Web3🌗Wednesday Update: Ethereum Airdrop, BlackRock's ETF Change, Shiba Inu's Domain Plan, & Unique FTX Settlement

Happy Wednesday! Today's Web3 landscape reveals exciting developments across various fronts. Join us as we delve deeper into these updates, unraveling the intricate facets of Web3 advancements.

1. Ethereum NFT traders gain a new airdrop.

Frame, an Ethereum scaling network for NFTs, launches a token airdrop rewarding active NFT traders. Users claim tokens based on trade volume, royalties, and past transactions. The FRAME tokens initially govern the ecosystem and a Creator Fund, later becoming tradable assets. Frame prioritizes creator royalties, security, and community governance. Electric Capital leads its initial funding round. More tokens will be distributed post-launch to encourage engagement.

Did You Trade Ethereum NFTs in the Last Two Years? You Can Claim This Airdrop - Decrypt

Frame, a new layer-2 Ethereum scaling network for NFTs, launched a token airdrop on Tuesday. Here’s how to claim it.

DecryptSander Lutz

2. BlackRock shifts Bitcoin ETF filing.

BlackRock's iShares Bitcoin Trust alters its ticker to IBIT and opts for cash-only creation, per a new SEC filing. The change signals a shift away from in-kind creation, limiting Bitcoin involvement to the issuer. This move aligns with SEC concerns over unregistered brokers handling Bitcoin. Market analysts view this as a positive move, hinting at a potential SEC approval for the first U.S. Bitcoin ETF. Despite considerations for IBTC ticker previously, IBIT was selected, avoiding conflict with BlackRock's existing European product. This development underscores anticipation for regulatory acceptance, potentially paving the way for increased crypto investment upon approval.

BlackRock Makes Key Changes to Bitcoin ETF Ahead of Expected Launch - Decrypt

In a new SEC filing, BlackRock said its iShares Bitcoin Trust would only allow cash—not in-kind—creation and changed its ticker to IBIT.

DecryptStacy Elliott

3. Shiba Inu charts SHIB domain strategies.

Shiba Inu teams up with domain player D3, pursuing a ".shib" internet domain to bolster decentralized identity efforts. Plans involve applying for the domain through ICANN, aiming to expand beyond the ShibArmy and grant over 5 billion internet users access to the SHIB ecosystem. Lead Developer Shytoshi Kusama highlights the significance, envisioning real domains integrating with Shiba Inu's decentralized ecosystem for digital identities. The collaboration will transition Shiba Inu's Shib Name Service (SNS) to D3's infrastructure, amplifying digital identity verification across products within the Shiba Inu blockchain and Shibarium, a layer 2 network, furthering their Web3 presence.

Shiba Inu Could Soon Offer SHIB Holders a ‘.shib’ Internet Domain

The team is working with internet domain player D3 to apply for and win the “.shib” internet domain as part of a broader push toward a decentralized identity project.

CoinDeskShaurya Malwa

4. FTX pioneers unique debt resolution.

FTX debtors reveal a settlement plan with the Joint Official Liquidators for FTX's Bahamian arm amid bankruptcy. The proposal aims to combine assets with FTX Digital Markets to compensate users after the exchange's downfall. This innovative solution addresses cross-border legal complexities stemming from FTX's November 2022 collapse. Subject to approval by U.S. Bankruptcy Court and the Bahamas Supreme Court, affected users will receive compensation in USD for cash or digital asset losses, excluding NFTs. Eligible claimants can vote on the reimbursement plan in Q2 2024. FTX's CEO acknowledges the challenges and emphasizes aligning interests between FTX.com customers and their resolution efforts.

FTX debtors and liquidators reach ‘novel and mutually-beneficial’ settlement

Debtors for FTX announced a global settlement with the Joint Official Liquidators for FTX Digital Markets, proposing the two pool assets as part of efforts to repay customers.

CointelegraphTurner Wright

As we conclude this exploration of today's Web3 updates, the innovations unveiled across Ethereum NFTs, BlackRock's Bitcoin ETF filing, Shiba Inu's SHIB domain strategy, and FTX's unique debt settlement underscore the dynamic evolution within the crypto sphere. These developments signify the continual growth and diversification of the Web3 landscape, offering a glimpse into the ongoing advancements shaping the future of decentralized technologies. Stay tuned for further insights and developments as the Web3 ecosystem continues to evolve and redefine the realm of digital finance.

WEB3 AI ML