SEC Approves Spot Ethereum ETFs

• The SEC approves Spot ETH ETFs.

• Applications open for OP retro funding.

• WalletConnect introduces AppKit and WalletKit.

• Safe releases an ERC-7579 Adapter.

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The U.S. Securities and Exchange Commission (SEC) has granted approval for eight Spot Ethereum ETFs managed by asset managers Grayscale, Bitwise, BlackRock, VanEck, ARK Invest and 21Shares, Invesco, Fidelity, and Franklin Templeton. The ETFs will be listed for trading on NYSE Arca, Nasdaq, and Cboe BZX Exchange. However, trading will not commence immediately, as the SEC still needs to approve the S-1 forms submitted by the asset managers, a process that could take weeks to months. A spot Ethereum ETF mirrors the market price of Ethereum, offering investors a way to gain exposure to Ethereum without the need to directly hold ETH. The price of ETH has be volatile throughout the day, hitting a new monthly high of $3,937.

Optimism opened applications for its fourth retroactive funding round, coined Onchain Builders. The round will allocate 10 million OP tokens to builders who have deployed contracts on OP Stack chains, including as Base, Mode, Redstone, and Zora. The submission window is open until June 6th at 19:00 UTC, but those who apply by May 31 will receive a commemorative NFT. To qualify, the smart contracts must have interacted with a minimum of 420 unique addresses between January 1 and May 1, 2024, sustained contract activity for at least 10 days, and have verified contract ownership on GitHub. Badgeholders will vote on submissions next month, with winners to be announced on July 15th.

WalletConnect unveiled AppKit and WalletKit, its latest development kits for connecting wallets to dapps. AppKit enables developers to incorporate features such as email and social logins, onboarding with Safe-powered smart contract wallets, fiat-to-crypto onramps, and swapping functionality into their apps. WalletKit simplifies the process for developers to integrate "Connect with WalletConnect", which enables users to connect to desktop applications from their mobile wallets. WalletKit also includes one-click connections and verifications. Both kits support notifications triggered by onchain actions. The new development kits are scheduled for release on June 12th.

Safe launched an ERC-7579 Adapter, enabling the integration of modules from external platforms into Safe smart accounts. The ERC-7579 standard establishes interfaces for modules that ensure interoperability across different wallet implementations. The ERC-7579 adapter enhances wallet functionality, supporting modules such as Passkeys and Session Keys. Developers can now implement the adapter on existing Safe accounts.

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