Ether soars to $2.4K, ERC-404's Pandora reaches $250M cap, Wormhole shares token plan, and Bakkt faces financial hurdles.
Ether Hits $2.4K Amid Ark and 21Shares’ Updated ETF Filing

Ether Hits $2.4K Amid Ark and 21Shares’ Updated ETF Filing

Feb 9, 2024
| Issue

Welcome to the latest issue of Datawallet Daily. With a keen eye on Crypto Twitter and the broader news landscape, we’ve curated the top stories for you:

Ether Hits $2.4K Amid Ark and 21Shares’ Updated ETF Filing

Ethereum’s value surged above $2,400, reaching a two-week peak, following the amendment of a spot Ethereum ETF filing by Ark Invest and 21Shares. The revision aimed to align the ETF proposal more closely with the regulatory framework established by the recent approval of spot Bitcoin ETFs. The modified filing with the SEC introduced a cash creation and redemption mechanism, mirroring the structure favored for Bitcoin ETFs. 

Additionally, the prospectus now includes the potential for staking ETH, leveraging trusted third-party providers to possibly enhance the fund’s earnings through staked assets. This development led to a nearly 2% increase in Ethereum’s price within an hour of the announcement, outperforming the broader crypto market.

ERC-404 Token Pandora Hits $250M Market Cap

The ERC-404 token standard, an innovative blend of ERC-20 fungible tokens and ERC-721 non-fungible tokens (NFTs), is making waves in the Ethereum community. Pandora, the pioneering token utilizing this standard, has seen a remarkable increase in value since its launch on February 2, with its market cap soaring to $250 million. Trading at $25,300, Pandora highlights the potential of ERC-404 to revolutionize token functionality by offering native liquidity and the ability for in-standard fractionalization. 

This standard allows for the issuance of both ERC-20 tokens and corresponding “Replicant” NFTs, which are minted or burned in response to token transactions, introducing a unique dynamic to digital asset ownership and trading. The added rarity aspect of NFTs further enriches the ERC-404 ecosystem, making it a significant development in the Ethereum token landscape.

Wormhole Unveils Airdrop and 4-Year Tokenomics Plan

Wormhole, a key player in cross-chain protocols, announced an airdrop of its W token as part of a detailed four-year tokenomics plan. With a total supply of 10 billion W tokens, 1.8 billion will initially circulate among various stakeholders, including guardian nodes and core contributors. 

To ensure a controlled release into the market, 82% of the tokens will be locked and gradually distributed over four years. Following a $225 million funding round, Wormhole aims to transition to decentralized governance, allowing W token holders significant influence over community and treasury decisions, reinforcing the web3 ethos of transparency and community participation.

Bakkt, Once Bitcoin’s Hope, Faces Cash Crunch

Bakkt, once positioned as a key player in facilitating institutional access to Bitcoin, faces financial challenges and potential closure due to a shortage of funds. Launched by Intercontinental Exchange (ICE) in 2019, the platform’s recent disclosure raises concerns about its ability to sustain operations over the next year. Despite initial optimism, Bakkt struggles to generate profits amid the volatile cryptocurrency market. To address its cash constraints, Bakkt plans to explore options for raising up to $150 million through public market financing. 

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