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Spot ETH ETF Likely To Be Approved

ETH surges by 18% to a monthly high of $3,650 amid increased approval odds for a Spot ETH ETF.

Quick Take

  • Spot ETH ETF odds increase to 75%.

  • Across releases an

  • Justin Drake advises the Eigen Foundation.

  • DeBridge now supports Gnosis Chain.

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Spot ETH ETF Likely To Be Approved

Bloomberg analysts Eric Balchunas and James Seyffart raised their odds of the SEC approving a spot Ether ETF to 75%, up from an earlier estimate of 25%. Following their increased approval ratings, the price of ether surged by 18%, reaching a monthly peak of approximately $3,650. Balchunas noted a complete shift in the SEC's approach, potentially due to heightened political pressure. Balchunas capped his rating at 75% until there are further signs, such as updates on filings. The SEC has a decision deadline this Thursday, May 23rd to either approve or deny VanEck's Ethereum ETF application. According to CoinDesk, the SEC also asked exchanges to update 19b-4 filings for the potential trading of a Spot ETH ETF.

Across Releases

Across Protocol released, an informational hub for its ERC-7683 cross-chain intents standard. The standard, built in collaboration with Uniswap, will allow order fillers from any system to participate and fulfill intents, as long as they follow the same order structure. It aims to provide faster and lower-cost execution for users. Uniswap plans to integrate the ERC into its UniswapX intent-based trading protocol. Intents are signed constraints that allow users to outsource their orders to a network of independent fillers. The fillers not only compete to fulfill orders but also manage order routing and handle the native gas fees with different destination chains.

Justin Drake Discloses EigenLayer Advisorship

Ethereum Foundation researcher Justin Drake publicly disclosed his advisory role with the EigenLayer Foundation, which includes considerable EIGEN token compensation projected to be worth millions and set to vest over three years. Drake emphasized that his advisory focus is specifically on researching restaking risks. The disclosure followed concerns voiced by X user Cobie about a lack of transparency from Ethereum Foundation members who receive substantial compensation for advising projects that present conflicts of interest. Geth developer Peter Szilagyi also hinted at the influence that EigenLayer has over Ethereum developers. Drake clarified that the timing of his announcement was coincidental with Cobie’s remarks.

DeBridge Supports Gnosis Chain

Cross-chain interoperability protocol deBridge expanded support for bridging to and from Gnosis Chain. The new deployment is powered by deBridge’s Interoperability-as-a-Service platform, which facilitates cross-chain transfers for both EVM and SVM-based blockchains. Earlier this year, Gnosis Chain achieved  200,000 active validators on its PoS network.

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