1.Matrixport: ETH volatility looks cheap relative to BTC volatility
Matrixport said on the X platform that according to the prediction market, there is only a 7% chance that the U.S. SEC will approve an Ethereum spot ETF this week. The derivatives market expects ETH to fluctuate by +/-4.8% by the end of this week. Historically, ETH's trading volume has averaged 30% higher than BTC's, but recently ETH's trading volume has been even lower, even though it is generally a higher-beta asset. This has not been the case since the start of the bull market. Still, ETH volatility appears cheap relative to BTC volatility.
2. Vitalik: Orb Land, a crypto-economic experiment, is really cool
Ethereum co-founder Vitalik Buterin posted on social media: "The cryptoeconomic experiment Orb Land is really cool." Eric Wall, the founder of Taproot Wizards, launched a cryptoeconomic experiment called "Orb Land" to tokenize personal consulting services into NFTs. Holders who purchase Orb will gain the right to ask questions to the creator of Orb and resell this right. Technically, Orb is an improved ERC-721 that supports the ERC-721 interface, and all transfer-related functions are restored. Although Orb can be displayed on OpenSea, it cannot be listed for sale on NFT trading markets such as OpenSea, Sudoswap or Blur. In addition, Orb manages ownership functions through auctions and the Harberger tax system.
3. BlackRock IBIT holds over 276,000 BTC as of May 17
BlackRock iShares Bitcoin Spot ETF holdings data shows that as of May 17, IBIT held 276,759.43030 BTC with a market value of $18,509,964,066.11. IBIT's circulating shares reached 485,000,000.
4. The key vote for the approval of Ethereum spot ETF may come from Gary Gensler
Based on previous historical experience, the fate of the Ethereum spot ETF may be determined by a vote by Gary Gensler, chairman of the U.S. SEC, this week. In January of this year, the approval of the Bitcoin spot ETF was handled by a panel of five commissioners. Two cryptocurrency industry-friendly commissioners, Hester Pierce and Mark Uyeda, voted to approve the ETF, while commissioners Caroline Crenshaw and Jaime Lizárraga voted against. Gensler ultimately voted in favor, and many industry insiders believe that his vote ultimately ensured the approval of the spot Bitcoin ETF. The ETF was approved on January 10, 2024 with a 3-2 vote.
5. ApeCoin initiated multiple proposals
ApeCoin posted on social media that the AIP-401 proposal will provide guidelines and clarify how ApeCoin DAO conducts proposal requests. The proposal aims to provide creators with technology and platforms to easily publish content on ApeChain. The technology will also enable players and developers to use ApeCoin as in-game currency. The AIP-421 proposal will allow working groups to submit funding applications for any term length they choose (not limited to 1 year) within the "funding window" of their choice.
6. The total value of Arbitrum bridge storage exceeds 3.75 million ETH
Dune data shows that the total value of zkSync bridge storage is 3,682,002 ETH, the total value of Starknet bridge storage (TVB) is 902,964 ETH, and the total number of bridge user addresses is 1,225,270; the total value of Arbitrum bridge storage is 3,752,252 ETH, the total value of Optimism bridge storage is 766,937 ETH, and the total value of Base bridge storage is 594,611 ETH.
7. ETFStore President: The SEC may approve 19b-4s and then slow down the implementation of S-1s
Nate Geraci, president of ETFStore, said on Platform X that the SEC will make a decision on the spot EthETF this week. The SEC must approve 19b-4s (Exchange rule changes) and S-1s (Registration Statements) before the ETF can launch. Technically, it is possible that the SEC will approve the 19b-4s and then slow down the execution of the S-1s (especially given the reported lack of participation here).
8. Magic Eden is suspected of using Coinbase to process small outputs for it to reduce trouble and save integration costs
Deezy founder Danny said on the X platform that he found that Magic Eden played a "smart trick" on Coinbase. Magic Eden adds small outputs for market fees in each market purchase. These outputs are not large, such as 1,000 to 2,000 satoshis. In the future, integrating these small transactions will cause trouble and require additional costs. The clever thing is that Magic Eden did not use its own address to receive these UTXOs (unspent transaction outputs), but chose the Coinbase account address, so that these small deposits went directly into Magic Eden's Coinbase account, and Coinbase was responsible for the integration fees. However, Coinbase was unaware of this due to its large scale and slow response, so it suffered heavy losses during the integration process.
