Ethereum's onchain activity is booming, despite its price hovering around $3250, while we all hoped for $4000 since ETFs were approved. Layer 2 blockchains are driving this growth. They're transforming how transactions work on Ethereum. Users and investors are flocking to these solutions. The numbers are eye-popping. Ethereum and Layer 2 chains saw onchain activity jump 127% in early 2024. More users and higher transaction volumes are behind this surge. A Coinbase and Glassnode report highlights the trend. Daily active addresses on Ethereum and L2s hit record highs. Vitalik Buterin, Ethereum's co-founder, calls L2s the "ultimate playground for action". He's not wrong. These platforms are attracting individuals and profit-hungry institutions alike. L2 chains like Linea, Base, and Arbitrum are killing it. They boast 1.8 million active daily addresses. These solutions offer cheap transactions before finalizing them on Ethereum. It's a win-win for efficiency and security. The Ethereum Dencun upgrade in March 2024 was a game-changer. It slashed transaction fees by 58% in Q2. This happened even as transaction numbers went up. Lower costs made Ethereum more accessible. Users jumped at the chance to get involved. Ethereum's versatility is another draw. Lending, staking, and trading are just a few use cases. The report authors reckon adoption will keep growing. Existing apps are maturing, and new ones are popping up left and right. BlackRock's getting in on the action too. They've launched Ethereum spot ETFs. These products faced some hurdles, but investors are biting. The iShares Ethereum Trust ETF (ETHA) scooped up 77,000 ETH in days. That's about $277 million, folks. This move by BlackRock is a big deal. They're already top dogs in the Bitcoin ETF market. Now they're doubling down on crypto. It shows how traditional finance and blockchain are getting cozy. Nate Geraci from the ETF Store thinks staking in Ethereum ETFs is inevitable. He reckons it's a question of when, not if. That's good news for the Ethereum ecosystem. But it's not all smooth sailing. Tron's nipping at Ethereum's heels with 81 billion transactions. Competition in crypto is heating up. Blockchain innovation isn't slowing down anytime soon. Buckle up, it's gonna be a wild ride.

John Deaton, a pro-XRP attorney and Republican Senate nominee in Massachusetts, has emerged as a major crypto holder in the political arena. His portfolio is turning heads. Deaton's crypto holdings are no small change. A whopping 80% of his net worth is in Bitcoin or related investments, though it's worth mentioning that the senator has also got stakes in Ethereum, Solana, and XRP (no meme coins, in case you wondered). This news came to light on Wednesday. Fox journalist Eleanor Terret spilled the beans. Deaton's not just a lawyer. He's a Marine vet too. He's been defending cryptocurrencies, especially Ripple, for years. Ripple's been in a nasty legal scrap with the SEC since 2020. The regulator claims they violated securities laws. Deaton's been a key player in Ripple's defense. Now, Ripple's backing Deaton's campaign. They've been throwing serious cash at it. The company's pumped $1 million into a super PAC. It's called the Commonwealth Unity Fund. Legal expert James Murphy, aka "MetaLawMan", set it up. Murphy's got big plans. He wants to see more crypto-friendly faces in Congress. He reckons Deaton's the man for the job. But it's not all smooth sailing. Deaton's up against Elizabeth Warren. She's held her seat since 2013 and isn't a fan of crypto. Warren's got deeper pockets too. Deaton's playing catch-up in the fundraising game. Murphy's not fazed. He told Fox: "We're in it to win it." Meanwhile, XRP's price is feeling the heat. It's down 1.5% in the last 24 hours, trading at $0.615. The whole crypto market's taken a hit, with Bitcoin leading the slide on Thursday.

