Hello Snapshotters,
After the SEC approved spot Ether ETFs in the U.S. last week, open interest in Ether futures skyrocketed. This week, Bitcoin and Ether exchange-traded products (ETPs) hit the London Stock Exchange. In the altcoin space, Solana is shaking up its fee system, and Aave is planning its own blockchain.
Big news also from the TradFi world: Mastercard is launching Crypto Credential, a peer-to-peer network for sending and receiving digital assets across borders. The network will serve users in Europe and Latin America.
Read on for the details.
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
🇬🇧 BTC and ETH Debut on LSE
Bitcoin and Ether-based ETPs debuted on the London Stock Exchange after the U.K. Financial Conduct Authority provided approval on May 22. The ETPs began trading on May 28.
💲 Solana Introduces New Fee System
Solana network validators approved a proposal that allocates 100% of priority fees to them. Before this change, priority fees on Solana were split evenly: 50% went to validators as rewards and 50% was burned to help control the annual inflation rate of 1.5% in the long-term of Solana’s token (SOL).
⛓️ Aave Plans Own Blockchain
Lending protocol Aave plans to launch its own blockchain network after the completion of its V4 upgrade, which is currently in development. The launch of the new Aave blockchain could happen as early as next year.
👋 Not Staying Friends
Friend.tech‘s co-founder, known as ‘Racer’, publicly expressed a desire to migrate the project off the Base network. After the post went live, the price of Friend.tech‘s token (FRIEND) fell sharply, dropping over 20%.
💵 PYUSD Comes to Solana
After launching on Ethereum last year, PayPal’s stablecoin (PYUSD) is now available on Solana, as well. Alongside PayPal and Venmo, the Crypto.com App is among the first platforms where you can buy PYUSD on Solana.
🏯 Nomura Explores Yen Stablecoin
Japanese banking giant Nomura and its digital asset arm Laser Digital have partnered with Japan-based GMO Internet Group to explore the issuance of yen-denominated and U.S. dollar-denominated stablecoins in Japan.
What’s Ahead
Number of the Week
Chart of the Week
With Ether ETFs approved in the U.S. last week, open interest in ETH futures reached a new record high.
Open interest (OI) is used to measure the total value of all outstanding futures contracts across exchanges and indicate market activity and trader sentiment around one asset.
Research & Insights
Monthly Feature Article | Expanding Ethereum’s Frontier: Restaking and EigenLayer’s Ecosystem
EigenLayer pioneers the ETH restaking narrative, driving the liquid restaking market to grow to $8 billion in total value locked (TVL). This report delves into EigenLayer’s ecosystem, its restaking mechanism, and the newly launched EIGEN token.
Read the full report here.
Crypto Trivia
The first commercial Bitcoin transaction was for a pizza worth ___ BTC.
A) 10
B) 10,000
C) 100
Find the correct answer at the end of this newsletter.
NFT Spotlight
Fionn Jordan’s sequel to ‘Escape From Egret Bridge’ is here at long last! Get ready for the ‘Travelers of Egret Bridge’ collection to drop on June 3, with211 surprise packs available, each containing an NFT of a traveler making their way to Egret Bridge.
Every NFT’s traits are hand-drawn by Jordan, whether they’re a sailor, sellsword, or anyone in between. What’s more, three collectibles are truly unique, allowing you to work with Jordan on a custom character.
Collectors also have the opportunity to win original artwork, an autographed art print set, and more.
Meet the eclectic inhabitants of Egret Bridge, or be inspired by the wonders of Asia!
Product Picks
Lock in Your Strike and UpDown Options Profits With Take Profit Orders
Easily lock in realized profits and manage risks in Strike and UpDown Options, now equipped with Take Profit Orders. These are conditional orders that automatically create a limit order when the underlying asset’s price reaches a trigger price you set. You can plan ahead of time, effectively lock in profits, and say goodbye to monitoring the market. Try It Now.
New Deposit Method Available for the CAD Fiat Wallet
With Interac Request Money, you can request a CAD transfer in the Crypto.com App itself. This makes fiat transfers easier and quicker, removing the hassle of having to repeatedly add payee details or your unique Identification Number in your internet banking app. For more information on the CAD Fiat Wallet, visit the Help Center.
Trade Solana Meme Coins in the Degen Arcade
Love meme coins? Discover and trade the latest ones in the Degen Arcade in the Crypto.com DeFi Wallet app, which now supports Solana meme coins too. With the Degen Arcade, you can conveniently monitor your portfolio on one page, earn DegenScore points for every trade, and unlock mystery prizes in the future. Check out the Degen Arcade.
Stand to Win Exclusive PSG Prizes in the Loaded Ligue Championship
The Loaded Ligue Championship is a prestigious digital trading card tournament featuring the Loaded Lions sporting Paris Saint-Germain jerseys. Participate by forming a team of 5 ‘Ligue of Lions’ NFTs and registering via this form. For more details about the rules and gameplay of the Loaded Ligue Championship, visit our blog here.
Crypto.com App New Token Listings
Lisk (LSK)
Lisk is a cost-efficient and scalable Layer-2 blockchain platform based on Optimism. LSK is the native cryptocurrency of the Lisk network and plays a crucial role in network governance.
Crypto Level Up
What Is Decentralized Compute?
Blockchain technology enables decentralized compute networks to securely provide computing services in a distributed manner. Multiple nodes are used to process tasks rather than a central server or data center.
What Are Some Advantages of Decentralized Compute Networks?
They’re cost efficient, making use of inexpensive and idle resources worldwide. Additionally, these networks are resistant to censorship and foster the creation of open-source models.
What Are the Most Popular Decentralized Compute Projects Right Now?
Render Network, Golem Network, Akash Network, NEAR Protocol, and Internet Computer are some of the top projects in the space, with more to come soon.
Learn more about decentralized compute.
CryptoIRL
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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!
Security Tips
Good News: Scam Revenues Dip
Chainalysis’s 2024 Crypto Crime Report revealed that cryptocurrency scam revenue hit a low of $4.6 billion in 2023. However, new scams are emerging. Romance and NFT scams had the highest average payment sizes: $4,593 and $3,095, respectively.
Here’s How to Fend Off NFT and Romance Scams
1. When buying or selling NFTs, stick to platforms with robust security measures like Crypto.com NFT.
2. Enable multi-factor authentication for your NFT marketplace account.
3. If someone you recently met online claims they’re in need and requests for your digital assets, stop contacting them.
4. Be wary if an online relationship progresses too quickly, especially if the other party constantly refuses to meet you in person.
Crypto Trivia Answer
B) 10,000
In 2010, programmer Laszlo Hanyecz bought two pizzas for 10,000 BTC, now worth around $700 million.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
