Web3🌕Monday Headlines: Ethereum ETF Fees, FTX Bankruptcy Moves, Matter Labs' Trademark Reversal, and Ethena's USDe Milestone!

Welcome to a fresh week in the dynamic realm of Web3! As we kick off this Monday, we're excited to dive into the latest highlights shaping the decentralized landscape. Join us as we explore the unveiling of Franklin Templeton's Ethereum ETF fee, FTX's strategic moves amidst bankruptcy concerns, Matter Labs' response to community feedback on trademark issues, and Ethena's remarkable milestone with its USDe stablecoin. Get ready to immerse yourself in the pulse of Web3 innovation and stay tuned for a deeper dive into these intriguing developments. Let's embark on this journey together!

1. Franklin Templeton Unveils Ethereum ETF Fee

Franklin Templeton's proposed Ether spot ETF will charge an ultra-low 0.19% annual fee, a significant reduction compared to competitors. According to an updated S-1 filing with the SEC, this fee is accrued daily and payable quarterly. Additionally, the fund will waive all sponsor fees on its first $10 billion for the initial six months. This aggressive pricing strategy aims to capture market share, mirroring the fee wars seen with Bitcoin spot ETFs. The SEC has also approved seven other Ether spot ETFs, expected to go live on national securities exchanges soon.

Franklin Templeton Reveals Ethereum ETF Fee - Decrypt

The global asset manager will charge investors 0.19%, in line with the low fees in the competitive spot Bitcoin ETF race.

DecryptAndrew Throuvalas

2. FTX Sells Off Remaining Anthropic Shares Amid $500M Bankruptcy Costs

FTX has sold its remaining 15 million Anthropic shares for $450 million, totaling $1.3 billion from a $500 million investment, netting an $800 million profit. The latest sale matched the $30 per share price from March, with G Squared buying a third of the shares. FTX’s bankruptcy costs have now surpassed $500 million, leading to complaints about potential conflicts of interest involving the primary law firm, Sullivan and Cromwell. CEO John Ray III has billed the estate $5.6 million. The estate aims to repay 98% of creditors at least 118% of allowed claims.

FTX offloads remaining Anthropic shares as bankruptcy cost surpasses $500 million

Legal and administrative costs have surpassed $500 million as FTX profits about $800 million from its Anthropic investment.

The Block[email protected]

3. Matter Labs Abandons ZK Trademark Applications Post Backlash

Matter Labs, the team behind Ethereum's zkSync scaling solution, withdraws trademark attempts for "ZK" after strong criticism from industry figures. Top ZK researchers denounced the move, advocating for ZK technologies to remain accessible to all as a public good. In a public letter, signatories including ZK-proofs inventors Shafi Goldwasser and Silvio Micali emphasized the importance of preserving ZK's open nature. Matter Labs confirmed the decision, acknowledging the community's concerns and prioritizing accessibility over proprietary control. The controversy underscores broader debates within the cryptocurrency industry over intellectual property and decentralization ethos. CEO Alex Gluchowski reiterated Matter Labs' commitment to defensive trademarks, aimed at preventing misuse rather than asserting ownership. The withdrawal affects applications across nine countries, aligning with the community's call for an inclusive approach to emerging technologies.

Matter Labs drops ZK trademark applications after industry backlash

Matter Labs, the firm behind Ethereum layer 2 scaler zkSync, will no longer pursue its ZK-related trademark filings after criticism from industry leaders.

CointelegraphBrayden Lindrea

4. Ethena's USDe Surpasses $3 Billion Supply in Just 4 Months Since Launch

Ethena Labs' USDe stablecoin, known as a 'synthetic dollar,' has reached a $3 billion supply just four months after its February launch. The supply grew by $1 billion since April, placing USDe as the fourth largest stablecoin with a 3.3% market share. It aims to challenge DAI as the top decentralized stablecoin, requiring an additional $2 billion in supply. Unlike Terraform Labs's UST, USDe maintains its peg through arbitrage and yield-returning trades. Integrated with Bybit for Ethereum and Bitcoin trading, USDe also began airdropping its governance token, ENA, now valued at $1.3 billion.

Ethena’s ‘synthetic dollar’ USDe crosses $3 billion supply just four months after launch

The stablecoin offering from Ethena Labs is on its way to challenge DAI as the crypto industry’s largest algorithmic or crypto-backed stablecoin.

The Block[email protected]

As we conclude our exploration of today's Web3 highlights, we hope you found these insights illuminating and inspiring. The ever-evolving landscape of decentralized technologies continues to captivate us with its potential for innovation and transformation. Remember to stay tuned for future updates and deep dives into the latest trends shaping the future of finance, technology, and beyond in the Web3 space. Whether you're an investor, developer, or simply curious about the decentralized world, there's always something new to discover and learn. Thank you for joining us on this journey, and we look forward to continuing to explore the exciting developments of Web3 together. Until next time, keep embracing the possibilities of decentralization and pushing the boundaries of what's possible!

WEB3 AI ML