has been operational for over four years and has shown no issues. […] CrvUSD is just one year old and has yet to fully establish its reliability.
“It underwent multiple audits and has been deemed fit for deployment, but it is inherently less time-tested compared to 3crv.”
Egorov also addressed operational risks during the “preparation phase” for on-chain votes required for the change, stating that these risks have been mitigated since “all relevant votes” have passed.
Overall, the switch to crvUSD aims to streamline user experience and boost the stablecoin’s role within the Curve Finance ecosystem, despite some inherent risks and the need for further community adaptation.
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Bolivia’s central bank, Banco Central de Bolivia, has reversed its ban on Bitcoin and cryptocurrency payments, now permitting financial entities to conduct transactions using digital assets to modernize its payment system.
This shift aims to help bolster Bolivia’s struggling economy and bring it in line with Latin American crypto regulations.
The change marks the end of a crypto ban that started in 2014. In December 2020, the government had prohibited banking entities from engaging with cryptocurrencies under Board Resolution N°144/2020.
Now, approved regulations allow banks to transact in cryptocurrencies via authorized electronic channels.
However, the central bank emphasized that cryptocurrencies are not considered legal tender.
Therefore, while banks can trade crypto assets, the Bolivian government does not recognize them as legal currency, and businesses are not required to accept them as payment.
Banco Central de Bolivia also plans to launch an awareness program under its Economic and Financial Education Plan.
This initiative aims to educate the public about the potential risks of cryptocurrencies and how to handle them responsibly.
The new regulations were developed in collaboration with the Financial Investigations Unit, the Financial System Supervisory Authority, and the central bank. These three bodies crafted the regulatory update, which took effect on June 26.
The legislation also aligns Bolivia’s crypto regulations with recommendations from the Latin American Financial Action Task Force, positioning Bolivia among other Latin American nations adopting crypto to boost their economies.
Latin America is increasingly embracing Bitcoin.
Over recent years, several countries in the region have faced economic challenges and rising inflation, prompting them to seek alternative solutions.
Cryptocurrencies have emerged as a popular option in this new economic landscape.
El Salvador was the first country in Latin America and the only one globally to adopt Bitcoin as legal tender alongside the US dollar in 2021.
Mexico, while not recognizing cryptocurrency as legal tender, allows it for value transfers and payments and taxes profits from crypto sales on centralized exchanges.
Brazil has also become pro-crypto, introducing income-tax regulations in 2023, with a 15% tax on crypto profits.
Argentina recently elected a pro-Bitcoin president to combat rampant inflation, following El Salvador’s example.
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Jesse Powell, the co-founder of Kraken, announced on X that he has donated $1 million, primarily in Ether, to Donald Trump’s 2024 presidential campaign.
Powell expressed his support for Trump, highlighting him as the sole major party candidate advocating for pro-crypto policies.
“I am excited to join other leaders from our community to unite behind the only pro-crypto major party candidate in the 2024 Presidential election so the United States can continue to remain a leader in blockchain technology.”
In his post, Powell criticized President Joe Biden’s regulatory approach to the crypto industry and accused officials such as Senator Elizabeth Warren and SEC Chair Gary Gensler of reducing the United States’ competitiveness.
“For too long, the crypto industry has been under attack by Elizabeth Warren, Gary Gensler, and others.”
Rudy De La Cruz, general and strategic partner at BasedVC, shared with Cointelegraph that there is “an air of optimism” in the crypto industry.
“According to a Grayscale survey, this is an issue of concern among Americans, though voters are split. […] Organizations and wealthy crypto entrepreneurs supporting candidates who are friendly to the crypto industry is not that surprising.”
Powell believes Trump’s candidacy in the 2024 presidential election presents an opportunity for the U.S. to lead in blockchain technology.
His post, featuring a photo of Powell and Trump, reinforced this alliance and included the hashtag #freeross, referencing Ross Ulbricht.
Ulbricht was sentenced to life in prison without parole plus 40 years in 2015 for operating the online black market Silk Road, which facilitated anonymous transactions.
On June 20, U.S. presidential candidate Robert F. Kennedy Jr. tweeted that he would free Ulbricht if elected in November.
“Ross Ulbricht has been in prison far too long. Two life sentences for hosting an e-commerce platform. Yes, illegal activity took place there, but come on.”
