$56M Debate Ignites as Ethereum Foundation Wallet Moves Spark Speculation

Is Ethereum Foundation’s 30,000 ETH Really At Risk?

According to Bitcoinist, Ethereum (ETH) has faced significant market pressure, with its price dropping below $1,800, marking a 53% decline from its December peak of $4,107. Concerns arose when Lookonchain flagged a transaction involving 30,098 ETH, worth $56.08 million, deposited into MakerDAO to lower the liquidation price to $1,127.06. Speculation suggested this wallet might belong to the Ethereum Foundation (EF). However, Wu Blockchain clarified that the wallet is linked to an early ETH investor, not EF. The investor strategically deposited ETH to secure collateral during the market downturn. At the time of reporting, ETH traded at $1,925. For more details, visit Bitcoinist.

Fidelity Proposes Staking in Ethereum ETF

CryptoSlate reports that Fidelity has filed a request with the SEC to allow staking in its Ethereum ETF, aiming to enhance investor returns. The proposal outlines that staking would improve fund efficiency and provide additional income for investors. Strict guidelines ensure only the fund's ETH will be staked, with no external pooling. This move aligns with industry trends advocating for staking integration in ETFs to benefit both investors and blockchain security. The filing comes amidst a challenging market, with Ethereum ETFs experiencing over $140 million in outflows in recent days. For further insights, refer to CryptoSlate.

Second-Largest Bank in Spain to Offer Bitcoin and Ethereum Trading

The Daily Hodl reveals that Banco Bilbao Vizcaya Argentaria (BBVA), Spain's second-largest bank, has received regulatory approval to offer Bitcoin (BTC) and Ethereum (ETH) trading services. Initially available to a small group, the service will expand to all private customers in Spain over the coming months. BBVA plans to integrate crypto trading into its existing app, ensuring a seamless experience. The bank will also utilize its own custody platform for enhanced security. This initiative builds on BBVA's prior experience in Switzerland and Turkey. For more information, visit The Daily Hodl.

Solana Revenue Drops 93% After Memecoin Bubble Bursts

Cointelegraph reports that Solana's weekly revenue has plummeted from a January high of $55.3 million to $4 million, a 93% decline. The memecoin frenzy, which peaked with the launch of TRUMP and MELANIA tokens, has significantly cooled, leading to reduced activity on the blockchain. Solana's DeFi total value locked has also dropped by nearly 50%, from $12 billion to $6.4 billion. The memecoin market cap has similarly fallen by 68%, from $137 billion to $44 billion. Solana's price has decreased by 58% since its January peak. For more details, refer to Cointelegraph.

Rakurai Secures $3 Million for Solana Staking Infrastructure

PYMNTS.com reports that Rakurai, a project focused on improving Solana staking, has raised $3 million in seed funding. The funds will support the launch of Rakurai's staking platform, which aims to optimize transaction scheduling and increase validator rewards. Benchmark tests show Rakurai's nodes achieving five times the transactions per second compared to standard Solana clients. The funding round was led by Anagram Ventures, with participation from other notable investors. Rakurai's innovations are expected to address inefficiencies in Solana's block creation process. For more information, visit PYMNTS.com.

Sol Strategies Expands Solana Stake with Laine Acquisition

Blockworks reports that Sol Strategies has acquired Laine, Solana's 65th largest validator, nearly doubling its staked SOL to 3.3 million. This marks the company's third acquisition since pivoting to Solana in September. The deal includes the hire of Laine's founder as Sol Strategies' Chief Strategy Officer and access to the popular validator information site, stakewiz.com. The acquisition comes as Solana governance votes on a proposal to reduce validator revenue by adjusting inflation mechanisms. Sol Strategies remains optimistic about the long-term demand for staking services. For further details, visit Blockworks.

Sources: