Snapshot 161 celebrates 8th anniversary, VanEck and 21Shares file for Solana ETFs, and MiCA goes into effect

Jul 06, 2024
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Hello Snapshotters, is celebrating our 8th anniversary! Eight years ago, we started our journey to put Cryptocurrency in Every Wallet™. Today, we have surpassed 100 million global users. Some might call it luck, but for us, it was simply inevitable.

As a massive thank-you to our #CROFam for being on this journey with us, we have got eight big giveaways happening over the coming weeks. Prizes include one Bitcoin, US$8,888 worth of CRO, tickets to partner events, and more! 

For details on how to participate, follow this link.

What Is Stacks Sb 1

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price
Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

🏦 U.S. Solana ETFs Filed
and 21Shares have filed for Solana ETFs with the U.S. SEC. VanEck’s proposed VanEck Solana Trust is the first application for a U.S. spot SOL ETF, while 21Shares Core Solana ETF is the second. Both the ETFs are planning to list on the Cboe BZX Exchange. 

🕑 Ethereum ETF Approval Delayed
The U.S. SEC
commented on S-1 forms of proposed U.S. spot Ethereum ETFs and requested resubmissions by July 8.

🇪🇺 MiCA Takes Effect
European Union’s
Markets in Crypto-Assets Regulation (MiCA)’s new rules on stablecoins came into effect on June 30. This implies that crypto exchanges may delist non-compliant stablecoins or restrict services for E.U. and European Economic Area (EEA)-based users.

🇯🇵 Sony Expands Crypto Trading Services
Amber Japan,
Sony Group’s subsidiary, rebranded to S.BLOX as of July 1 and plans to collaborate with various Sony Group businesses to expand crypto trading. S.BLOX also currently manages WhaleFin, a crypto trading service. 

🌎 International CBDC Collaboration
France and Hong Kong regulators
announced a collaboration focusing on wholesale central bank digital currencies (CBDCs) and financial asset tokenization. The partnership marked a milestone in promoting financial innovation and interoperability.

What’s Ahead

New U.S. Crypto Rules
The U.S. Treasury
issued a crypto tax regime starting 2025. Crypto brokers will have to submit disclosures on movements and gains of customers’ assets. 

Non-custodial crypto businesses, for example decentralised exchanges and unhosted wallet providers, will have to wait for rules later this year. 

Number of the Week

Snapshot Number Of The Week Jul 6 1

Chart of the Week

Bitcoin monthly active addresses dropped to their lowest since 2019, recording 11.7 million active addresses in June 2024, representing a 6% month-on-month and 34% year-on-year drop, respectively.

A decline in active addresses generally indicates a lack of trading activities among Bitcoin holders, which can coincide with a phase of market consolidation.

Crypto Trivia

Which consensus algorithm does Solana use to achieve high transaction throughput?

A) Proof of Work

B) Proof of Stake

C) Proof of History

Find the correct answer at the end of this newsletter.

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Product Picks

🎉 8th Anniversary Giveaway Campaign 🎉 is celebrating our 8th anniversary! As a massive thank-you to our #CROFam, we will be hosting eight contests between July 1, 2024, 02:00 UTC, and July 25, 2024. Prizes include 1 BTC and Formula 1 tickets to the Grand Prix in Miami. Participate in the App. Here’s how.

New Ways to Earn Referral Bonuses

You now have new ways to earn up to US$50 of CRO in referral bonuses for you and your friend when they  successfully sign-up and complete tasks such as trading, getting a Visa Card, and depositing and trading fiat. Plus, every 5 successful referrals nets you a free Rewards+ level. *Tasks and associated rewards vary across regions. Learn more.

Cronos ID Goes Multi-Chain in the DeFi Wallet

This new enhancement for Cronos ID allows you to use your unique .cro domain across 20+ networks, including Bitcoin, Ethereum, and Solana. This makes it easier than ever to send and receive digital assets while streamlining your Web3 experience and reducing the risk of errors in managing your assets. Learn how to set it up here.

Crypto Level Up

What the Blast Blockchain Is and Why It’s on the Rise

Blast is an Ethereum Layer-2 scaling solution launched in November 2023 by the team behind NFT marketplace Blur. It’s designed to boost Ethereum’s scalability and efficiency.

Why Has Blast Been Successful?

Its transaction speed is much higher than Ethereum, processing thousands of transactions per second (tps). Furthermore, it boasts lower network fees because of how efficient it processes transactions.

What Challenges Is Blast Facing?

Blast is secure, utilising a multi-signature wallet for asset custody. However, the anonymity of signatories has raised questions about centralization. Additionally, there are potential security concerns due to Blast processing transactions off-chain.

Check out the full story on Blast.



Ah, yes, the playful photobomb: the Lion has once again managed its way into a pic of a delicious meal with a splendid view, as the Jade Green Visa Card is in between which of @disn0tkim’s Grecian meal-time dishes to sample first.

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

U.S. FTC Issues Cryptocurrency Romance Scam Warning

Last month, the United States Federal Trade Commission (FTC) published a warning about romance scams defrauding victims of their cryptocurrency holdings. The Canadian Investment Regulatory Organization and Canadian Anti-Fraud Centre (CAFC) posted a similar warning, as well.

Avoid Falling for Romance Scams By:

1. Putting your guard up if your love interest requests money or cryptocurrency, especially if you’ve never met them.

2. Ceasing communication if the other party constantly refuses to answer personal questions or provides information that isn’t realistic.

3. Performing a reverse image search on the person’s profile picture(s). If a stock image or someone else’s social media pages show up on the search engine, cut contact immediately.

Crypto Trivia Answer

C) Proof of History, a sequence of computations that enables nodes to cryptographically verify the time between two events.

That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.

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