Web3🌑Friday Trends: SEC Charges, Grayscale's GBTC Plans, Blast's Ethereum L2, and Clone's Solana Assets
1. SEC Accused of Overreach in Kraken Lawsuit, State AGs Assert
2. Grayscale Witnesses Continued Outflows, Urges SEC Approval for GBTC Options
3. Blast Introduces Ethereum L2 Mainnet, Unlocking $2.3B in Staked Crypto
4. Clone Debuts Mainnet, Introducing 'Cloned Assets' on Solana
Explore further for in-depth insights!👇
Step into the dynamic world of web3 this Friday as we delve into the latest trends and developments. From legal challenges surrounding the SEC and Kraken to Grayscale's pursuit of options approval, and the groundbreaking launches of Blast and Clone in the Ethereum and Solana ecosystems, the web3 space is buzzing with innovation. Join us on this exploration, as we unravel the intricate details and implications of these significant events shaping the decentralized landscape. Stay tuned for a comprehensive journey through the exciting realms of web3 technology and its impact on the digital frontier.
1. SEC Accused of Overreach in Kraken Lawsuit, State AGs Assert
State attorneys general challenge SEC overreach in Kraken lawsuit, arguing against preemption of state laws. They assert SEC's attempt to regulate crypto as securities risks consumer protection and argue cryptocurrencies aren't automatically securities. SEC sued Kraken for unregistered securities listing and commingling funds. Senators and industry groups file amicus briefs supporting Kraken's motion to dismiss. Ongoing SEC suits against Coinbase and Binance. States seek to protect consumer protection and crypto regulations from federal overreach.
Nikhilesh De
2. Grayscale Witnesses Continued Outflows, Urges SEC Approval for GBTC Options
On February 29, Grayscale Bitcoin Trust (GBTC) experienced a significant outflow of over $600 million, totaling $8.4 billion since January 11. Conversely, other ETFs saw substantial inflows, with 8 ETFs adding 14,934 BTC worth $940 million. BlackRock's iShares Bitcoin Trust (IBIT) added 10,140 BTC ($638 million), and Fidelity's FBTC added 4,066 BTC ($255.9 million). Grayscale has urged the SEC to approve options on its spot BTC ETF, arguing that the SEC's rejection would unfairly discriminate against its shareholders. Bitcoin, currently on a winning streak, reached a two-year high, up over 19% in the past seven days.
Anisha Pandey
3. Blast Introduces Ethereum L2 Mainnet, Unlocking $2.3B in Staked Crypto
Blast's mainnet launch unlocked nearly $2.3 billion in staked crypto, with users withdrawing $400 million, impacting the total value locked (TVL). The blockchain scaler offers up to 5% APY on staked Ether and stablecoins. Despite controversy over tactics and a reported exit scam, anticipation builds for an upcoming Blast token airdrop in May. The platform's TVL peaked at $2.27 billion before settling at $1.87 billion post-launch. With 180,000 users, Blast aims to redefine the DeFi landscape, but criticisms linger regarding its bridge launch strategy.
Jesse Coghlan
4. Clone Debuts Mainnet, Introducing 'Cloned Assets' on Solana
Clone, a pioneering protocol, is set to unveil the public mainnet for Clone Markets and Clone Liquidity on Solana. This launch introduces markets for non-native assets, known as "cloned assets" or "clAssets," simplifying trading on Solana's fast and low-fee blockchain. Clone Markets becomes the platform where users can directly buy and sell clAssets, eliminating the need to switch between various chains. Liquidity providers gain access to a system supporting leveraged and cross-margined pools, using USDC collateral. Evan Deutsch, Clone's co-inventor, aims to make any token tradable within Solana, expanding the community and unlocking the blockchain's true potential. This follows a successful private mainnet launch on Feb. 1, featuring clARB, clOP, and clSUI tokens.
Bessie Liu
As we conclude our exploration of today's web3 highlights, the evolving landscape continues to captivate with legal battles, innovative launches, and strategic moves. The dynamics of decentralized technologies are shaping the future of finance and digital ecosystems. We'll keep you updated on the unfolding narratives in the web3 space. Stay connected for more insights, analysis, and breaking developments. Join us on this journey as we navigate the intricate threads of the decentralized world. Until next time, may your ventures in web3 be filled with discovery and success. Stay informed, stay inspired, and keep riding the wave of web3 innovation. Happy exploring!
