Author of the original article: James, BlockTempo of Doo Wan
After the U.S. Securities and Exchange Commission (SEC) approved the 19b-4 exchange rule change for 8 Ethereum spot ETFs in May, major issuers have also submitted updated versions of the S-1 registration application files. Once approved by the SEC, the Ethereum spot ETFs will be open for trading on the market.
Regarding the latest progress, Nate Geraci, President of The ETF Store, stated today (8th) that the revised S-1 application submission was due on the 8th. It is currently unclear how quickly the SEC will process it, but he is optimistic that the Ethereum spot ETF may be launched next week or within two weeks.
Bloomberg analyst James Seyffart previously predicted that the Ethereum spot ETF may be listed later this week or in the week of July 15th.
Gemini estimated in its latest research report that once the U.S. approves the Ethereum spot ETF, net inflows in the first 6 months could reach as high as $5 billion. Currently, the ETH/BTC ratio is close to multi-year lows, and strong fund inflows may trigger a rally. If the ETH/BTC ratio returns to the median of the past 3 years, ETH could rise by nearly 20%. If it reaches the maximum value of 0.087, it could rise by 55%.
Which Ethereum ecosystem projects are worth paying attention to?
After the smooth approval of the Ethereum spot ETF, if funds continue to flow in, Ethereum ecosystem projects are expected to benefit. Therefore, it is important to focus on several major areas and projects within the Ethereum ecosystem, as listed below.
Layer2
Layer2 aims to support the prosperity of the ETH ecosystem with high TPS and low GAS. Major projects include MATIC, MNT, ARB, STX, IMX, OP, STRK, ZK, AEVO, MANTA, BLAST, and more. According to Coingecko data, the recent 30-day decline in Layer2 ecosystem tokens ranges from 25% to 50%.
Layer2 token performance. Image source: CoinGecko
LSD
The LSD protocol is a node-related staking service that emerged after ETH transitioned from POW to POS. Major projects include LDO, SSV, RPL, FXS, and more. According to Coingecko data, the recent 30-day decline in LSD ecosystem tokens ranges from 25% to 50%.
LSD token performance. Image source: CoinGecko
DeFi
DeFi applications cover various aspects such as Dex, lending, stablecoin trading, stablecoin issuance, and more. Major projects include Pendle, UNI, AAVE, COMP, CRV, MKR, and more. According to Coingecko data, the recent 30-day decline in DeFi ecosystem tokens ranges from 15% to 40%.
DeFi token performance. Image source: CoinGecko
ETH-collateralized stablecoin protocols
There are various ways to issue stablecoins, one of which is to collateralize assets, with ETH being the largest collateral asset. After staking and re-staking, the project can use the staked ETH to obtain liquidity income, providing stablecoins with a natural yield. Major projects include ENA, LBR, and more. However, ENA has experienced a significant 60% decline in the recent 30 days.
ENA token performance. Image source: CoinGecko
Re-staking
Re-staking refers to staking assets again after the initial staking. Re-staking has become one of the mainstream DeFi applications on Ethereum. Major projects include REZ, ETHFI, ALT, BB, and more. According to Coingecko data, the recent 30-day performance of DeFi ecosystem tokens has been brutal, with declines ranging from 40% to 60%.
Re-staking token performance. Image source: CoinGecko
The approval of the Ethereum ETF may bring significant development opportunities to the Ethereum ecosystem. The above projects are just a part of it, and there are many other promising projects worth paying attention to. Please stay tuned to the market dynamics and make investment decisions based on your own risk tolerance.
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