RFK Jr. also mentioned that he would sign a petition for Ulbricht’s release and encouraged others to do the same.
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Bitcoin has experienced a “healthy reset” in bullish sentiment due to a key BTC price indicator reaching eight-month lows.
On June 27, popular analyst On-Chain College highlighted on X (formerly Twitter) that classic patterns are repeating on the Bitcoin Mayer Multiple.
Although Bitcoin remains at $60,000, a notably bearish sentiment has followed its recent 17% dip.
As reported by Cointelegraph, the Crypto Fear & Greed Index is nearing its 2024 lows, and there is little optimism among average hodlers on social media for a price rebound.
The Mayer Multiple, however, suggests that a recovery might be imminent.
This indicator measures Bitcoin’s current price against its 200-day moving average, providing a buy or sell signal based on the resulting ratio.
Its creator, Trace Mayer, originally considered a reading below 2.4 as “buy” territory.
Data from on-chain analytics firm Glassnode shows that as of June 26, the Mayer Multiple stood at 1.05.
READ MORE: German Government Wallet Sells $54 Million in Bitcoin, Sparking Price Drop Concerns
In contrast, for the Mayer Multiple to hit 2.4, the price would need to be nearly $140,000. BTC/USD last reached a 2.4 reading in March 2021.
“The Bitcoin Mayer Multiple is now at a level not seen since October 2023, despite the price being $60.9K now vs. $29.9K back in October,” On-Chain College commented.
“A healthy reset of sentiment to shift back bearish while being at twice the price.”
Extreme lows in the Mayer Multiple do not always align with BTC price floors. In mid-2022, the indicator bottomed at around 0.47, but it took another four months for the price to mark the bear market’s lowest point.
As Cointelegraph continues to report, price strength is a hot topic in June, with the Mayer Multiple not being the only “buy” signal currently valid.
Bitcoin’s relative strength index (RSI) has also entered “oversold” territory across multiple timeframes.
On the daily chart, RSI was last at this week’s levels in August 2023 — a period when other bull market support trendlines, such as the short-term holder cost basis, were similarly violated.
“The last time the RSI was this low, Bitcoin had just consolidated for 3+ months, just below the key resistance @ 30k,” popular trader Jelle noted.
“We’re looking at 3+ months of consolidation below 70k now. History repeating?”
BTC/USD was trading at around $60,700 at the time of writing, according to data from Cointelegraph Markets Pro and TradingView.
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Crypto losses from hacks and scams surged in the second quarter of 2024, more than doubling from the same period the previous year, as reported by blockchain security platform Immunefi.
Losses totaled over $572 million in Q2 2024, a significant increase from $220 million in Q2 2023. Centralized exchange hacks were the primary contributors to these losses.
Before Q2, losses from hacks and scams had been decreasing, with Immunefi noting a 23% reduction in Q1.
This downward trend continued through April and most of May, but the situation worsened dramatically at the end of May and in June.
The most significant loss during the quarter was the May 31 private key hack of crypto exchange DMM, resulting in $305 million worth of Bitcoin being stolen.
Another major incident was the BtcTurk hack on June 22, which caused $55 million in losses. Combined, these two hacks accounted for over 62% of the total losses for the quarter.
Centralized protocols and exchanges experienced approximately $401 million in losses during Q2, making up 70% of the total.
Despite this large financial impact, only five successful attacks were recorded against centralized protocols. In contrast, decentralized protocols faced 62 successful exploits or scams.
Decentralized finance protocols suffered $171 million in losses during the quarter, a 25% decrease from Q2 2023.
READ MORE: DFX Labs Nears Full Operational License in Hong Kong Amid Regulatory Push for Global Crypto Startups
Ethereum and the BNB Smart Chain remained the top two targets for hackers and scammers, responsible for 71% of total losses.
There is also growing evidence that Ethereum layer 2 networks are becoming more popular targets for malicious activities.
Arbitrum was the third most targeted network, suffering four incidents and accounting for 5.5% of the total losses.
Blast and Optimism each faced three incidents, while other networks collectively accounted for 15% of the total losses.
Immunefi founder Mitchell Amador emphasized the importance of centralized exchange security, stating: “This quarter highlights how infrastructure compromises can be the most devastating hacks in crypto, as a single compromise can lead to millions in damages. Robust measures to safeguard the entirety of the ecosystem are crucial.”
