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CoinDesk Podcast Network

COINDESK DAILY: Wormhole’s W Token Has a 999% Weekly Return; Why VanEck Is Bullish on Ethereum Layer 2s

CoinDesk Podcast Network

CoinDesk

News, Tech News, Daily News, Business News

4.7698 Ratings

🗓️ 4 April 2024

⏱️ 3 minutes

🧾️ Download transcript

Summary

Host Jennifer Sanasie breaks down the latest news in the crypto industry from the latest with Wormhole’s newly released W token to VanEck's bullish prediction for Ethereum Layer 2s. To get the show every day, follow the podcast here. "CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines impacting the crypto industry today, including Solana DeFi application Kamino offering a weekly yield of more than 999%, paid out in W and JTO tokens. Plus, VanEck predicts Ethereum layer 2 networks to be valued at over $1 trillion by 2030 and CFTC data shows that leveraged funds held record net short positions in CME's bitcoin futures last week. - Consensus is where experts convene to talk about the ideas shaping our digital future. Join developers, investors, founders, brands, policymakers and more in Austin, Texas from May 29-31. The tenth annual Consensus is curated by CoinDesk to feature the industry’s most sought-after speakers, unparalleled networking opportunities and unforgettable experiences. Register now at consensus.coindesk.com. - This episode was hosted by Jennifer Sanasie. “First Mover” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:51.6

Ethereum layer 2s could rocket to a trillion-dollar base valuation by 2030, according to Van Eck.

0:58.2

The investment firm evaluated 46 layer 2 networks across five key areas and predicted thousands of roll-ups to eventually emerge.

1:06.9

Van Eck analysts Patrick Bush and Matthew Siegel estimated that Ethereum will eventually capture

1:12.3

60% of the market share across all public blockchains.

1:15.9

They modeled their estimate around the volume of assets within the Ethereum ecosystem.

1:20.6

Meanwhile, the analysts wrote that the firm expects there to be cutthroat competition among

1:26.2

layer 2s, stating that they're generally

1:28.4

bearish on the sector's outperformance. Leveraged funds, which the CFTC describes as hedge funds

1:35.3

and commodity trading advisors held record bearish wagers on the Bitcoin price at the end of the

1:40.8

first quarter as the cryptocurrencies rally stalled near record highs.

1:45.3

Hedge funds boosted their net short positions in the CME standard Bitcoin futures contracts

1:49.7

to 16,102. That's the most since the futures began trading in late 2017, according to CFTC figures

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