Web3🌘Thursday Buzz: X's NFT Profile Shift, SEC Greenlights Spot Bitcoin ETF, Solana's Meme Coin Frenzy, and Aave Welcomes PayPal's Stablecoin
1. X ceases support for NFT profile pictures
2. SEC grants official approval to Spot Bitcoin ETF
3. Solana sees trading of 'Bitcoin ETF' meme coins by degens
4. Aave community votes for PayPal's stablecoin integration.
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Embark on a journey through the ever-evolving landscape of Web3, where each development unfolds a new chapter in the digital realm. Today's revelations bring intriguing shifts. Join us as we delve into the intricacies of these Web3 updates, shaping the future of the digital landscape.
1. X ceases support for NFT profile pictures
X reportedly removes NFT profile pictures, initially launched in Jan 2022. Elon Musk's acquisition led to its premium status for Twitter Blue subscribers. Users could showcase Ethereum-based NFTs as hexagonal profile pictures. TechCrunch notes the feature's disappearance from the Premium support page. Previously, users could click on the NFT profile to learn more. Similar moves were seen with Meta winding down NFTs in March 2023, prioritizing other creator support methods. X's press email responded with a "busy now" message when queried about the change.
Katherine Ross
2. SEC grants official approval to Spot Bitcoin ETF
SEC approves first spot Bitcoin ETFs in the U.S., signaling a historic moment. Applications from major firms, including BlackRock and Grayscale, get the green light. The move allows investors direct exposure to Bitcoin prices through regulated ETFs. The SEC's decision follows years of denials, and it comes after Grayscale's successful court case. The industry anticipates significant inflows, with estimates ranging from $2.4 billion to $14 billion in the first year. This development marks a pivotal step in the mainstream adoption of Bitcoin as a financial instrument. Fees announced by issuers, such as BlackRock and Bitwise, reflect varied strategies in the competitive market.
Tom Mitchelhill
3. 3. Solana sees trading of 'Bitcoin ETF' meme coins by Degens
Solana traders create ETF-themed meme coins post SEC's Bitcoin ETF approval. Tokens like ETF surged over 30,800%, accumulating $775,000 in trading volume. However, meme coins are highly volatile and subject to 'rug pulls.' BTCETF, another Solana token, rose 43,000% but experienced rapid fluctuations. Meme coins often exploit breaking news for short-term gains, exemplified by the risky and speculative nature of these tokens.
Sander Lutz
4. AAVE community votes for PayPal's stablecoin integration.
AAVE token holders, with a 99.98% majority, support integrating PayPal's PYUSD into Aave's Ethereum pool. The ongoing governance vote reflects the community's endorsement of the proposal floated by Trident Digital on December 18. Aave, a decentralized lending and borrowing protocol, ranks as the world's third-largest DeFi platform with nearly $5 billion locked assets. The integration aims to foster synergies between Aave and PayPal's stablecoin, strengthening the relationship between PYUSD and Aave's decentralized multi-collateral stablecoin GHO. Trident plans to contribute $5-10 million in liquidity for PYUSD on AAVE, enhancing organic borrowing demand.
Omkar Godbole
As we conclude our exploration of today's Web3 landscape, we witness the dynamic nature of this digital realm. X's adjustment in NFT profile support and the SEC's approval of Spot Bitcoin ETFs underscore the ever-changing dynamics in the crypto sphere. Solana enthusiasts' venture into ETF-themed meme coins adds a touch of creativity, while Aave's integration of PayPal's stablecoin reflects the collaborative spirit within decentralized finance. These developments not only capture the present pulse of Web3 but also hint at the ongoing evolution that continues to shape the future of the digital ecosystem. Stay tuned for more as we navigate the exciting journey of Web3 innovations.
