For investors seeking instant usability and ecosystem development, PlutoChain ($PLUTO) stands out as a compelling Layer-2 solution.
Disclaimer: This article is meant for informational purposes only and should not be taken as financial advice. Please ensure you do your own research before making any investment choices.
A leading firm in the digital asset management space, Canary Capital, has filed with the U.S. Securities and Exchange Commission (SEC) for the launch of a staked TRX exchange-traded fund (ETF). The ETF seeks to give investors access to specialty TRX tokens and also provide staking rewards, something that regulators have been known to oppose in the past.
The fund intends to outsource the staking services to third-party providers, with BitGo acting as the asset custodian. ETF pricing data would be provided by CoinDesk Indices. This filing comes when the SEC has suspended judgments on other crypto ETFs incorporating staking features, like in Grayscale’s bid to add staking to their Ethereum ETFs.
As much as the strategy seems original, the response has been lukewarm. Currently, TRX is priced around $0.24, with daily charts indicating a fall of 1.28% and weekly charts depicting a 2.8% drop. The lackluster response indicates that investors are waiting for more information before making a decision.
PlutoChain ($PLUTO): A Live Layer-2 System That Works!
While the ETF application from Canary Capital is still waiting for approval, PlutoChain has already made important moves in the blockchain world. PlutoChain, a layer 2 solution built on Bitcoin, allows for the operation of Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and smart contracts on the oldest blockchain.
With its Uniswap listing active and a mainnet launch on the horizon, PlutoChain is not just a concept—it’s a functioning platform.
Key Highlights of PlutoChain:
- Faster Block Times: 2 seconds as compared to Bitcoin’s 10 minutes
- Total EVM Compatibility: Lets developers implement Ethereum-based dApps on Bitcoin through PlutoChain.
- Extremely Low Gas Fees: At 0.1 Gwei, it facilitates DeFi and NFTs on a scalable level.
- Reliable testnets: 125,000 plus blocks and transactions with 2300 plus active wallets.
- Solid Proof, QuillAudits, and Assure DeFi have all checked and passed the Security Audits.
- Decentralized Governance with $PLUTO also ensures that major changes and upgrades will include voting by PLUTO holders.
The crypto world waiting for real value and scalable options is what PlutoChain aims to solve while adding more power to Bitcoin.
Conclusion
Canary Capital’s application for a staked TRX ETF is yet another sign of the growing activity surrounding cryptocurrency investment vehicles. Still, for those wanting instant interaction with a platform that is live and fully operational, PlutoChain ($PLUTO) brings an enticing option.
On the other side, these initiatives which combine the digital world of crypto with real economy needs, like PlutoChain, will continue to capture the market’s interest and, subsequently, the adoption rate will grow further in the future.
Mihajlo is a freelance writer and content strategist focused on B2B SaaS and crypto.
Over the past 3+ years, he’s helped some of the largest and most successful startups and ICOs in the industry with their content marketing.