Some stolen funds were later recovered by security researchers.
For instance, the attacker who exploited the Gala Games protocol returned nearly all the stolen funds, reportedly due to exposing his IP address.
Alex Labs, Bloom, and Yolo Games also recovered most of their lost funds, with recovered funds representing 5% of the total losses in the quarter.
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Puffer Finance, a liquid staking derivatives (LSD) project leveraging Ethereum’s Eigenlayer protocol, is partnering with the Ethereum Foundation to develop based rollups.
This collaboration follows Puffer Finance’s successful $18 million Series A funding round aimed at launching its mainnet.
Rollups, a key scaling solution, process transactions off-chain and bundle them into a single transaction on the base layer, alleviating the load on layer-1 blockchains.
Amir Fourouzani, co-founder of Puffer Finance, explained the current market challenges to Cointelegraph:
“Currently, there’s a challenge in the Ethereum ecosystem known as liquidity fragmentation.
“This issue arises from the fact that current L2 projects are each creating their own ‘super chains,’ leading to isolated pools of liquidity.”
To address this fragmentation, Fourouzani emphasized the need for based-sequencing and based rollups to ensure interoperability between chains.
Puffer Finance has developed a method for organizing pre-confirmations on Ethereum layers while maintaining decentralized validators, bypassing the need for a comprehensive Ethereum Improvement Proposal.
“It took us years to architect and come up with this, but now we have it,” Fourouzani stated. “This is the current central area of research for the Ethereum Foundation.
“The thought leaders over there are trying to push this forward with leaders such as Justin Drake and others.”
READ MORE: German Government Wallet Sells $54 Million in Bitcoin, Sparking Price Drop Concerns
Fourouzani highlighted the potential of based rollups in decentralized finance:
“In the future, every company is going to have its host AppChain.
“Let’s say Aave has its own AppChain, and liquidation is going to hit Aave; well, it’s going to be represented on Uniswap immediately on Uniswap’s AppChain.
“This is the ultimate dream. Uniswap and Aave don’t have to go through any governance token, nor do they have to rely on any governance process.
“So, we are also getting to a credible neutral layer of rollups.”
He also noted the appeal of native yields in an interoperable app chain ecosystem.
“A lot of users would rather have their tokens generating yield with no effort in their wallets rather than just keeping it on the based chain,” he added.
According to DefiLlama, Puffer Finance surpassed a total value locked (TVL) of $1.7 billion shortly after its early test phase in February.
The protocol has raised a total of $23.5 million in venture capital funding.
Puffer Finance’s LSD technology enables Ethereum validators to reduce their capital requirement to just 1 Ether, compared to the traditional 32 ETH needed for individual stakers.
Additionally, users staking Ether through Puffer receive Puffer liquid restaking tokens (nLRTs), which can be used to farm yields in other decentralized finance protocols while earning Ethereum staking rewards.
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Coinbase has decided not to support the upcoming migration of the Artificial Superintelligence Alliance (ASI) for its users.
This migration, worth $7.5 billion, involves a token merger between AI protocols SingularityNet, Fetch.ai, and Ocean Protocol.
AI tokens Ocean (OCEAN) and Fetch.ai (FET) are scheduled to merge in July, leading to the launch of ASI tokens.
Initially, OCEAN will migrate into FET on July 1, and later in the month, the merged FET tokens will convert into ASI.
Crypto service providers that support this mechanism will automatically convert users’ token holdings on the designated day.
However, Coinbase has chosen not to participate in this migration.
“According to their statement, “Coinbase will not execute the migration of these assets on behalf of users.”
Despite opting out of the migration, Coinbase will continue to allow trading of FET and OCEAN as usual until further notice.
They have also provided a workaround for users:
“Once the migration has launched, users will be able to migrate their OCEAN and FET to ASI using a self-custodial wallet, such as Coinbase Wallet.
READ MORE: MakerDAO Announces Historic $1.35 Million Audit Contest Ahead of Endgame Launch
“The ASI token merger will be compatible with all major software wallets.”
During the initial merger announcement in March, it was clarified that users could swap FET tokens for ASI at a 1:1 rate. Fetch.ai explained:
“If you have $OCEAN and $AGIX tokens on an exchange, no action is needed.
