In the Cryptocurrency Markets: Potential Approval for Ethereum Futures Products
In the world of cryptocurrency, developments can occur slowly or all at once. Recently, an insider revealed that the US regulator may fast-track the approval process for multiple futures products related to Ethereum.
Currently, there are over 12 futures products awaiting approval. However, it is not expected that the Securities and Exchange Commission (SEC) will approve all Ethereum futures exchange-traded funds (ETFs) at once.
An influx of capital into Ethereum (ETH) could greatly benefit its ecosystem, and analysts are optimistic about this possibility. Additionally, Ethereum also supports ERC-20 tokens.
Among the various decentralized finance (defi) projects on Ethereum, one that has gained attention is com. DigiToads due to the launch of their non-fungible token (NFT) game called “Heroes of Swamp”.
DigiToads: A New Model for NFTs?
DigiToads successfully raised over $7 million in pre-sales before its official release. The protocol is one of many new projects that provide numerous services for NFTs.
NFT holders play a critical role in DigiToads’ ecosystem, particularly in The Swamp where they have two use cases.
The NFT Stake mechanism allows DigiToads NFT holders to earn passive income in the form of frogs, the protocol’s native token. To receive payments, holders stake their NFT via the Staking dashboard.
The Role of NFTs in Champions of Swamp
NFTs also find utility in the game Champions of Swamp on DigiToads. Investors can earn passive income and even invest in NFTs within the game.
The in-game currency, Poles, can be exchanged for Frogs, which are used in battles. Each battle win earns players real cash, and the rewards and in-game items come in the form of NFTs stored in the user’s wallet.
Players can purchase items from the in-game store to increase their chances of victory and improve their ranking on Leaderboards. Upgrading items at The Forge further enhances players’ abilities, increasing their likelihood of winning in the Battle Zone. All earnings from battles are convertible, and analysts believe DigiToads has ushered in a new era of NFT ownership.
The Approval of Ethereum Futures Contracts by the SEC
October might be a bullish month for Ethereum as the SEC approves the ETH Futures ETF. While not as impactful as the Ethereum Spot ETF, the approval of futures ETFs paves the way for future possibilities.
If the SEC approves all 12 pending applications, Ethereum prices could rise significantly. Analysts predict that the ETH price may reach $4,516.16 by 2024.
Despite the SEC’s efforts to provide exposure to cryptocurrencies, pressure from market participants makes it challenging for the agency to resist. The big question is whether assets like Bitcoin (BTC) and Ethereum will face a supply shock when spot ETF products are launched.
Concluding Thoughts
The regulatory environment for cryptocurrencies has already hit lows but is slowly improving. Momentum is building, and it is likely that all major altcoins will have ETF products within the next two years. However, investors seeking to maximize their profits can explore smaller projects like DigiToads, which offer even greater potential.
Supporters can join the DigiToads community, experience the joy of playing Champions of Swamp, and earn rewards while playing. They can also purchase exclusive NFTs and receive passive income payments in frogs.
For more information:
- Visit the DigiToads homepage
- Mint DigiToads NFTs here
- Buy DigiToads NFTs on Open C
- Join the DigiToads community
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