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Crypto ETFs beyond Ethereum Unlikely

Last week, LightLink, an Ethereum Layer-2 blockchain, announced that Celestia’s Mainnet has been integrated with its Hummingbird client. Lightlink stated in its blog that the launch will greatly increase scalability and lower transaction fees for its users.

In April, LightLink completed an expanded seed round and raised $6.2 million. The startup’s seed round was extended due to strong investor interest. Numerous institutional and individual investors supported the funding.

Furthermore, LightLink, which has a strategic partnership with Animoca Brands, reportedly counts roughly 115,000 transactions every day. The platform’s native coin, known as LL, made its debut via the Liquidity Bootstrapping Pool (LBP) of Fjord Foundry.

The CEO and co-founder of LightLink, Roy Hui, discusses how Web3 adoption is accelerated by gasless Ethereum Layer-2 solutions in an interview. “Gasless transactions simplify onboarding and retention efforts by lowering entry barriers and relieving users of complexities, thereby significantly enhancing the user experience,” he said.

According to Mr. Hui, the introduction of Layer-2 technologies resulted in increased throughput, quicker execution, and cheaper costs. As a result, there were fewer failures, more concurrent users were supported, and interactions were almost immediate.

Regarding LightLink, he stated that the organization’s primary goal is to “create plans to bring in more users to the network.”

Furthermore, Mr. Hui said that Gas abstraction is the company’s standout attribute. With the help of this functionality, users can interact with smart contracts without having to pay fees in ETH or other native currencies thanks to a revolutionary transaction cost model.

“We will continue our ongoing research and development efforts aimed at enabling more enterprise projects to embrace Web3 technologies and providing gasless Web3 services to their customers.”

Ethereum: “A Permanent and Secure Storage Solution”

Ethereum, according to Roy Hui, is the “future of computations.”

In contrast, Bitcoin is a store of value and a blockchain ecosystem substitute for gold, he said. “It functions as a global registry and a secure, permanent storage solution.”

The expected selling of spot Ether Exchange-Traded Funds (ETFs) was eventually approved last month by the US Securities and Exchange Commission (SEC). Following the SEC’s approval of Bitcoin ETFs in January of this year, which caused the price of Bitcoin to reach an all-time high, the agency has now approved spot Ether ETFs.

Mr. Hui claims that Ethereum is undergoing experimentation in a number of sectors, influencing the direction of digital assets, gaming, and banking.

The ETH ETF’s certification recognizes its significance as a fuel for computations and storage with minimal speculative activity. It’s unlikely that the launch of an ETH ETF would lead to the establishment of many other cryptocurrency ETFs.

He thinks this is because Ethereum has the highest market capitalization and is one of the biggest ecosystems and economies in the cryptocurrency world.

Mr. Hui pointed out that Ethereum has no direct competition in this market and is positioned as a long-term infrastructure solution for our planet thanks to its solid foundations.

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