On Ethena, users can deposit stablecoins such as tether (USDT), frax (FRAX), dai (DAI), Curve USD (crvUSD) and mkUSD to receive Ethena’s USDe, which can then be staked. Unstaking takes seven days. The staked USDe tokens can be supplied to other DeFi platforms to earn additional yield. Original
Staking platform Lido’s share of staked ether (ETH) has continued to fall, which should reduce concerns about concentration in the Ethereum network, raising the chance that ETH won’t be designated as a security in the future, JPMorgan (JPM) said in a research report on Wednesday. “The share of Lido in staked ETH has decreased further from around one third a year ago to around a quarter at the moment,” analysts led by Nikolaos Panigirtzoglou wrote. The Hinman documents, which were released last June, “revealed the role of network decentralization in…
Starting April 3, Bitfinex users can trade bitcoin and ether volatility futures under the ticker symbols BVIVF0:USTFO and EVIVFO:USDTFO, according to the press release shared with CoinDesk. These contracts are denominated, margined, and settled in tether (USDT), the world’s largest dollar-pegged stablecoin. Original
“BTC and ETH showed relatively calm movement last week compared to other weeks in March, with weekly realized volatility hitting below 50%,” Jun-Young Heo, a derivatives trader at Singapore-based Presto Labs, said in an email interview. “However, as the Bitcoin halving event is expected to happen around April 20, implied volatility of front-month options remains elevated above 75%.” Original
“The big impact, however, is [from] the gamma positioning of dealers into the event. Dealers are short some $50 million of gamma, with the majority focused at around the $70,000 strike. As we near the expiry, that gamma position gets larger and the forced hedging will exacerbate volatility around $70,000, providing for some wholly, choppy moves either side of the said level,” Brickell told CoinDesk. Original
Eight potential issuers, including BlackRock, have submitted filings with the SEC to bring a spot ether exchange-traded fund (ETF) to the market. The final decision by the regulator is due in May, with industry experts predicting that applications won’t get approved, regardless of what the SEC finds the nature of ether to be. Source
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Grayscale’s chief legal officer (CLO), Craig Salm, expects the SEC to approve spot Ether (ETH) exchange-traded funds (ETFs) by May 2024. According to Salm, the optimism stems from the SEC’s meetings with Grayscale prior to the approval of Bitcoin ETFs. The meetings covered critical operational aspects such as creation/redemption procedures, cash versus in-kind contributions, authorized participants (APs), liquidity providers (LPs), and custody issues. Based on these interactions, Salm asserts that the case for Ethereum ETFs is quite similar to that of Bitcoin ETFs. His argument mainly centered on the fact…
The broader crypto community is calling for a controversial chain rollback in a bid to recover funds. Source
Rep. Patrick McHenry (R-N.C.) and Rep. Glenn “GT” Thompson (R-Penn.), the chairmen of the two committees, and the other Republican lawmakers – many of whom have been staunch supporters of the crypto industry – argued in Tuesday’s letter that ETH is not a security, making the asset illegal to handle by a securities firm like Prometheum. Source