Crypto Highlights and Market Updates in June

Crypto Highlights

June was a tumultuous month in the crypto markets, with significant losses across the board. However, amidst the turbulence, some noteworthy blockchain tech stories emerged.

Polkadot’s Transparent Spending

Polkadot’s detailed treasury transparency report revealed a significant increase in spending, raising eyebrows with expenses such as sponsoring a prestigious soccer club for $6.8 million. The report showcased a total spend of $87 million worth of DOT tokens in various areas including marketing, advertising, sponsorships, and events over the past six months.

Solana ETF Speculation

While Bitcoin and Ethereum have seen success with ETFs, the road for a Solana ETF appears more challenging due to regulatory hurdles. The lack of a well-established regulated derivatives market and regulatory concerns surrounding SOL being an unregistered security may delay the possibility of a Solana ETF in the near future.

Protocol Village Updates

• Tezos introduced Tezos X, aiming to enhance performance, composability, and interoperability.
• Igloo Inc., parent company of Pudgy Penguins, acquired the Frame team to develop a new Ethereum L2 solution called Abstract.
• Worldcoin partnered with Alchemy to support World Chain, a new blockchain for humans.
• Obol Labs launched the Obol Collective to advance distributed validator technology in Ethereum networks.
• Wavlake collaborated with ZBD to transform creator payments, offering better royalties for independent musicians and podcasters.

Crypto Market Performance

In June, crypto markets experienced a downturn, with Bitcoin, Ethereum, and other major assets facing losses. Uniswap’s UNI token showed the least decline at 8.1%, while meme coin SHIB saw the largest drop at 32.9%.

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