TLDR: BTC-pegged Token eBTC Launches, Bitwise and Fidelity Joins the Ether ETF Bandwagon, BlackRock Enters Ethereum DeFi, Optimism Allocates Grants within the Optimism Collective, Elys Network and Stride Protocol Team Up, Lorenzo Protocol Goes Live on Cosmos, FTX’s Solana Holdings Attracts Attention, Solana Foundation Mitigates Offensive Meme Coin Problem, Avalanche and Chainlink Form Partnership, SBF 25-year Prison Sentence & Binance Executives Sues Nigerian Government After Detainment.

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Bitcoin Highlights of the Week

Hybrid Build on Bitcoin Raises $10M

"Hybrid" Layer-2 blockchain ‘Built on Bitcoin’, secured $10 million in a seed funding round led by Castle Island Ventures. The project aims to introduce the first Bitcoin layer-2 network compatible with the Ethereum Virtual Machine (EVM).

BTC-pegged Token eBTC Launches

BadgerDAO has introduced its own BTC-pegged token called eBTC, backed by stETH. Developed in collaboration with Ether staking protocol Lido, this initiative allows users to access fee-free, reward-bearing Bitcoin loans.

VSFG and Value Partners Apply for Spot Bitcoin ETFs

VSFG, in collaboration with its partner Value Partners, has submitted an application for a spot Bitcoin exchange-traded fund (ETF) to Hong Kong’s Securities and Futures Commission (SFC). A recent report from Bloomberg Intelligence indicated that the SFC may permit in-kind creations and redemptions for spot Bitcoin ETFs in the second quarter of this year.

Stacks Nakamoto Upgrade Scheduled

Stacks, a Bitcoin Layer 2 solution facilitating smart contracts and decentralized applications (dApps), is set to introduce its long-awaited Nakamoto Upgrade on the mainnet next month. This upgrade is anticipated to potentially initiate a new phase of development for Bitcoin Layer 2 solutions.

Near Foundation Launches Chain Signatures

The Near Foundation has introduced a new tool allowing users to sign transactions on various supported blockchains. With this feature enabled, DeFi protocols can access assets from different chains without the need for a cross-chain bridge. Currently, the supported chains include Bitcoin and Ethereum, with plans to incorporate others such as Solana in the future.

Ethereum Highlights of the Week

Bitwise and Fidelity Joins the Ether ETF Bandwagon 

This week saw further developments in ETH ETFs, including new filings by Bitwise and Fidelity, the latter being a $4.5 trillion asset manager. Notably, both ETF filings incorporated staking, aligning with the trend of ETFs integrating this feature.

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