Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: Code Web3 apps with your voice

• 🔎 This seems important: Good news from a bad situation...

• 🤝 Partner: Explore how emerging technologies help you stay ahead​

• 🔪 Let's dissect this: Is an Ethereum spot ETF still possible?

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Web3, smart contracts.

💅 This is cool:

Code Web3 Apps With Your Voice

In one sentence: Avalanche is developing a system that will allow web3 apps to be “programmed in a natural language,” meaning you could code using voice-to-text.

Not sure if you know this, but…

Coding is hard.

If you’re like us, you’ve tried your hand at coding with ChatGPT (to mild success).

Sometimes it works, sometimes it doesn’t — and unless you actually know how to code, you won’t really know until it’s out in the world being tested.

Which is fine when you’re making a web3 focused AI chatbot…

But when it comes to coding smart contracts (aka pieces of code that will automatically send cryptocurrency on your behalf if certain requirements are met) — trial and error isn’t a luxury you have.

Because a bug in a smart contract can quickly lead to massive hacks.

Now, here’s a concept for you:

What if you didn’t have to write smart contracts in computer code — but could instead use plain language (the same way we’re writing this email).

E.g. a plain language smart contract might look like this:

Ok, that last bit is a stretch, but you get the point!

Now — get this:

Avalanche is working on developing just that — a system that, according to Emin Gün Sirer (founder of Ava Labs), can be “programmed in a natural language.”

Which means there’s a future where you could possibly code web3 apps using your device’s voice-to-text feature.

Wild!

Bad news is: Emin reckons this technology is still 10 years away…

Even so — we love big, hairy, audacious goals like this.

So it gets two emphatic thumbs up from us.

🥇 Want the news before anyone else?

🔎 This seems important:

Good News From a Bad Situation

In one sentence: FTX claims that 98% of its creditors should receive at least 118% of allowed claims in cash within 60 days of their proposed payout plan coming into effect.

If you lost money in FTX, we have some good news, and some bad news.

The good news is:

The estate claims that 98% of creditors should receive at least 118% of allowed claims in cash within 60 days of their payout plan coming into effect.

Translation: you should be getting your money back, plus a little extra on top.

In fact, the FTX estate currently estimates that once all of the property that has been collected has been converted to cash — the amount available for distribution will be between $14.5B and $16.3B.

(For context — when FTX went kaput, the firm lost an estimated $8B in customer funds).

The bad news is:

Creditors will be receiving their payouts in cash

…so if you had a bunch of crypto that has since appreciated more than 118% — like for example: BTC, which has increased ~300% since FTX went under…

Then you’re going to be taking a loss.

Not great. But better than nothing.

🤝 Partner:

Explore How Emerging Technologies Help You Stay Ahead

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This year’s Consensus marks ten years as the biggest and most established global hub for everything crypto, blockchain and Web3. The agenda is packed with insightful discussions, hands-on workshops, exciting activations and next-gen tech explorations.

Here’s the TLDR:

• 400+ speakers with more added every day

• Emerging tech explorations in the Creator and Brand, Gaming & Immersive Worlds and AI summits

• Presentations and analysis from 20+ blockchain protocols, including ETH & BTC Day and Deep Dive Workshops from XRP Ledger, Solana, Avalanche and more

• Showcase your early-stage Web3 startup at CoinDesk Pitchfest – applications close May 3

• And so much more!

Consensus is crypto’s biggest, longest-running and most influential event.

Click here to get a 20% discount right now using code WEB3DAILY! Don’t wait! Prices increase closer to the event.

🔪 Let's dissect this:

Is an Ethereum Spot ETF Still Possible?

In one sentence: Grayscale just withdrew their Ethereum futures ETF application, meaning there will be no court case against the SEC (which was the thing that previously unlocked the BTC spot ETFs to be approved).

We all know the classic story of the Trojan horse.

The one where the Greeks gifted a huge wooden horse to the city of Troy filled with soldiers who jumped out of it once they were in Troy’s walls and overtook the city.

Well, that same sort of tactic was used by Grayscale to get the BTC spot ETFs approved.

Back in August last year, Grayscale took the SEC to court saying that it was unfair that they had previously approved the BTC futures ETFs, but wouldn’t accept the BTC spot ETFs.

And they won!

Meaning that the SEC no longer really had a leg to stand on with regards to denying BTC spot ETFs, and they ultimately approved 11 of them in the US on 10th Jan, 2024.

But it seems Grayscale isn’t taking the same approach for their Ethereum spot ETF…at least not yet.

As of Tuesday, Grayscale withdrew their Ethereum futures ETF (and with no ‘futures’ ETF approval, it’s a given that there will be no ‘spot’ ETF approval).

On one hand, this means that it won’t go to court right now, meaning the SEC can’t deny the ETH futures ETF through legal precedence.

…on the other hand, that’s because there’s no ETH futures ETF application.

Is that because Grayscale are withdrawing, renewing, and resubmitting a stronger application? Or do they believe it will never be approved and they’ve withdrawn the application for good?

Only Grayscale knows.

Unlocking Supply Chain Efficiency Through Digitization [partner]

MineHub Technologies, a pioneer in innovative solutions for the mining industry, welcomes you to explore the future of supply chain management. Whether you’re an investor, industry professional, or simply curious, join MineHub’s CEO, Andrea Aranguren, for a free, 45-minute webinar on May 23 at 1pm PT/4pm ET.

In this webinar, Andrea will delve into how cutting-edge technology is transforming global mineral supply chains. Register here before it’s too late.

Register Now!

BTC ETFs Explained