Trading begins for ETH futures ETFs in the US: This past trading week began with a bang in the US, as a total of nine ETH futures ETFs debuted on the Chicago Board Options Exchange (CBOE). These ETFs — from the likes of investment firms Bitwise, Kelly, ProShares, Valkyrie, VanEck, and Volshares — track the future price of ETH instead of its current price.
At the same time, Grayscale Investments partnered with stock exchange NYSE Arca to apply for approval from the SEC to convert its Grayscale Ethereum Trust to a Spot ETF.
Snag official Crypto.com merchandise in the newly launched Crypto.com Shop! From premium cotton t-shirts to durable rucksacks, we’ve got you covered.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
UAE Sees Major Institutional Influx
According to blockchain data platform Chainalysis, institutional investment in cryptocurrency is surging in the United Arab Emirates. Over the past year, institutional investments exceeding US$1 million have represented over 67% of crypto transactions across the federation.
Crypto.com Unveils Official Merchandise Shop
The Official Crypto.com Shop is here! CROFam members can gear up with all the latest merch from Crypto.com — from apparel to accessories. Shop now!
Bitcoin Shows Signs of Positive Momentum
Bitcoin (BTC) crossed the US$28,500 mark on Monday for the first time since August, sparking optimism that ‘Uptober’ has arrived. Data from cryptocurrency analytics firm Santiment also showed that BTC wallets have accumulated more than US$1 billion in the last month.
Grayscale Files for Ethereum Trust Conversion Approval
Cryptocurrency asset manager Grayscale Investments has applied for approval from the US SEC to convert its Grayscale Ethereum Trust to a Spot ETF. The firm is also waiting for the regulator to approve the conversion of its Bitcoin Trust to an ETF.
ETH Futures ETFs Trading Debuts in US
On Oct. 2, nine ETFs offering exposure to futures of ETH were launched in the United States for the first time. Investment firms ProShares, VanEck, and Bitwise, among others, collectively debuted these ETFs on the CBOE.
UBS Launches Pilot of Tokenized Money Market Fund
Swiss bank UBS launched a tokenized version of its variable capital company (VCC) fund via a controlled pilot program. The bank did this through UBS Tokenize, its proprietary tokenization service.
What’s Ahead
BTC Futures Set to Begin Trading on TMX
The Montreal Exchange will soon introduce BTC futures contracts, which will be settled in US dollars with the settlement value determined by CoinDesk Bitcoin Price Index.
Chart of the Week
The total value locked (TVL) in the Solana blockchain has hit a new high in 2023, reaching US$335.73 million. This figure comes hot on the heels of the FTX estate’s liquidation, which contained US$1.16 billion worth of SOL tokens.
Research & Insights
Monthly Feature Article | Ethereum: Dencun Upgrade and Proto-Danksharding
The Ethereum blockchain’s upcoming upgrade, dubbed ‘Dencun’, is set to further boost its scalability. ‘Dencun’ combines the name of two upgrades: Cancun and Deneb. The former is an execution layer upgrade, whereas the latter enhances the consensus layer. The Dencun upgrade introduces Proto-Danksharding, as well.
In this report, we cover what the Dencun upgrade entails, along with how Proto-Danksharding works and what it aims to accomplish.
Key Takeaways:
- The Dencun upgrade is part of ‘The Surge’ phase in Ethereum’s roadmap, which aims to allow the network to process 100,000 transactions per second (tps).
- Future phases in Ethereum’s roadmap include ‘The Scourge’, ‘The Verge’, ‘The Purge’, and ‘The Splurge’. Each one has a unique goal, with The Splurge acting as a final cleanup.
- Proto-Danksharding sets Ethereum on a path to scale through modularity and by offloading the execution of transactions to other protocols.
- The Dencun upgrade is an important milestone in Ethereum’s implementation of a rollup-centric roadmap.
For further reading, check out Ethereum: Dencun Upgrade and Proto-Danksharding.
NFT Spotlight
Having set a precedent as a project bridging the divide between the digital and physical world, DeFi The Game returns with its 7th (!) NFT collection on Crypto.com, dropping ‘The International Game’ on Wednesday, October 11. This drop celebrates cricket’s growth into a worldwide sport and further cements Crypto.com as the home of cricket in the Web3 ecosystem.
