SEC’s XRP reversal marks crypto industry victory ahead of SOL futures ETF launch: Finance Redefined

DeFi News Summary: March 20th Edition

SEC Dismisses Lawsuit Against Ripple, Solana ETFs Debut, and More

SEC’s XRP Reversal a "Victory for the Industry": Ripple CEO

The US Securities and Exchange Commission (SEC) has dismissed its long-standing lawsuit against Ripple Labs, the developer of the XRP Ledger blockchain network. The decision marks a significant victory for the industry, according to Ripple CEO Brad Garlinghouse.

Solana Futures ETF to Grow Institutional Adoption, Despite Limited Inflows

The crypto industry is set to debut its first Solana-based futures exchange-traded funds (ETFs), a development that may pave the way for spot Solana (SOL) ETFs as the "next logical step" for crypto-based trading products. The launch of the Solana ETFs, offered by Volatility Shares, may bring significant new institutional adoption for the SOL token, according to industry watchers.

Pump.fun Launches Own DEX, Drops Raydium

Pump.fun has launched its own decentralized exchange (DEX) called PumpSwap, potentially displacing Raydium as the primary trading venue for Solana-based memecoins. The new DEX will offer a more frictionless environment for trading coins, according to Pump.fun.

Bybit: 89% of Stolen $1.4B Crypto Still Traceable Post-Hack

The lion’s share of the stolen Bybit funds remains traceable, with blockchain investigators continuing their efforts to freeze and recover the funds. The cybertheft, which occurred on February 21, was attributed to the Lazarus Group, a North Korean hacking collective.

Libra, Melania Creator’s "Wolf of Wall Street" Memecoin Crashes 99%

The creator of the Libra token has launched another memecoin, Wolf (WOLF), which has crashed 99% in value within two days. The token’s rapid decline is attributed to concerns over insider trading activity and on-chain patterns.

DeFi Market Overview

According to Cointelegraph Markets Pro and TradingView data, most of the top 100 largest cryptocurrencies by market capitalization ended the week in the green. The BNB Chain-native Four (FORM) token rose over 110% as the week’s biggest gainer, followed by PancakeSwap’s CAKE (CAKE) token, up over 48% on the weekly chart.

Conclusion

This week’s DeFi news has seen significant developments in the regulatory landscape, with the SEC dismissing the lawsuit against Ripple Labs and the debut of Solana-based futures ETFs. Additionally, the launch of Pump.fun’s DEX and the discovery of the Bybit hack’s traceable funds have also made headlines. As the DeFi space continues to evolve, it is essential for investors and traders to stay informed about the latest developments and trends.

FAQs

Q: What does the SEC’s dismissal of the lawsuit against Ripple Labs mean for the crypto industry?
A: The decision marks a significant victory for the industry, as it rejects the SEC’s claims and paves the way for a more favorable regulatory environment.

Q: What is the significance of the Solana ETF debut?
A: The launch of the Solana ETFs may bring significant new institutional adoption for the SOL token, as it offers a regulated investment vehicle and increased liquidity.

Q: What is the impact of Pump.fun’s DEX on the Solana-based memecoin market?
A: The launch of PumpSwap may displace Raydium as the primary trading venue for Solana-based memecoins, offering a more frictionless environment for trading coins.

Q: How much of the stolen Bybit funds remains traceable?
A: According to Bybit CEO Ben Zhou, 88.87% of the stolen funds remain traceable, with the rest having been frozen or converted into other cryptocurrencies.

Q: What is the significance of the Libra creator’s "Wolf of Wall Street" memecoin’s rapid decline?
A: The token’s crash is attributed to concerns over insider trading activity and on-chain patterns, highlighting the importance of due diligence and research in the DeFi space.