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Ethereum ETF Hopes Dim; Solana's Founder Trolls with 'BunkerCoin' Joke

Despite ETF skepticism, Solana's CEO introduces 'BunkerCoin' as an April Fools' jest, capturing crypto's lighter side.

Tue, 02 Apr 2024, 09:46 am UTC

Amid fluctuating expectations for a U.S.-approved Ethereum ETF, analyst offers a stark reality check, predicting slim chances for approval. Concurrently, Solana's Anatoly Yakovenko lightens the mood with a fictional "BunkerCoin," showcasing the playful side of cryptocurrency leaders on April Fools' Day.

Analysts Cast Doubt on Ethereum ETF Approval Amid Regulatory Hurdles and Political Pressure

Bloomberg analyst James Seyffart played a prank on April Fools' Day, predicting that the Ethereum ETF approval probability would be 99%, which excited the cryptocurrency community.

According to U.Today, cryptocurrency asset manager Bitwise recently submitted a new Ethereum ETF application to the U.S. Securities & Exchange Commission.

However, Eric Balchunas, Bloomberg's senior ETF analyst, quickly slammed Bitwise's efforts, stating that the chances of Ethereum ETF approval remain at a "pessimistic" 25%. Furthermore, Balchunas said he would go "even lower" if necessary. "Again, personally, I want them to approve, but I also want to get the call right so we will be a perfect 4 for 4 in crypto ETF predictions," he added.

Last month, the SEC delayed its decision on several proposals, lowering the chances of an Ethereum ETF being approved. Legal analyst Jake Chervinsky speculated that political pressure could be one of the primary reasons for the SEC's reluctance.

Furthermore, according to multiple reports, the SEC intends to classify the second-largest cryptocurrency as a security, potentially complicating the approval process.

However, BlackRock CEO Larry Fink recently stated that a spot Ethereum ETF could be approved even if the top altcoin is a security. The financial behemoth filed for an Ethereum ETF in November based on spot prices.

In January, the SEC approved several spots for Bitcoin ETFs from BlackRock, Fidelity, and other well-known names.

Solana CEO Unveils' BunkerCoin' in April Fools' Day Jest, Teases Low-Bandwidth Blockchain

If you're tired of the usual April Fools' Day jokes about Satoshi Nakamoto's identity being finally revealed, Solana Labs CEO Anatoly Yakovenko has something new.

Yakovenko has released a whitepaper for his cryptocurrency, "BunkerCoin."

"If you are into mainstream adoption, pivot to bunkers," the Solana co-founder joked on the X social media profile.

According to Yakovenko, BunkerCoin is a "groundbreaking blockchain protocol designed to operate under the constraints of low bandwidth networks." The coin is intended to operate via shortwave radio channels.

Miners would be incentivized to confirm blocks and maintain network security using "a novel proof of elapsed time verifiable delay function (VDF)."

The protocol's consensus mechanism would be based on the Nakamoto-style most extended chain rule, allowing all nodes to agree on how the chain should look. As with Bitcoin, the largest cryptocurrency, the longest chain is considered the "definitive" chain.

The innovative cryptocurrency is supposed to ensure stable communication in "bandwidth-constrained environments." However, the coin is still a joke. As a result, any BunkerCoins that appear after Yakovenko's post are most likely scams.

Photo: Microsoft Bing

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