“We will work with each exchange to ensure a smooth conversion and your holdings will automatically be converted to $ASI tokens directly by the exchange.
“You won’t see $OCEAN or $AGIX on the exchange — but don’t panic! Your tokens are there, just look for the $ASI symbol.”
The new Superintelligence Alliance aims to develop blockchain-based decentralized AI protocols that cannot be controlled by centralized parties or large stakeholders.
Regarding market performance, both FET and AGIX surged over 30% on June 20 after a three-month downtrend.
The increase in AI token value was linked to their announced merger with Ocean Protocol, which aims to form the largest decentralized AI ecosystem.
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Crypto casinos and non-Gamstop gambling platforms, while distinct in their technical aspects, offer a range of benefits for UK players. Both cater to the privacy-conscious. Cryptocurrencies, with their inherent security and anonymity perfectly complement the flexibility focus of non-Gamstop casinos. This synergy creates platforms ideal for players who value control, efficiency, and a wider range of gaming choices.
The Value of Non-Gamstop Casinos:
Gamstop is a self-exclusion service; It’s designed to encourage responsible gambling. The trouble is, Gamstop uses a one-size-fits-all approach for a population of online gamblers with diverse needs. Gamstop just won’t suit everyone. For players who once opted in but no longer need restrictions, Gamstop is a burden, not a boon. Enter non-Gamstop casinos. These platforms operate beyond the Gamstop self-exclusion scheme, catering to those who want more flexibility in their online gambling experience. They offer unlimited access to games of chance, letting players take responsibility for their own enjoyment. (Source: www.sportscasting.com/online-casinos/casinos-not-on-gamstop-uk/)
Beyond flexibility, non-Gamstop platforms offer several other advantages; novelty and choice are chief among them. Unbound by some of the regulations that apply to UK Gambling Commission (UKGC)-licensed platforms, non-Gamstop casinos have the freedom to experiment and introduce unique features to games. Additionally, restrictions placed on certain games by the UKGC may not apply to non-Gamstop casinos, meaning a larger library of games on offer.
Non-Gamstop platforms also give players greater control over their financial transactions by embracing the use of cryptocurrency. Unlike traditional online casinos that require bank details for registration and transactions, crypto transactions ensure anonymity. Crypto eliminates the need to link bank accounts to gambling platforms, enhancing privacy and discretion for those who prefer it.
Transparency and Efficiency of Crypto Casinos:
Crypto betting sites are becoming ever more popular in the UK as cryptocurrency itself becomes increasingly normalised in the public view. These sites offer a dynamic alternative to traditional online gambling platforms by accepting cryptocurrencies like Bitcoin and Ethereum for deposits and withdrawals. Doing so offers many advantages for savvy players, particularly for the privacy-conscious and security-minded among us. Crypto transactions eliminate the need for intermediaries because blockchain technology reduces the risk of fraud and security breaches. While traditional online casinos store player information on vulnerable centralised servers, crypto transactions are recorded on a decentralised ledger, minimising the threat of cyber-attacks and data leaks.
Transactions using cryptocurrency are typically a lot faster than traditional bank transfers. Crypto users can enjoy near-instant deposits and quicker withdrawals, allowing them to seamlessly move funds into and out of their accounts. Eliminating the waiting times of conventional banking methods is a huge boon for impatient players with busy lives. Crypto transactions also cost less compared to traditional payment methods. Fees levied by credit cards and hidden costs for bank transfers can quickly add up, eating into a player’s winnings. Such fees don’t apply when wagering with crypto, making it a much more cost-effective way to manage funds.
The Relationship Between Crypto and Non-Gamstop Casinos:
The convergence of crypto casinos and non-Gamstop platforms showcases the rapidly evolving needs and ever-changing tastes of UK gamblers online. Players seeking greater flexibility and agency look to non-Gamstop casinos as an alternative to the restrictions of Gamstop sites. Meanwhile, cryptocurrencies offer privacy and efficiency for financial transactions within these platforms. As both sectors continue to innovate, refining their offerings, there is every potential that the marriage of crypto and non-Gamstop casinos will lead to a more diverse and exciting online gambling scene. Hopefully, one with greater control, choice, and security for UK players.