Web3 🌘 Thursday Roundup: Crypto Market With New Developments from Reddit, Synapse, Binance and other.
1/🏈 Reddit kicks off football season with NFT avatars.
2/💵 DeFi protocol Synapse's token rebounds 17%.
3/✨ Binance creates smart contract to reimburse users affected by Xirtam rug pull.
4/🌟 The first spot Bitcoin ETF can be approved next year.
5/📂 ARK Invest, 21Shares propose spot Ether ETF.
For further details, let's keep reading! 👇
Welcome to today's Web3 newsletter with some new developments that we update below: Reddit launching NFT avatars, Synapse's token rebounding, Binance creating a smart contract to reimburse users affected by a rug pull, and Bernstein analyst Gautam Chhugani predicting that the SEC will approve its first spot bitcoin ETF by mid-March next year. Let's go into the details of each of these new updates!
1/ Reddit kicks off football season with NFT avatars.🏈
Reddit has kicked off the NFL season with a wave of collectible avatars, representing each of the league's 32 teams. The avatars are priced at $25 each and are capped at 500 per team. The most popular team so far is the New England Patriots, with 41 of 500 avatars sold. The avatars are held in Reddit's Vault, a digital wallet native to the firm's mobile app.
André Beganski
2/ DeFi protocol Synapse's token rebounds 17%.💵
Synapse's SYN token rebounded 17% after a liquidity provider sold 9 million tokens. The protocol is investigating unusual activity on the wallet and is working to get in touch with the liquidity provider. Volume of SYN trading has ballooned in the past 24 hours, with over $25 million being recorded. The token has a total value locked (TVL) of $113 million.
Oliver Knight
3/ Binance creates smart contract to reimburse users affected by Xirtam rug pull.✨
Binance has created a smart contract to reimburse users who were affected by the Xirtam rug pull. The rug pull, which occurred in April, saw the project's developers steal $3.2 million from investors. Binance froze the stolen funds on May 4, and users who submitted their applications by August 2 will be eligible for reimbursement. To claim their funds, users must connect their wallets to Etherscan, pass a verification check, and call the claim function through the contract address.
Zhiyuan Sun
4/ The first spot Bitcoin ETF can be approved next year.🌟
Bernstein analyst Gautam Chhugani has predicted that the SEC will approve its first spot bitcoin ETF by mid-March next year. Chhugani cited the recent court ruling in favor of Grayscale Investments as a "game changer" that has laid out clear principles for regulators to evaluate spot crypto ETF applications. He also noted that the SEC's approval of several bitcoin futures ETFs refutes the agency's argument that spot bitcoin ETFs are too susceptible to market manipulation.
Kevin Helms
5/ ARK Invest, 21Shares propose spot Ether ETF.📂
ARK Invest and 21Shares have filed for a spot Ether ETF, following the SEC's delay in approving their spot Bitcoin ETF. The new ETF would be the first to track the price of Ether directly, and it would be listed on the Cboe BZX Exchange. The ETF would be custodied by Coinbase, and it would measure the performance of Ether based on the Chicago Mercantile Exchange CF Ether-Dollar Reference Rate. The filing comes as the crypto market is increasingly bullish on the prospects of a spot Ether ETF, and the price of ETH briefly surged following the news.
Turner Wright
Inconclusion: The crypto market is a volatile and unpredictable place, but it is clear that there is a lot of excitement about the potential for new products and services. The developments in this blog post are just a few examples of the many things that are happening in the crypto space. It will be interesting to see how these developments play out in the coming.
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
