Ethereum Ecosystem Leads Development Activity As SEC Approves Spot ETFs

The Ethereum ecosystem remains dominant in the blockchain space, leading by a comfortable 2x margin over the BNB Chain.

Here are the top five ecosystems based on notable development activity events and their year-over-year percentage changes:

1. Ethereum Ecosystem: -0.12% (1-year change) 🥇
2. BNB Chain Ecosystem: +2.72% (1-year change) 🥈
3. Polygon Ecosystem: -1.93% (1-year change) 🥉
4. Cosmos Ecosystem: +7.89% (1-year change)
5. Arbitrum Ecosystem: +10.29% (1-year change)

🧑‍💻 Ethereum's ecosystem continues to lead by a comfortable 2x margin over BNB Chain. Here are the top 5 ecosystems in terms of notable development activity events, and their year-over-year percentage changes:

📉 1) Ethereum Ecosystem: -0.12% 1-year change 🥇
📈2) BNB Chain… pic.twitter.com/WIl430jWxl

— Santiment (@santimentfeed) July 22, 2024

In a significant move, the U.S. SEC has approved the S-1 applications for several Ethereum spot ETFs, including those from INVESCO & GALAXY, Fidelity, 21SHARES, FRANKLIN, BlackRock, Grayscale, Bitwise, and VanEck. Trading for these ETFs is set to commence at 9:30 AM on July 23. Wintermute predicts that these spot Ethereum ETFs could attract up to $4 billion in capital inflows within the next year, potentially driving a 24% increase in ETH prices over the same period.

The U.S. SEC issued the S-1 application effectiveness notice for INVESCO & GALAXY Spot Ethereum ETF, Fidelity Spot Ethereum ETF, 21SHARES Spot Ethereum ETF, FRANKLIN Spot Ethereum ETF, BlackRock Spot Ethereum ETF, Grayscale Ethereum Trust, Bitwise Ethereum ETF, VanEck Ethereum…

— Wu Blockchain (@WuBlockchain) July 23, 2024

Bitwise has announced a commitment to donate 10% of the profits from its Ethereum spot ETF to Ethereum open-source developers, underscoring a community-focused approach.

Bitwise announced that it will donate 10% of the profits from the Ethereum spot ETF to Ethereum open source developers.

— Wu Blockchain (@WuBlockchain) July 23, 2024

Ethereum Foundation-linked Wallet Selling ETH For DAI

In a notable transaction, the Ethereum Foundation sold 100 ETH for 345,179 DAI earlier today. This sale comes just hours before the launch of the Ethereum ETFs. Throughout 2024, the Foundation has sold a total of 2,366 ETH for approximately 6.9 million DAI at an average price of $2,916.

The last recorded sale was on July 2. Additionally, another wallet linked to the Ethereum Foundation moved 3,200 ETH (worth $11.2 million) to Kraken 19 hours ago.

The #Ethereum Foundation sold 100 $ETH for 345,179 $DAI ~35 minutes ago!

Notably, the sale came when the Ethereum ETFs will be launched in less than 6 hours.

In 2024, the Ethereum Foundation has sold 2,366 $ETH for 6.9M $DAI at an avg price of $2,916. The last sale was on July… https://t.co/MH9SQ4zJ9J pic.twitter.com/0ungPupRQJ

— Spot On Chain (@spotonchain) July 23, 2024

These developments highlight Ethereum’s ongoing influence in the crypto space, both in terms of market activity and technological advancements. As the ecosystem continues to evolve, the approval of spot ETFs marks a significant milestone, potentially boosting Ethereum’s market presence and price trajectory in the coming months.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!