Ethereum and its layer-2 networks are experiencing a massive uptick in user activity. Daily active addresses skyrocketed by 127% in the first half of 2024. This growth stands in stark contrast to Bitcoin's performance. The leading crypto, which is clearly becoming dominated by so-called HODLers, saw a 20% drop in daily active addresses during Q2. What's driving this shift? It's all about the L2s. Layer-2 networks, built on top of Ethereum, are designed to speed up transactions and keep fees low. They're like Ethereum's cooler, faster cousins. These solutions process transactions on separate chains before sending the data back to Ethereum for final recording. Linea, Base, and Arbitrum are leading the L2 pack. Together, they boast a whopping 1.8 million daily active addresses. That's no small potatoes. Vitalik Buterin, Ethereum's co-founder, called L2s "the ultimate playing field for action" back in May. He wasn't wrong. Institutional players and NFT enthusiasts are flocking to these networks in droves. The numbers don't lie. Ethereum and L2 transactions jumped 59% in Q2 2024. But here's the kicker: most of that growth happened on L2s. They're outpacing Ethereum itself by a long shot. "The move onchain is driven by a variety of use cases," according to a recent report. "We expect to see adoption grow as existing use cases mature and innovative new ones take hold." It's not all sunshine and rainbows for Ethereum, though. Total transaction fees on the network dropped by 58% in Q2. But don't panic – this was actually by design. The Dencun upgrade in March slashed fees, making the network more user-friendly. Meanwhile, Bitcoin's been having a rough go of it. Daily active addresses fell 20% in Q2, and daily active entities dropped 16%. It's looking a bit like yesterday's news compared to Ethereum's L2 party.

Ferrari is set to expand its cryptocurrency payment option to European dealerships. The Italian luxury carmaker aims to launch this service by month-end. The company plans to offer crypto payments at more international dealerships by the end of 2024. This expansion will target countries where digital currencies are legal. Ferrari kicked off crypto payments in the US last year. The move proved successful. The decision comes as wealthy clients show growing interest in using digital currencies for big-ticket purchases. "It's a no-brainer for us," a company spokesperson said. Ferrari sees this as a natural next step. They want to help dealers meet changing customer needs. Many blue-chip firms are still wary of crypto due to its volatility. Ferrari, however, is pushing ahead. Most European dealers have already adopted the new payment system. Others are in the process of doing so. Ferrari acknowledges challenges like patchy regulation and high energy use. But they're not letting that stop them. Countries with strict crypto rules, like China, won't be part of this rollout. No surprises there. For its US launch, Ferrari teamed up with BitPay. This crypto payment processor handles Bitcoin, Ethereum, and USDC transactions. BitPay converts crypto to traditional currency right away. This shields dealers from price swings and saves clients from extra fees. Ferrari hasn't spilled the beans on whether they'll use other payment processors in Europe. As the crypto market bounces back from its 2022 nosedive, more companies are jumping on the bandwagon. Fintech giant Stripe recently got back into crypto payments after a six-year break. They had initially tested Bitcoin back in 2014 but bailed in 2018. Other payment firms are also getting in on the action. Singapore-based Triple-A plans to add PayPal's stablecoin to its supported tokens by June. Meanwhile, Bitcoin payments app Strike has just set up shop in the UK. The crypto payment scene is heating up, and Ferrari's not about to be left in the dust.

The US Securities and Exchange Commission (SEC) has given the green light to spot Ethereum Exchange-Traded Funds (ETFs). The crypto industry is buzzing with anticipation. Today's launch marks a significant milestone. Anthony Pompliano, CEO of Professional Capital Management, shared his thoughts on CNBC's Squawk Box. He believes ETH ETFs will boost crypto adoption. But he reckons their story isn't as clear-cut as Bitcoin's. Pompliano praised Bitcoin ETFs' impact. "It's probably the best ETF launch in history," he said. These products continue to see substantial inflows. He pointed out a striking stat: "The BlackRock Bitcoin ETF has had more inflows than QQQ year-to-date." Yesterday alone, BTC products raked in nearly $500 million. But will Ethereum ETFs match this success? Pompliano doesn't think so. "People aren't talking about it as much," he noted. The hype just isn't there. Why the lukewarm reception? Pompliano believes it's down to narrative. "The story is clear with Bitcoin. It's digital gold," he explained. Ethereum, on the other hand, is seen as a "technology platform" with "a lot more competition." Despite this, some firms are pitching ETH ETFs as a diversification play. This could attract investors looking to spread their bets. Pompliano thinks this approach might pay off. However, he warns that inflows won't match Bitcoin's levels. "We got to see what the flows will be like," he cautioned. One drawback? ETF holders won't benefit from Ethereum's staking rewards. But Pompliano sees a bigger picture. He reckons today's launch will open the floodgates for altcoins. "These things come to Wall Street," he predicted. It might take time, but the door is now ajar. This shift could reshape the crypto landscape. "What went from a zero to one 'Is it going to be Bitcoin or is it not?' is now going to be a crypto industry," Pompliano explained. This could trigger a portfolio approach to crypto investing. In the end, Pompliano expects decent inflows for Ethereum ETFs. He also predicts a price bump for ETH. But he tempers expectations: "It's not going to be to the magnitude that people are hoping for."