CME Group set to introduce ETH to BTC Ratio futures

Daily Market Wrap

• Crypto market cap: USD 1.17T,? up 0.78%
• BTC price stands at? USD 30,388.56, up 0.63%
• ETH price stands at? USD 1,844.65, up 0.39%
• Top gainer: Cannation(CNNC), up 319.54%
• Top loser: WOO Network(WOO), down 5.80%

News of the Day

CME Group set to introduce ETH to BTC Ratio futures

Why it matters:

• The introduction of ETH/BTC futures by CME Group is a significant development for the cryptocurrency market, as it will provide institutional investors with a regulated way to trade this important ratio. The move also demonstrates the growing interest in Ethereum, which has become a major player in the cryptocurrency space in recent years.
• The new futures contracts will be cash-settled, meaning that no physical delivery of cryptocurrencies will take place. This is in line with CME Group's existing Bitcoin futures contracts, which have been available since December 2017. The ETH/BTC futures will be based on the CME CF Ether-Dollar Reference Rate, which is a daily benchmark price for Ethereum.
• The introduction of ETH/BTC futures is likely to have a positive impact on the overall cryptocurrency market, as it will provide greater liquidity and price discovery for Ethereum. It will also provide traders with a new tool for hedging and risk management, which is particularly important given the volatility of cryptocurrencies.

Crypto Daily Spotlight

Coinbase layer-2 network Base closes in on mainnet launch

Brief introduction: Coinbase Base is a Layer 2 scaling solution developed by Coinbase, one of the largest cryptocurrency exchanges in the world. The new solution is built on top of Ethereum and uses a technology called Plasma to create "child chains" that can process transactions more quickly and cheaply than the main Ethereum network.

Why it matters:

• The launch of Coinbase Base is an important development for the cryptocurrency industry, as it will help to address some of the scalability issues that have been a major challenge for Ethereum. The new solution will allow for faster and cheaper transactions, which will be particularly important for decentralized applications (dApps) that require high transaction throughput.
• Coinbase Base will use a technology called Plasma, which is a Layer 2 scaling solution that was developed by Ethereum co-founder Vitalik Buterin. Plasma allows for the creation of "child chains" that can process transactions more quickly and cheaply than the main Ethereum network.

Daily Sector Tracker

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5. Polygon 2.0 Aims to Provide 'Unified Liquidity' Across Ethereum Scaling Networks

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