The summer of 2024 will be remembered as a landmark moment in history, when our decentralized computer’s gas token became tradable in an ETF, a decade after its inception. The Ether ICO kicked off on July 22, 2014, with ETH sold for Bitcoin at an astonishing rate of 2,000 ETH per 1 BTC – completely permissionless, with no venture capitalists or vesting periods involved.
Figure 1 - ETF specs from Bloomberg Terminal.
ETH has evolved into the blockspace currency, with over 4.3 million ETH burned to pay for gas since the implementation of EIP-1559, and many more millions set to be burned for blobs. Through staking, ETH provides a staggering $100 billion in economic security for Ethereum, offering 10 times more security than Bitcoin. It also serves as pristine collateral for DeFi and restaking, unlocking significant economic bandwidth for the internet of value.
ETH spot ETFs will soon start trading in the US, marking the beginning of its recognition as a digital commodity by institutions. This is the inflection point that will lead to institutional adoption en masse. The institutional journey is just getting started!
Total Crypto Market Cap: $2.43T (-9.11%)
DeFi TVL: $116.82B (-6.6%)
Stablecoins: $160.909 (+0.37%)
Paxos International, the regulated blockchain infrastructure company, has introduced a groundbreaking financial instrument - the Lift Dollar (USDL) - targeting an innovative debut in Argentina. By partnering with prominent local cryptocurrency platforms Ripio, Buenbit, and TiendaCrypto, Paxos ensures that USDL hits the ground running in a market poised for revolutionary financial advancements.