Wormhole’s W Token Has a 999% Weekly Return; Why VanEck Is Bullish on Ethereum Layer 2s

Could eat layer twos hit a $1 trillion valuation and wormhole's W token is paying out almost 1000%. You're watching Coin desk daily, I'm your host, Jen Sani Ethereum layer twos could rocket to a trillion dollar base valuation by 2030. According to Van Eck, the investment firm evaluated 46 layer two networks across five key areas and predicted thousands of roll ups to eventually emerge. Van Eck analysts, Patrick Bush and Matthew Siegel estimated that Ethereum will eventually capture 60% of the market share across all public blockchains. They modeled their estimate around the volume of assets within the Ethereum ecosystem. Meanwhile, the analysts wrote that the firm expects there to be cutthroat competition among lay twos stating that they're generally bearish on the sector's outperform leveraged funds which the CFTC describes as hedge funds and commodity trading advisor held record bearish wagers on the Bitcoin price at the end of the first quarter. As the Cryptocurrency rally stalled near record highs. Hedge funds boosted their net short positions in the CME standard Bitcoin futures contracts to 16,102. That's the most since the futures began trading in late 2017. According to CFTC is published last week. Semi standard Bitcoin futures contracts are sized at five Bitcoin. According to Marcus Teen CEO of 10 X research, the record build up in short positions likely reflects hedge funds, renewed interest in the Kerry trade that said some hedge funds may have taken outright bearish bets as recent robust us economic data and hawkish comments from the fed officials weakened the case for rapid fire interest rate cuts in the near term. And wormhole's W token is paying out 999% a week on Solana Protocol camino. The rewards on offer are worth a cumulative $7000 at current rates. Plus a portion of the trading fees generated. The pool can take on a maximum of $7.5 million that show and had just under $5 million locked as of Thursday morning in Europe. The data shows that in the past 24 hours, it has captured $17,000 in fees from $6 million in trading volumes. That's it for Coindesk daily. Get more updates on coindesk.com and we'll see you next time.