😎 GM GM!

Welcome back to your weekly dose of web3 insights! Your go to source for everything DeFi, RWAs, and Zivoe.

Here’s what we’ve got for you today:

1. Market Movements

2. Bite-Sized Bits

3. 5 Days Until Zivoe’s Launch 🚀

4. Zivoe In The News

5. ETH ETFs Launch…How Are They Doing?

6. Memes Of The Moment

📈 📉Market Movements

Vitalik discounts the ETH price this week in celebration of Ethereum ETFs launching! 

🟠 Bitcoin: $67,226.97 (+ 4.61%)

🔵 Ethereum: $3,233.93 (- 5.01%)

🟣 Solana: $177.83 (+ 9.02%)

🟡 Fear & Greed Index: 68 (Greed)

🍪 Bite-Sized Bits

Zivoe Unveils dApp Ahead Of July 31st Launch!
The real-world asset protocol has officially deployed its smart contracts to Ethereum Mainnet. On Thursday of this week, it also launched its dApp which is now available for users to start exploring. U.S. Persons can login today to complete KYC and Accreditation screenings. Zivoe is set to launch its “Initial Tranche Offering” on July 31st at 3PM UTC. Depositors will have the opportunity to earn airdrop points in anticipation of its $ZVE token! 

Successful launch for ETH ETFs!
The ETH ETFs had a "solid" start. Despite heavy outflows from the grayscale ETF, total first day trading volume exceeded $1.1 billion, doubling initial forecasts.

VanEck predicts $2.9 million BTC by 2050
VanEck released a report forecasting that bitcoin could reach $2.9 million by 2050 in a baseline scenario. This scenario is based on the adoption of bitcoin as a global medium of exchange and reserve asset.

Mt. Gox creditors seem to keep their tokens
Mt. Gox creditors have begun receiving their refunds, but many are choosing to keep their BTC. On-chain data shows an increase in bitcoin withdrawals from exchanges to cold wallets.

Biden pulls out! What does Kamala Harris think about crypto?
US President Joe Biden has formally withdrawn his candidacy for the 2024 presidential election with just four months to go. Biden's announcement caused an immediate reaction on the memecoins markets: Joe Boden token dumped over 44% on the news and Kamala Horris skyrocketed over 1,300%. Kamala Harris' position on cryptocurrencies remains unclear. Harris hasn’t publicly declared any investments in cryptocurrency and denied the opportunity to appear at Bitcoin Nashville.

Restaking protocols are losing steam?
EigenLayer, a restaking protocol, recorded massive outflows, losing $4.6 bn in TVL in one month. This drop is due to the end of airdrop campaigns, discouraging token “farmers”.

Messari CEO resigns after controversial publications
Ryan Selkis has resigned as CEO of Messari following public controversy over his calls for civil war and political remarks about immigrants to the US.

US military expands use of blockchain
The US is expanding its use of blockchain in the military to secure sensitive communications and data. Constellation Network has launched a blockchain in partnership with the US Army.

Ferrari to Accept Crypto Payments in Europe
Ferrari will extend its crypto payment options to its European dealerships by the end of the month. After a successful launch in the US, the Italian brand plans to introduce the payment method in other countries.

Proton launches bitcoin wallet
Proton AG, known for its email services, has announced the launch of Proton Wallet, a self-managed bitcoin wallet designed to improve transaction confidentiality by using different bitcoin addresses for each user.

Thailand to Implement National Airdrop
Thailand plans to stimulate the economy by distributing digital money to 45 million citizens. Each recipient will receive 10,000 baht (approx. $280) via digital wallets.

🚀 T-Minus 5 Days To Launch!

Attention Zivoenauts 🧑🏼‍🚀 The Wait Is Almost Over! We are now just 5 days away from the Initial Tranche Offering (ITO) and we couldn’t be more excited. The ITO will commence on July 31st at 11:00 AM EST (3:00 PM UTC) and run through August 30th!

During the event, you can deposit stablecoins to our Senior and Junior Tranche to start earning $ZVE airdrop points! To learn more about the event, check out our docs and watch the video below!

Ready to get in on the action? You can head over to our dApp right now to begin exploring. And for U.S. Persons, you can get ahead of the game by completing your KYC and Accreditation today, so you’re ready to go on day 1 without any delays 🚀🚀🚀

📰 Zivoe In The News

ETH ETFs Launched…How Are They Doing?

Ethereum ETFs made an impressive debut on July 23rd of this week, recording a staggering $1.1 billion in trading volume on their first day. While this figure is only about 24% of the trading volume seen by Bitcoin ETFs on their debut earlier this year (~$4.6 billion), it far exceeded analyst expectations.

However, much of this volume came from investors moving their holdings from Grayscale's Ethereum Trust (ETHE) to these new, lower-fee ETFs. ETHE, which held over $9 billion in Ethereum before ETF approval, charges a 2.5% management fee—considerably higher than competing ETFs.

Interestingly, Grayscale has also introduced an "ETH Mini ETF" with a fee of just 0.15%, the lowest in the market, targeting retail investors.

To better understand the performance of these ETFs, we should look at net flows, which shows us how much new capital actually flowed into ETFs. On the first day of trading, Ethereum ETFs had net inflows of +$107.8 million. Which still blew analyst expectations out of the water.

However, net flows from Wednesday and Thursday’s trading days failed to keep up the momentum, with net flows falling into the red at -$130.30 million and -$152.40 million, respectively, driven by continued outflows from ETHE. ETH is down approximately 5% on the week.

Future Outlook

In the coming weeks, we will gain a clearer understanding of the inflows and market share of different ETFs. Analysts predict that ETHE will continue to exert downward pressure on the market for the next month or so. Predictions suggest that Ethereum ETFs will only attract about 15% of the inflows seen by Bitcoin ETFs, estimating approximately $840 million in new investment.

While Ethereum ETFs are certainly a harder sell to institutional investors compared to Bitcoin, there is optimism among ETH ETF issuers. Bitwise CIO Matt Hougan suggests that marketing Ethereum as a technology play could help these products surpass expectations. “Investors love technology stocks,” he said, emphasizing the appeal of high-growth tech investments.

🐸 Memes Of The Moment

📲 Join The Fight Against High Interest Lending!

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