Bitwise has filed an initial registration for an ETF tracking Sui, joining the race to launch with Canary Captial and 21Shares.
Crypto asset manager Bitwise has filed with the US Securities and Exchange Commission to launch an exchange-traded fund tracking the Sui token.
The firm submitted a Form S-1 filing on Thursday to offer the “Bitwise Sui ETF,” initially registering the product with the SEC and taking the first step toward launching the fund.
Bitwise outlined that the fund would track the spot price of Sui (SUI), the native token of the layer 1 blockchain, the Sui Network.
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Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle. Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more