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Grayscale has withdrawn its 19b-4 application for an Etherfutures exchange-traded fund (ETF) just three weeks before the securities regulator is forced to decide on it.

The cryptocurrency asset manager filed a notice of withdrawal for the Grayscale Ethereum Futures Trust with the United States Securities and Exchange Commission (SEC) on May 7.

The SEC was scheduled to decide on Grayscales Ether (ETH) futures ETF on May 30.

Grayscale initially filed its 19b-4 application for an Ether futures ETF on Sept. 19, 2023, which would have been listed on the New York Stock Exchange had it been approved.

Bloomberg ETF analyst James Seyffart initially believed that Grayscale planned to strategically use its Ether futures ETF as a trojan horse to corner the SEC into approving its spot Ether ETF.

However, he expressed confusion as to why Grayscale would withdraw now, when the SEC will be forced to make a decision to approve or deny at least one spot Ether ETF application on May 23, a little over two weeks away.

Related: SEC will classify Ether as security, deny spot Ether ETFs Michael Saylor

For several months, Seyffart and fellow Bloomberg ETF analyst Eric Balchunas have held a 25% chance the spot Ether ETFs will be approved on May 23, down from 70% in January.

Grayscales withdrawal didnt seem to impact these odds.

But Seyffart claims theres now no way for Grayscale to sue should the SEC knock back its spot Ether ETF application.

That said, comments from SEC Chair Gary Gensler in a May 7 interview with CNBC suggest the SEC is still weighing up its decision on the spot Ether ETF applications.

The SEC must make its decision on VanEck's application on May 23, while ARK 21Shares and Hashdex have final deadlines on May 24 and May 30.

Grayscale, Invesco Galaxy, BlackRock and Fidelity applications must be made in June, July and August. However, many industry pundits expect the securities regulator to decide on all or most applicants as it did with the spot Bitcoin ETFs in January.

Magazine: The real risks to Ethenas stablecoin model (are not the ones you think)

Read more:

Grayscale withdraws its Ethereum futures ETF application - Cointelegraph

Mon 13 May 2024 3 min of reading by Ariela R.

In the ever-evolving world of cryptocurrencies, the order of platform supremacy seems established. But the emergence of new players is challenging this current order. This is the case for Solana (SOL), which has just overtaken Ethereum (ETH) in terms of DEX volume.

Launched in 2020, the cryptocurrency platform Solana stands out for its transaction speed and low fees. This makes it particularly attractive to DeFi users. This crypto blockchain has experienced exponential growth in recent months, attracting many investors and developers.

According to recent data, DEX trading volume on Solana has reached $1.3 billion. For the first time, this volume exceeds that of Ethereum, which is at $1.29 billion. This remarkable performance marks a turning point in the competition between the two crypto platforms. It indicates the potential of Solana to emerge as a promising alternative to Ethereum.

In addition to the DEX trading volume of Solana, its transaction fees have also increased. These have reached 50% of the fees generated on the Ethereum crypto network lately. Analysts also predict that soon, transaction fees on the Solana network could surpass those of Ethereum.

Speaking of increases, the price of SOL has also seen a rise of over 6% in 24 hours. This situation propels Solana to the rank of the most performing altcoins in the crypto market.

Solanas surpassing of Ethereum in DEX trading volume is a strong signal of its potential to become a major player in the DeFi space. Its speed, negligible fees, rapidly expanding ecosystem, and innovative technology make Solana an attractive alternative for users and developers.

Although Ethereum maintains its dominance in terms of market capitalization, Solana is now positioning itself as a serious contender, ready to shake up the established crypto order.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rdaction web depuis maintenant 7 ans. Je n'ai dcouvert le trading et la cryptomonnaie que depuis quelques annes. Mais c'est un univers qui m'intresse beaucoup. Et les sujets traits au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Crypto: Ethereum dethroned by Solana in terms of decentralized exchange volume - Cointribune EN

Ethereum co-founder Vitalik Buterin published a new Ethereum Improvement Proposal (EIP) on Tuesday that aims to reconcile core developers disparate approaches to account abstraction in upcoming hard forks.

The proposal, EIP-7702, is a successor to EIP-3074 which was considered a Candidate For Inclusion (CFI) in Ethereums next upgrade known as Prague-Electra or Pectra.

But 3074s road to CFI status was bumpy, with substantial time spent debating the EIP across multiple All-Core Dev calls since January.

Read more: Gnosis Chain premieres Ethereums Dencun hard fork

Developers have sought to provide tangible improvements to end users in the next hard fork, while keeping open various paths towards the endgame of account abstraction.

When looking at what could conceivably be moved into production first, 3074 was judged as most realistic.

