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The Ethereum layer-2 scaling ecosystem is thriving. This is despite recent bearish market sentiment. Ryan Berckmans, an Ethereum community member, made this assertion on social media. Berckmans was responding to criticism from Rushi Manche, founder of Movement Labs. Manche had claimed that "EVM L2s will go to zero." He argued they were inferior to Solana. Berckmans strongly disagreed. He pointed to rapid growth in layer-2 protocols and EVM scaling platforms. "Coinbase made an EVM L2. So did Worldcoin. So did Immutable X," he noted. Layer-2 solutions are increasingly seen as integral to Ethereum, not just for scaling. Berckmans argued they offer better value than alternative layer-1 networks. This is due to Ethereum's "credible neutrality" as a base layer. He also highlighted Ethereum's larger ecosystem. It surpasses competitors in liquidity, mature protocols, and total value locked. Berckmans made a bold prediction about transaction throughput. "In five years, [L2s will surpass Solana] by like 100x," he stated. The analyst sees Ethereum's layer-2 ecosystem as more attractive for corporations and governments. This is due to its security and decentralization properties. He described a "settlement network effect" for Ethereum. As the layer-2 ecosystem grows, it increases benefits and reduces costs of settling on Ethereum. Berckmans concluded by emphasizing the strength of Ethereum's L2 model. "What we're actually seeing is that Ethereum's L2 model is killing it, and EVM is leading the pack by far," he said. Current data supports this optimistic outlook. Total value locked across all L2 protocols stands at $42.86 billion, according to L2beat. This figure has remained steady since March, despite an 18% decline in overall crypto markets. Year-over-year, L2 TVL has surged by approximately 280%. Arbitrum One leads with $17 billion TVL and 40% market share. Coinbase Base and OP Mainnet follow with $7.3 billion and $6.4 billion respectively. L2beat now lists 58 protocols. This is a significant increase from just a handful a year ago. It further underscores the rapid growth of the layer-2 ecosystem.

Floki Inu, a well-known memecoin project, has issued a warning about unauthorized tokens. These tokens falsely claim association with the Floki brand. And they have appeared on Solana and Base blockchains, trying to steal money in a rather untraditional way. The project's official X account alerted followers to the scam. Floki Inu emphasized that genuine FLOKI tokens exist only on two networks. These are BNB Smart Chain and Ethereum. To aid users, Floki listed its legitimate contract addresses. On Ethereum, it's "0xcf0c122c6b73ff809c693db761e7baebe62b6a2e". On BNB Smart Chain, it's "0xfb5b838b6cfeedc2873ab27866079ac55363d37e". The project urged community members to verify token information. This should be done through official channels only. Such caution helps prevent falling victim to frauds. Despite these security challenges, Floki Inu continues to expand its ecosystem. A key development is the FLOKI Name Service on BNB Chain mainnet. This service enables users to register decentralized domain names with the .floki extension. The service uses Space ID architecture. This allows interoperability with numerous decentralized applications. These include popular platforms like Trust Wallet and PancakeSwap. Floki Inu has reached a milestone of over 417,400 holders on BNB Chain. To celebrate, it launched a rewards program. Holders can now claim a percentage of interest rewards. In March, the project unveiled its 2024 roadmap. It includes several new features and utility-focused initiatives. One plan involves regulated digital banking accounts. Users will be able to create and fund bank accounts using FLOKI tokens. The roadmap outlines a partnership with a licensed fintech firm. This will enable digital bank accounts with Swift payments and SEPA IBAN capabilities. The service will expand across Canada, Spain, Dominica, Australia, and the UAE. In January, Hong Kong's Securities and Futures Commission (SFC) issued a cautionary note. It warned about the "Floki Staking Program" and "TokenFi Staking Program". The SFC stated these products offer staking services with high promised returns. However, they lack authorization for public sale in Hong Kong.

