After two months of downturns, the broader markets have made a bullish pivot. Additionally, a series of forthcoming updates could influence market prices further.
Certain cryptocurrencies, including Ethereum, Cliliz, Ethena among others, might see significant price fluctuations due to these developments. Investors should monitor these cryptocurrencies closely for any upcoming announcements this month. Let’s try to look into the crypto updates that are lined up.
Ethereum ETFs Approval Deadlines Nearing!
The investment community is on edge as the deadline approaches for the SEC to rule on the first-ever Ethereum ETF. The decision on VanEck’s proposal is due on May 23, with Ark 21Shares’ verdict expected the very next day, May 24.
The outcome will not only affect VanEck and Ark 21Shares but is also critical for a number of other contenders such as Hashdex, Grayscale, Invesco Galaxy, BlackRock, and Fidelity, who are all waiting to see how the regulatory landscape will unfold.
SEC decision deadline this week on spot eth ETFs…
— Nate Geraci (@NateGeraci) May 19, 2024
SEC must approve both the 19b-4s (exchange rule changes) & S-1s (registration statements) for ETFs to launch.
Technically possible for SEC to approve 19b-4s & then slow play S-1s (esp given reported lack of engagement here).
Moreover, Nate Geraci, President of the ETF Store, pointed out on May 20 that the SEC’s nod is contingent upon the approval of both the 19b-4s and the S-1s. Although it’s within the realm of possibility for the SEC to approve the 19b-4s and defer the S-1s, communication with the ETF applicants has been sparse.
Chiliz Set to Activate Hard Fork Dragon8 on May 21
The Chiliz network is on the brink of a significant upgrade with the Dragon8 hard fork, slated for May 21st. This enhancement will usher in Tokenomics 2.0 and align Chiliz Chain with major Ethereum updates, reinforcing its position as The Sports Blockchain.
Chiliz (CHZ) is the designated cryptocurrency for sports and entertainment platforms, born from the Socios platform’s vision to infuse blockchain solutions into the sports sector. Through Chiliz, fans can engage with their favorite teams by purchasing Fan Tokens, granting them a voice in team-related decisions via a dedicated mobile voting platform.
Dragon8 Hard Fork official date (*) is set on the 21st of May.
— Chiliz ($CHZ) – The Sports Blockchain ⚽ (@Chiliz) April 30, 2024
With the Dragon8 Hard Fork, Tokenomics 2.0 and compatibility with other major Ethereum upgrades will be launched on Chiliz Chain, The Sports Blockchain. ⚽️#Dragon8 ⚡️ $CHZhttps://t.co/MZzVNO7CSF
As the Dragon8 hard fork nears, Chiliz is set to integrate Tokenomics 2.0 and harmonize with key Ethereum advancements. As the foundational blockchain for the CHZ currency, which caters to sports and entertainment platforms, Chiliz Chain, propelled by Socios, is set to transform the sports industry with its blockchain-driven infrastructure.
This allows fans to buy Fan Tokens, offering them a stake in guiding team choices through a specialized voting mechanism on their phones.
Ethena’s USDe Stablecoin Integration Into Bybit Next Week
On May 7th, Ethena revealed that its stablecoin, USDe, is set to be incorporated into the Bybit exchange. This marks USDe as the inaugural stablecoin, aside from USDC and USDT, to be assimilated into the realm of centralized finance derivatives. Ethena’s stablecoin will serve as a collateral option for futures trading, BTC/ETH spot trading pairs, and within the Earn feature on the platform.
Excited to share one of the most important developments for USDe adoption to date
— Ethena Labs (@ethena_labs) May 7, 2024
USDe will be integrated into @Bybit_Official:
i) Collateral to trade perpetuals while potentially capturing yield
ii) BTC and ETH spot pairs with zero trading fees
iii) Within the Earn platform pic.twitter.com/zDDO2WdeNf
Ethena’s creators have pointed out that USDe offers a unique advantage for those trading margin perpetual futures on Bybit by enabling them to generate yield a feature not available with other stablecoins. This could significantly enhance capital efficiency for traders.
One notable application of USDe is its ability to generate yield that can help balance out the costs associated with funding rates. Presently, USDe boasts an annual yield rate of 15.3%.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