But it wasnt without its critics. For instance, Ansgar Dietrichs at the Ethereum Foundation called it relatively heavy-handed on the Jan. 18 ACD call, and more recently expressed reservations as well.

Buterin wrote the new proposal in 22 minutes, according to ZeroDev wallet CEO Derek Chiang, although the published proposal also credits Dietrichs alongside Sam Wilson and Matt Garnett.

A new transaction type allows EOAs to operate as smart contract wallets temporarily. At the end of a transaction, they revert to a normal account.

This approach promises to simplify the developers tasks by allowing the use of existing contract code and interaction patterns.

This EIP is designed to be very forward-compatible with endgame account abstraction, without over-enshrining any fine-grained details of ERC-4337 or RIP-7560, the authors wrote.

Read more: Ethereum devs debate future of account abstraction

Unlike 3074, the new proposal aims to replicate its functionalities without adding new opcodes. By assuming a smart contracts code temporarily, EOA can perform complex operations like batch transactions, making use of transaction sponsorship, and constrained sub-key operations a security feature employing secondary keys (sub-keys) that have limited or specific permissions within a single transaction.

Further down the roadmap, a wallet-centric approach to account abstraction is expected to become the norm. The new EIP is designed to be quite compatible with EIP-4337, rolled out in March 2023, making use of existing wallet code and transaction frameworks to minimize disruption and duplication of effort.

Read more: Ethereum Improvement Proposals to watch in 2024

7702 has rallied support from 3074 proponents like core developers Garnett and Andrew Ashkhmin, as well as important dapp developers including Uniswaps Hayden Adams.

Opposition to the previously included improvement had grown in recent months, as more developers became aware it was on a path to become part of the next Ethereum upgrade.

Ethereums governance operates on principles of consensus-building, where points of contention are meticulously debated in public, both on group calls and online forums, until a clear course of action emerges.

Independent development teams then agree on shared specifications, which are coded into new versions of their respective Ethereum clients.

Ultimately, operators of thousands of validators must concur to install the new software versions at sufficient scale to successfully initiate a hard fork at an agreed upon date.

The next such upgrade, Pectra, is tentatively scheduled for Q4 2024.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

See original here:

Vitalik rallies support for temporary smart wallets on Ethereum - Blockworks

Four years ago, Solana made its ambitious debut in the volatile world of cryptocurrency, boldly labeling itself as an Ethereum killer. Back then, only the more seasoned players treated this declaration with any seriousness. After all, was it not just the audacious proclamation of a newcomer who not even ranked amongst the top twenty crypto coins? But in a surprising twist of fate, Solana now sits proudly as the second-largest layer 1 solution.

A fascinating analysis by researcher Dan Smith of Blockworks posits that Solanas growth shows no sign of slowing down. His detailed modelling suggests that it will soon overtake Ethereum in terms of crypto transaction fees, a development that bodes well for fresh ERC-20 coins like Raboo that are built on the Ethereum network.

Ethereum still holds vast sway, lodged firmly in the number two position amongst leading cryptocurrencies. Devised by the visionary Vitalik Buterin, Ethereum reimagined the potential of Bitcoin with the creation of the game-changer, a smart contract. Within less than a decade, Ethereum has accrued a market capitalization of $360 billion, an undeniable proof of its commanding presence. But toppling it from its position is a monumental undertaking, akin to moving a mountain.

Nonetheless, Ethereum reveals a critical chink in its impressive armor. Its costly and sluggish. With staggering transaction fees, Ethereum undoubtedly holds value, but its practical application as a transaction token remains dubious. While its smart contract platform stands as a gold standard, utilizing Ethereum for trading becomes a sullen, costly chore, a severe deterrent for potential investors.

In contrast, Solana, with its confident promise to eclipse Ethereum, exploded onto the scene in 2020. Bolstered by fierce competition from formidable tokens such as Monero and Cardano, it entered the big leagues, swiftly scaling to the enviable top 20 position within a year. Powered by its nimble and efficient smart contract platform, Solana outperformed Ethereum in terms of speed, but more critically, its crypto transaction fees were dirt-cheap. In under three years, Solana rose to prominence as a top 5 coin, a juggernaut only surpassed by Ethereum.

The tides are swiftly turning in Solanas favor; it stands on the brink of overtaking Ethereum in terms of transaction fees, buttressing its claim even further as the Ethereum Killer. With growth that significantly outpaces Ethereum, the question on everyones lips is: can it rightfully claim the number two spot before this decade concludes?

The rise of Raboo, a fresh meme-fi crypto coin, to a hypothetical top 20 position has drawn much interest. But Raboo isnt just another meme coin hoping for easy stardom. It boasts a comprehensive crypto product offering that promises to disrupt the financial landscape. With inbuilt staking and rewards mechanisms, Raboo places itself firmly within the DeFi camp. It also harbors an ambitious plan to delve into the lucrative NFT market, targeting inroad into the buzzing gaming industry.

