Consensys scores a win for Ethereum ✊ | TokenNews

This week in tokens

The token market continues to lull despite a wave of positive news hitting the space.

Many tokens have trended down over the past week in a sign of subdued interest in the market. Solana was hit hard—and that’s after launching a new “ZK Compression” feature to help applications on the network scale. This upgrade shares some similarities with Layer 2 scaling, proving that the ecosystem is moving in the right direction to onboard the world. While SOL is down, certain AI-related tokens like Fetch and SingularityNET have jumped this week, helped by Nvidia becoming the world’s most valuable company. Find out more about how AI is converging with the token space in our curated Collection, The AI Revolution.

Ethereum also had good news this week as the SEC closed its investigation into the project. Ethereum developer Consensys announced the development, noting that the SEC’s U-turn means that it will not pursue a case to classify ETH as a security. Still, Consensys says it plans to pursue its court case against the US regulator to seek clarity around token swaps and staking rules. “Our fight continues,” said Consensys.

The meme coin space was also under the spotlight again this week. A new Donald Trump-themed token called TrumpCoin launched in an apparent attempt to capitalise on the recent “celebrity meme” trend. But its launch posed an important question: Was Trump involved? Debates over its authenticity have raged for several days, with controversial “pharma bro” Martin Shkreli making claims that he had been in touch with Barron Trump to launch the project. However, those claims could not be verified—and the popular onchain sleuth ZachXBT provided evidence that Shkreli himself had created the token.

As summer rolls on, it seems clear that big news updates and memes will keep coming regardless of the market’s next direction.

Tokens we’re watching

The token market’s King, Bitcoin, dipped below $60,000 early this week. While BTC helped the market soar off the back of its first US-approved ETFs at the start of the year, it hasn’t looked quite as mighty this summer. BTC has long been the staple of token portfolios. While some ardent believers are accumulating as BTC dips, we’re watching closely for signs of a reversal. Find BTC in The Crypto Giants Collection in your app.

NEAR first rose to prominence in 2021 as a possible competitor to Ethereum and the project has since made a number of exciting technological developments. Though the ecosystem is still young, NEAR has shown strength while other projects drag. Learn more about it via our Ethereum’s Most Promising Rivals Collection now.

Drift Protocol is a leading Solana DeFi project known for its superb UX. It’s also one of the latest additions to the token.com app. After launching a successful airdrop in May, DRIFT has traded in a tight range. You can find out more about it via your app now.

NFT art we love

Between The Sun and Moon is a new collaborative work created by ​​omentejovem and Jesperish, two of the most talked about names in digital art today. Minted on Ethereum last week via the Art of This Millennium gallery, the striking abstract piece leans into the two artists’ signature styles with dazzling results.