Grayscale Adding ETH Futures ETF 🏛️

GM. This is Degen Scoop. It’s Thursday, here’s the scoop:

• Grayscale Adding ETH Futures ETF 🏛️

• PayPal Bringing PYUSD To Venmo 📲

• AI-Launched Memecoin Rakes in $10M+ Volume 💻

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Grayscale Applied To Launch An ETH Futures ETF

On Tuesday, Grayscale applied for an ETH Futures ETF with the SEC. While Bitcoin spot ETFs are all the rage, it’s clear that there will be demand for ETFs in both assets. Grayscale is manifesting success after its win against the SEC at the end of August. While the decision isn’t final, the current ruling is a very bullish ruling for the whole of the crypto space.

While spot ETFs are the more desirable vehicle for investors to flock towards, there is still interest in futures ETFs. To date, there is still not an ETH futures ETF available in the US, but the first one could be approved as early as October if the SEC were to give it a green light. Knowing neighborhood hero Gary Gensler, this is unlikely.

Venmo Users Will Have Access To PayPal’s Stablecoin PYUSD

In the US, there are three dominant apps for transferring cash: Venmo, Cashapp, and Zelle. Venmo has spent the past year adding crypto assets to its platform and will now have access to PayPal’s new stablecoin. PYUSD was first revealed in early August so it’s still relatively new to the scene without significant liquidity on-chain.

Venmo announced PYUSD will be made available to all users in the coming weeks. We are bullish on the masses being exposed to stablecoins which are arguably one of the greatest creations from crypto yet. By this, Venmo will be a pseudo-crypto wallet for some for their PYUSD transactions. We think PYUSD will continue to grow and carve out a niche in the market.

User Used AI To Build A Memecoin And Generated Over $10M in Volume

Earlier this week, a personality in crypto detailed how he launched a memecoin strictly using AI tools. The average person is underestimating how much AI is going to change the world in the coming years, we’re getting the first glimpse of it this year. You can read the thread below from Croissant and how he was able to build and deploy the coin.

While it wasn’t an entirely simple process, it goes to show that with a little work just about anyone could replicate this process and do it themselves if they wish to launch a memecoin on-chain. The future is here and people will be able to easily spin up tokens and launch them on-chain soon enough.

Notable NFT Sales in the Last 24 Hours:

Notable Threads You May Have Missed:

Meme of the Day

Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.