Ethereum to Launch “Hoodi” Testnet Ahead of Pectra Upgrade
Ethereum developers have announced the launch of the third test network, “Hoodi,” on March 17. This testnet is designed to prepare for the **major Pectra upgrade** in the main network.
Previous test networks, Holesky and Sepolia, faced technical issues at launch, slowing down their implementation. Now, the Ethereum team is taking additional precautions to avoid similar failures.
What will the Pectra upgrade bring?
– Optimization of node performance and improved network stability
– Enhanced transaction security
– New scalability mechanisms for future updates
If testing goes smoothly, the Pectra upgrade could be integrated into the Ethereum mainnet in 2024–2025.
BlackRock May File for SOL and XRP ETFs
According to analysts, investment giant BlackRock may soon file applications for SOL ETF (Solana) and XRP ETF (Ripple).
However, the XRP ETF application will likely be filed only after the Ripple vs. SEC lawsuit is resolved. If the court rules that XRP is not a security, this could pave the way for large-scale institutional investments.
BlackRock has already launched a Bitcoin ETF (IBIT) and filed for an Ethereum ETF. The company now seems to be expanding its presence in the crypto industry by incorporating other major assets.
XRP Could Be Recognized as a Strategic Asset for the US
An SEC document has surfaced, proposing that XRP be recognized as a strategic financial asset for the US economy.
If this initiative gains approval, it could:
– Increase institutional adoption of XRP
– Establish clearer regulatory frameworks for cryptocurrencies
– Provide Ripple with more opportunities to collaborate with government entities
This development further underscores the US government’s growing interest in digital assets and their potential role in the country’s financial system.
US Congress Debates Bitcoin Reserve Law
A new bill has been introduced in the US Congress to solidify Donald Trump’s executive order on creating a strategic Bitcoin reserve and a digital asset fund.
The bill aims to prevent future administrations from overturning the executive order and to safeguard the US’s strategic investments in Bitcoin and digital assets.
This move signals that Bitcoin is no longer viewed solely as a speculative asset but as a crucial part of the country’s financial infrastructure.
If passed, this bill could lead to large-scale government Bitcoin acquisitions, significantly impacting the market.
BNY Mellon to Enable Stablecoin Transactions for Clients
US banking giant BNY Mellon has announced a partnership with Circle (issuer of USDC) to provide clients with access to stablecoin transactions.
Users will now be able to:
– Conduct USDCtransactions directly through the bank
– Use stablecoins for payments and settlements
– Receive bank-backed guarantees for digital asset transactions
This move highlights the growing integration of traditional banking with the crypto sector. As one of the largest financial institutions in the US, BNY Mellon’s support for stablecoins could encourage other banks to adopt similar initiatives.
SEC Reviewing Applications for ETH Staking in ETFs
The SEC has accepted applications from Fidelity and Franklin Templeton to integrate Ethereum staking into their ETH ETFs.
If approved, Ethereum ETF investors would be able to earn staking rewards similarly to individual ETH holders.
What could this change?
– Investors would receive additional income from staking ETH within ETFs
– ETFs would become more attractive to institutional players
– This could create new demand for Ethereum
However, the SEC’s decision may be delayed due to regulatory uncertainties regarding whether staking constitutes an investment contract.
Several key trends emerge from these developments:
– Ethereum is preparing for a major Pectra upgrade, with the Hoodi testnet launching on March 17.
– BlackRock is considering SOL and XRP ETFs, though the XRP ETF depends on the resolution of Ripple’s case with the SEC.
– The US Congress is debating a bill to protect the strategic Bitcoin reserve from being overturned by future administrations.
– BNY Mellon is integrating stablecoin transactions through a partnership with Circle.
– The SEC is reviewing Ethereum staking in ETFs, which could drive institutional demand for ETH.
These events suggest that the crypto market continues to evolve, with institutional players and governments increasingly integrating digital assets into their financial systems. The coming months will determine which of these initiatives will materialize and how they will impact the industry.
