Here is the outline for the newsletter today🔥

• Fidelity Refiles for Spot Bitcoin ETF With SEC, Following BlackRock's Lead🤝

• Liquid Staking Frenzy Spreads to Solana🦟

• Trump NFTs Are Back😂

Fidelity Refiles for Spot Bitcoin ETF With SEC, Following BlackRock's Lead🤝

Fidelity Investments, has taken a significant step by refiling paperwork for its Wise Origin Bitcoin Trust, a spot bitcoin exchange-traded fund (ETF).

This move comes just two weeks after BlackRock's iShares unit applied for its own spot bitcoin ETF, showcasing the growing interest and competition in the crypto investment space.

Fidelity's previous attempt to launch the Wise Origin Bitcoin Trust was rejected by the U.S. Securities and Exchange Commission (SEC) in 2022. However, with the renewed filing, Fidelity aims to navigate the regulatory landscape and potentially bring a spot bitcoin ETF to the market.

Following BlackRock's filing, several other fund companies, including Invesco and WisdomTree, have submitted similar applications. A recent report even hinted at Fidelity's imminent filing, which has now become a reality.

To address concerns about market manipulation, Fidelity's filing includes a "surveillance sharing agreement" with an unnamed U.S. spot-based bitcoin trading platform. This agreement aims to ease the SEC's apprehensions regarding potential manipulative activities in the market.

They are just following BlackRock’s application details at this point 😂

Fidelity highlighted the recent losses suffered by crypto participants due to insolvencies of custodians and centralized exchanges. The company emphasized that access to a spot bitcoin ETF like the Wise Origin Bitcoin Trust would have protected countless investors.

By providing a regulated investment vehicle, Fidelity aims to contribute to the overall safety and stability of the crypto market.

As of now, the SEC has not made a decision regarding any of the new ETF applications. While there is optimism surrounding BlackRock's application, given the company's successful track record with ETFs, some remain skeptical.

Townsend Lansing, CoinShares' chief product officer, expressed a 10% chance of approval for BlackRock's application, emphasizing the SEC's interest in seeing a majority of bitcoin trading facilitated on U.S. crypto exchanges.

What do you think of all these legacy financial firms applying for a Bitcoin Spot ETF?🤔

Liquid Staking Frenzy Spreads to Solana🦟

In the latest development on the Solana blockchain, risk-tolerant traders are embracing the trend of liquid staking, following in the footsteps of Ethereum's Liquid Staking Token (LST) craze.

Leveraging their SOL token derivatives, these traders are seeking to capitalize on high yields. The process involves staking SOL tokens to receive a proxy receipt token called mSOL.

They then use mSOL as collateral to borrow more SOL, subsequently swapping that SOL for mSOL again. This approach resembles the leverage-focused strategies observed in other corners of the digital asset markets.

To make this process more accessible to a wider audience, Drift Protocol, an on-chain crypto trading project for Solana, has launched a new service called "Super Stake."

This service streamlines the entire re-leveraging cycle into a convenient one-click solution. Since its launch, Super Stake has gained significant traction among digital asset traders, with Drift reporting a surge in their daily active user base. Traders are hungry for annualized yields that can reach up to 10%.

Additionally, SOL's token price has experienced an 8.8% surge in the past 24 hours, making it one of the day's top-performing digital assets with a market cap of at least $500 million.

The yield generated by Drift's Super Stake primarily comes from mSOL, a Liquid Staking Token issued to SOL stakers using Marinade Finance. As the underlying SOL tokens earn interest through Solana's proof-of-stake processes, mSOL tokens appreciate over time.

The longer a depositor holds mSOL, the more SOL they can expect to receive when redeeming their mSOL.

It's important to note that leveraged yield loops in decentralized finance (DeFi) come with risks.

If the value of mSOL decreases relative to SOL's price, SOL borrowers who use mSOL as collateral may face liquidation. Each turn in the loop-de-loop process of Super Stake lowers the threshold at which this could occur, increasing risk for both users and the protocol.

Recent incidents, such as FTX's collapse, have highlighted the dangers of leveraged yield loops. Solana's popular on-chain lending venue, Solend, nearly faced implosion due to an mSOL depegging.

Be careful out there folks 🤠

Trump NFTs Are Back😂

Melania Trump, the wife of former U.S. President Donald Trump, is making headlines once again in the NFT space.

Just two months after Donald Trump released a second batch of his NFT trading cards, which caused a significant drop in the value of the first set, Melania has launched her own set of NFTs inspired by the upcoming Independence Day holiday.

Melania Trump's Solana-based NFTs, known as "The 1776 Collection," feature familiar American imagery, including photos of landmarks such as the Statue of Liberty and Mount Rushmore.

These images are animated and displayed on digital placards. Each digital collectible is priced at $50, and the collection consists of seven designs with a total of 3,500 NFTs.

The NFTs are available for purchase on a website called USA Collectibles, and Melania Trump's official Twitter account has retweeted the company's tweet about the sale. The website also offers "POTUS TRUMP" NFTs, featuring photos of Donald Trump and Melania Trump.

While the NFT website doesn't explicitly mention it, a Fox News story suggests that a portion of the sales will go towards supporting Fostering the Future, a program under Melania Trump's broader Be Best initiative, which focuses on helping foster children.

Melania Trump has been involved in the NFT space since December 2021 when she released her first NFT. It's worth noting that Solana Labs, the startup behind the Solana blockchain, clarified that it was not a "Solana-led initiative."

Since then, Melania has released more NFTs in 2022, and Donald Trump launched his popular digital trading cards collection, which sold 45,000 NFTs on the Ethereum scaling network Polygon for $99 each.

These NFTs were tied to special perks, such as the opportunity to have dinner with the former president or participate in a group Zoom meeting with him.

Despite being widely mocked, the NFTs sold out within 24 hours and became the talk of the NFT world.

Their resale value surged, with prices starting at over $1,000 apiece on secondary marketplaces. Collectively, the Trump NFTs have generated over $20 million worth of sales to date, impressing both NFT enthusiasts and mainstream observers.

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.