‘The International Game’ includes various utility features like 🪂 airdrops, 📸 signed photos, and 🖼️ posters. Making a primary purchase of any NFT in this collection guarantees users with a redeemable prize. In addition, DeFi The Game is offering users the chance to join in on the action and redeem tickets to first-class cricket fixtures around the world and perhaps help decide whether the ball is called a rock, pill, or cherry.
Join in on the action. Or immerse in the DeFi The Game universe.
Product Picks
BCH Is Now Listed on UpDown Options [US only]
Bitcoin Cash (BCH) contracts are now available on UpDown Options in the Crypto.com App, in addition to Bitcoin (BTC), Ether (ETH), and Litecoin (LTC). Traders can choose to buy or sell an UpDown Option depending on which direction they believe the market will go, seven days a week. Launch the App.
More Choices to Deposit EUR With Upgraded EUR Fiat Wallet
Users can now select from more providers when making secure SEPA transfers to and from their EUR Fiat Wallet. Initiating a deposit takes a few, quick steps, where you can purchase 250-plus top tokens using EUR — and make withdrawals just as easy! Experience seamless transfers here.
ADA and AVAX Are Now Available on Staking
Let your crypto do the work and receive rewards in the simplest way. Avalanche (AVAX) and Cardano (ADA) are now available for on-chain Staking in the Crypto.com App, in addition to the Cronos (CRO), Ethereum (ETH), Solana (SOL), and Polkadot (DOT) blockchains. Terms, conditions, and eligibility apply. Learn more here.
Crypto.com App New Token Listings
Fulcrom Finance (FUL)
Fulcrom Finance is a decentralised perpetual exchange that allows users to trade leveraged positions with low fees and minimal price impact, whilst having the peace of mind that all trades and collateral are stored transparently on-chain. They aim for decentralisation and transparency with the vision of bringing perpetuals on-chain. FUL is the native governance token of Fulcrom Finance, that can be staked within the ecosystem to earn rewards and revenue.
Crypto Level Up
What Is USD Coin (USDC)?
Among all the stablecoins currently circulating in the cryptocurrency market, USD Coin (USDC) stands tall. Fintech firm Circle is the organization behind USDC, meticulously designing it to mirror the value of the US dollar. Read on for more details about USDC.
How Does USDC Work?
Circle has a reserve system to ensure that USDC remains pegged to the US dollar (USD) as much as possible. The company holds a stash of USD equal to or exceeding the circulating USDC tokens.
How Is USDC Backed?
As mentioned above, USDC is backed by a reserve of USD held by Circle. The firm regularly publishes attestation reports conducted by auditing firms to verify that the number of USDC tokens in circulation matches the amount of USD held in its reserve bank accounts.
How Is USDC Used?
USDC and its fellow stablecoins have many use cases. For example, trading on cryptocurrency exchanges, stable value transfers between individuals or across borders, and online payments for goods and services.
Learn More About USDC and How to Trade It.
CryptoIRL
Even when the lounge is closed, the Crypto.com Icy White Visa Card proves to be a wonderful travelling companion — just ask @DagSOO7.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Decoder
Fungible
When it comes to cryptocurrency, fungible refers to a crypto asset’s interchangeability; meaning, fungible assets are identical and of equal value.
There are certain requirements for a token to be considered fungible: It must be uniform, equally interchangeable with another, and able to maintain a standard value. For example, ETH is a fungible token, as it can be exchanged on a one-to-one basis (i.e., 1 ETH with another ETH).
Security Tips
Pegasus Spyware Exploits iMessage to Infect Apple Devices
In early September, the Pegasus spyware exploited a zero-click vulnerability in the iOS operating system to hack Apple devices. Hackers deploying the spyware did this via iMessage, sending malicious images with PassKit attachments. This means that users did not have to click on any links in order for spyware to be installed.
Here’s How to Keep Your PCs and Phones Secure:
1. Always keep your operating system and apps up to date. This minimizes the odds of hacks occurring while ensuring your device and its applications run smoothly.
2. Enable multi-factor authentication where possible. This is paramount for apps that allow you to access important information and assets, such as instant messaging platforms and cryptocurrency wallets.
3. Be wary of strange and unexpected messages received through any platform. These include SMS text messages, WhatsApp, Telegram, and even email.
That’s it for this week’s Snapshot. Want more? Head over to our Insta feed for bite-size crypto lessons.