Tailoring its secret weapon the ability to leverage AI for forward propulsion, Raboo amassed beyond $1 million in liquidity in the early stages of presale. The path it has set for itself to become a top 20 crypto before the advent of 2030 cultivates an enticing investment spotlight.

The brewing rivalry between Ethereum and Solana paints a riveting yet lucrative tableau. Yet, for those looking for exponential growth, Raboo, currently in presale with Raboo (RABT) tokens at $0.0042, awaits on the cusp of a predicted 100x surge once it traverses into the open markets. The stakes have never been higher, and the race never more electrifying. Indeed, the next decade in the world of cryptocurrency promises intriguing jolts and seismic shifts.

Excerpt from:

Solana Surges Towards Unseating Ethereum Amid Crypto Rivalry - West Island Blog

DeFi on Ethereum is often clunky and unintuitive, with few safeguards for new entrants.

One highly anticipated improvement is Account Abstraction a new way for Ethereum wallets to handle transactions.

Still, theres a hitch.

Account Abstraction is incompatible with existing wallets, which is slowing its adoption.

A recent proposal from Ethereum co-founder Vitalik Buterin may change that. Called EIP-7702, the proposal creates a route for existing wallets to use Account Abstraction which was previously difficult to achieve.

Its still a very early proposal, so we need to evaluate all the rough edges, Ethereum core developer Marius van der Wijden told DL News.

EIP-7702 adds a new transaction type that allows existing wallets to emulate the functions of Account Abstraction wallets, Van der Wijden said.

If successful, the proposal will unlock new transaction types, prevent users from losing access to their funds through email recovery, and even facilitate new use cases for the top smart contract network.

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Van der Wijden said EIP-7702 will probably be included in Ethereums next major upgrade dubbed Pectra scheduled for the fourth quarter of 2024.

Account Abstraction has been around for a while.

In March 2023, a previous update introduced an Ethereum feature called ERC-4337, which allowed developers to start building Account Abstraction wallets.

A lack of support for Account Abstraction, coupled with no easy way for users to switch over to the new wallet type, has slowed adoption.

At the same time, another proposal, called EIP-3074, introduced a change that would allow those with non-Account Abstraction wallets to delegate their control to smart contracts, allowing users to access Account Abstraction features.

While EIP-3074 could aid Account Abstraction adoption, many developers criticised it because it puts users funds at increased risk.

The answer may be Buterins EIP-7702 proposal.

EIP-7702 aligns the two previous routes to Account Abstraction EIP-3074 and ERC-4337 into one unified Account Abstraction roadmap, Alex Jupiter, a senior product manager at MetaMask, told DL News.

The result is a streamlined way for existing wallets to use all the features of Account Abstraction without the risks of EIP-3074.

On the surface, Account Abstraction wallets function the same as existing wallets. But under the hood, they have the ability to use smart contracts to manage funds, allowing for a host of new features that could help increase DeFi adoption.

The most obvious improvement is the ability to program transactions, allowing blockchains to replicate services banks and other money-transmitting services offer, such as scheduling payments.

Payments provider Visa has previously highlighted the potential of Account Abstraction for automatic payments.

The ability to sponsor transactions is another appealing feature that Account Abstraction unlocks. Sponsoring transactions means allowing another party such as a wallet provider, DeFi protocol, or blockchain to pay for a users transaction fees.

Programming transactions can also help make using DeFi on Ethereum more intuitive.

Currently, when users want to swap tokens on a decentralised exchange, or send tokens to a different blockchain via a crypto bridge, they must sign multiple transactions at different stages of the process.

With Account Abstraction, everything can be bundled into a single transaction, allowing for a smoother experience.

Account Abstraction should also make using DeFi safer.

When a user creates an Ethereum wallet they receive a private key, usually abstracted to a sequence of words called a recovery phrase.

This key is the only way a user can access their funds. If the key is lost, stolen, or if a users wallet is accidentally uninstalled or the wallet account is deleted, the funds it controls could be lost forever.

With Account Abstraction, it is possible to implement a recovery process in which a user can designate multiple trusted individuals as recovery agents. This can consist of an email address or other forms of identification, such as Google Authenticator for two-factor authentication.

The process is similar to creating and securing an account in the web2 world, but it is executed through a decentralised network.

Tim Craig is a DeFi Correspondent at DL News. Got a tip? Email him at tim@dlnews.com.

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Vitalik Buterin has a new proposal to make Ethereum wallets easier to use but obstacles remain - DLNews