Hot Take: Friend.Tech Generates Impressive Fees, Ethereum Futures ETF in the Works
Friend.Tech, a social app, has seen a significant increase in protocol fees, placing it among the top three projects for fee generation, behind Ethereum and Lido. On the Ethereum front, Ark Invest and 21Shares are teaming up to apply for an Ethereum Futures Exchange Traded Fund (ETF). However, Bitstamp has announced that it will end Ethereum staking services for its US customers due to regulatory constraints. In the DeFi space, Shiba Inu’s Shibarium network is preparing for a relaunch, while API3 is launching a new data feed service suite for Polygon zkEVM. Altcoins like PEPE token and Terra have experienced challenges, with PEPE token facing a decline in price and Terra falling victim to a phishing attack. Finally, Yuga Labs, the creators of Bored Ape Yacht Club, will no longer support OpenSea’s Seaport Protocol starting in 2024.
Main breakdowns:
- Friend.Tech registers a significant increase in protocol fees, generating over $1.4 million in 24 hours.
- Ark Invest and 21Shares plan to apply for an Ethereum Futures ETF.
- Bitstamp ends Ethereum staking services for US customers due to regulatory challenges.
- Shiba Inu’s Shibarium network prepares for a relaunch.
- API3 launches a data feed service suite for Polygon zkEVM.
Hot Take: Friend.Tech’s impressive fee generation showcases the growing potential of social apps in the crypto space. The planned Ethereum Futures ETF signals increased institutional interest in the second-largest cryptocurrency. However, regulatory hurdles continue to pose challenges, as seen with Bitstamp’s decision to end Ethereum staking services. The DeFi sector is making progress with the relaunch of Shiba Inu’s Shibarium network and the introduction of API3’s data feed service suite. Altcoins face their own set of obstacles, with PEPE token experiencing a price decline and Terra falling victim to a phishing attack. Yuga Labs’ decision to remove support for OpenSea’s Seaport Protocol reflects the dynamic nature of the NFT market.
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