COMP Surges After Launching USDC Market on Arbitrum for Easier Cross-Chain Transfers; VanEck Set to Launch First Ethereum Futures ETF in US Amid Signs of Faster SEC Approvals

Daily Top Performer — Compound Finance (COMP)

The SPX index is up 0.59%, these gains were supported by a rally in technology stocks and weaker-than-expected U.S. economic data, which fueled speculation that the Fed would maintain its current interest rate levels. The broader cryptocurrency market is up, with Bitcoin and Ether rising 3.23% and 3.94% respectively, in the past 24 hours. 

Today’s outperformer is COMP, which surged 17.0% in the past 24 hours following native USDC market launches on Compound with Arbitrum integration for cross-chain transfers.

Compound Finance (COMP), launched in September 2018, is a decentralized finance (DeFi) lending platform that enables users to earn interest on their crypto assets. Built on smart contracts, it automatically adjusts interest rates based on supply and demand, eliminating the need for intermediaries. The platform acts as an open marketplace connecting lenders and borrowers directly. Recently, native USDC market was added to Compound on Arbitrum network.

Check Out the Latest Prices, Charts, and Data of COMPUSDT!

Talk of the Town:

Asset manager VanEck is set to launch the United States' first Ethereum Strategy ETF (EFUT), an actively managed fund that will invest in ETH futures contracts. While no specific date for the launch has been provided, the ETF will trade on the Chicago Board Options Exchange (CBOE) and focus on cash-settled ETH futures contracts registered with the Commodity Futures Trading Commission (CFTC). The news comes amid rumors that the SEC is accelerating its approval process for such products. VanEck's previous attempts to register crypto ETFs have faced resistance from the SEC, but the upcoming Ethereum ETF may give the company a first-mover advantage in this market segment.