Demex Daily #161: SEC Greenlights First Spot Ethereum ETFs

What’s Interesting Today:

The U.S. Securities and Exchange Commission approved eight spot Ethereum ETFs, sparking celebrations on Crypto Twitter. This follows the earlier approval of Bitcoin ETFs and the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the U.S. House of Representatives. The community's response ranged from jubilation to cautious optimism. Notably, an incident involving a question to former President Trump about crypto's future in the U.S. is believed by some to have influenced the political landscape favorably towards crypto.


The CEO of the Fantom Foundation, Michael Kong, announced the establishment of the Sonic Foundation to manage the launch and governance of Fantom's new Sonic Chain. This initiative will focus on leveraging the Sonic chain for various DeFi and real-world applications including perpetual DEXs, payments, and high-transaction-based games. The Sonic Chain will feature a new layer-1 solution along with a built-in layer-2 that connects directly to the Ethereum network, allowing users to access Ethereum’s extensive DApp ecosystem. The foundation will also handle the network's treasury, partnerships, and DApp development. Fantom’s unique Lachesis consensus model uses directed acyclic graphs and asynchronous Byzantine fault tolerance to achieve rapid finality times and efficient transaction validation.

Trade FANTOM FTM-PERP on Demex!