#Ethereum

At Ethereum Singapore 2024, ETH co-founder Vitalik Buterin urged for more individual staking, highlighting its importance for the security and decentralization of the network. He noted that independent and diverse stakeholders can counterbalance centralized entities and reduce their control.

The developers of the Web3 social network Friend.Tech transferred control over the project’s smart contract to Ethereum's null address, effectively freezing the platform. This move means no further updates or modifications can be made, and all future revenue will be burned.

A growing number of Ethereum users are turning to private transactions, which now make up approximately 30% of all activities on the blockchain. The gas consumption for these private operations has surged to 50% of the total network usage. This trend is driven by the desire to avoid MEV trading bots, which capture transactions for rapid profit.

July 23 marked the debut of spot Ethereum ETFs in the U.S. trading markets. According to data from a Bloomberg terminal screenshot shared by analyst James Seyffart, the total net inflows amounted to approximately $106.8 million, with the overall trading volume surpassing $1.11 billion.

Grayscale launched the Ethereum Mini Trust, offering an introductory zero-fee period (0% commission) for the first 6 months or up to $2 billion. Subsequently, the commission will be 0.15%, the lowest in the market, excluding initial discounts.

In a recent blog post, Ethereum founder Vitalik Buterin addressed the growing trend of endorsing politicians who claim to support the crypto industry. He notes that positive sentiment towards cryptocurrencies is insufficient. Supporting certain crypto advocates in elections might conflict with the cypherpunk values that initially shaped the first crypto communities.

The Attackathon aims to be the first crowdsourced security audit to identify vulnerabilities in Ethereum’s protocol code. This event will be conducted in collaboration with the security firm Immunefi.

Sony Block Solutions Labs, a collaborative venture between Sony Group and Startale, announced the launch of a new public L2 blockchain named Soneium, built on Optimism's OP Stack. This blockchain will be a part of the Superchain ecosystem. The testnet is set to be released in the upcoming days, with Sota Watanabe leading the project.

Jay Jacobs, BlackRock's Head of Thematic and Active ETFs, explained the primary allure of ETH compared to BTC while presenting the company's spot Ethereum ETF to investors. He emphasized that Bitcoin's main attraction is its scarcity, whereas Ethereum's appeal lies in its versatility.

The structure of upcoming spot Ethereum ETFs in the US is becoming evident. Most issuers are setting initial client discounts that transition into fees between 0.19% and 0.25%.

In a recent note on the company's website, Matt Hougan, Chief Investment Officer of Bitwise, forecasts that inflows into Ethereum-based exchange-traded products (ETPs) could push ETH prices above $5000.