Crypto market maker GSR Markets predicts a potential 9x increase in SOL price following approval of spot Solana exchange-traded funds (ETFs) in the US. The forecast was released on June 27. GSR identified Solana as part of "crypto's big three". The report coincided with VanEck's unexpected filing for a spot Solana ETF. The 9x estimate assumes spot Solana ETFs would capture 14% of spot Bitcoin ETF flows since January. This factors in relative market capitalization. Under this scenario, Solana's price could rise from $149 to over $1,320. This would result in a $614 billion market cap based on current supply. GSR also presented more conservative projections. "Bear" and "baseline" scenarios predict 1.4x and 3.4x price increases respectively. These assume 2% and 5% capture of Bitcoin ETF flows. The firm noted estimates could be higher if ETFs incorporate staking rewards. However, staking was not permitted in approved spot Ether ETFs. Bloomberg ETF analyst Eric Balchunas believes significant political changes are needed for serious consideration of a spot Solana ETF. This includes changes in US presidency and SEC leadership. The SEC has classified SOL as a security in recent lawsuits. This complicates the approval process compared to Bitcoin and Ether ETFs. VanEck's application follows 3iQ's filing for a spot Solana ETF in Canada. This marks a first in North America. Franklin Templeton, a $1.5 trillion asset manager, has praised the Solana ecosystem. However, they have not confirmed plans for a spot Solana ETF. Over $1 billion in Solana exchange-traded products already exist globally. This indicates growing demand for SOL exposure. James Seyffart, another Bloomberg ETF analyst, suggests political factors influenced spot Ethereum ETF approval. He believes significant regulatory changes are needed for approval of other crypto ETFs, including Solana. Seyffart emphasized the need for a regulated market to monitor these assets for fraud and manipulation.

VanEck, a leading asset manager, has submitted the first-ever Spot Solana ETF filing to the US Securities and Exchange Commission (SEC). That's a true revolution for altcoins. Talks about Ethereum ETFs are huge. But adding Solana to the table is grandioso. Matthew Sigel, VanEck's head of digital asset research, announced the filing on social media. He emphasized Solana's potential as an Ethereum competitor. Sigel highlighted its diverse applications in payments, trading, gaming, and social interactions. The asset manager sees Solana's blockchain as a game-changer. Its combination of scalability, speed, and low costs could enhance user experience across various use cases. VanEck believes these attributes make Solana an attractive option for an ETF. The firm cites several factors supporting their decision. High throughput, low fees, strong security, and a vibrant community are key considerations. These elements contribute to what VanEck terms a "versatile and innovative" open-source ecosystem. VanEck draws parallels between SOL and other digital commodities. They compare it to Bitcoin and Ethereum. SOL serves as a means of payment for transaction fees and computational services on the Solana blockchain. The token's functionality is similar to Ether on the Ethereum network. It can be traded on digital asset platforms. SOL is also used for peer-to-peer transactions. But one should not forget that Solana has becoming a home for many popular memecoins. Sigel elaborates on SOL's characteristics. He notes its decentralized nature, high utility, and economic viability. These factors align SOL with established digital commodities. This alignment reinforces SOL's perceived value. It offers potential use cases for investors, builders, and entrepreneurs. VanEck sees it as an alternative to traditional app stores. The SEC's response to this Solana ETF filing remains to be seen. It will likely face scrutiny similar to previous cryptocurrency ETF applications. The outcome could have significant implications for the broader crypto market. At the time of writing, SOL has shown resilience. It rebounded nearly 8% to $147. This follows a brief correction to $121 on Monday. We'll have to wait and see for the market's reaction to the ETF filing news.

Solana (SOL) has rebounded from recent losses. Whale investors maintain their positions, hinting at potential future gains. Now we are looking for a broader market upturn. SOL has risen 8.41% in 24 hours to $137.93. It posted a 0.51% weekly gain. This contrasts with losses from Bitcoin (BTC) and Ethereum (ETH) - the leading cryptocurrencies, taking everyone's attention. At the moment, Solana boasts a 667.92% annual return. This year's return stands at an impressive 747.74%, outpacing other leading cryptocurrencies. A little too early to bury our favorite altcoin, right? Solana's price has broken a key resistance level at $136.78. This suggests strengthened buying pressure, which is a clear sign of further upward movement. At least, we are used to think so. The Relative Strength Index (RSI) has surged from 5 to 65 in 36 hours. This dramatic rise underscores significant buying pressure. It indicates a possible shift towards positive short-term momentum. The 30-day moving average is trending upwards. It approaches convergence with the 200-day moving average. A decisive crossover above the 200-day would validate this resurgence. So, technical indicators suggest positive short-term price movements. But what about long-term growth? Analysts agree it will likely depend on fundamental factors, you know, the ones we like to discuss so much. Let's take a look. Solana's current market cap is $63.76 billion. It it possible to reach $1000 per token? Probably so, but it would require a market cap of $460 billion. Which is a miracle, because this is comparable to Ethereum's current valuation. While ambitious, such growth isn't impossible. It would likely require a significant catalyst. Experts speculate that recent Ethereum ETF approval may pave the way for other crypto ETFs. This could include Solana. Such a development could boost Solana's adoption and investor confidence. The famous altcoin could finally get on its long-term growth trajectory.