Analysis of Web3, Blockchain, and Crypto on a Weekly Basis
This analysis report provides an in-depth overview of the major developments in the Web3, Blockchain, and Crypto sector during the past week.
1. Breaking News This Week
– Paypal has expanded its international transfer services by allowing users in the United States to engage in global money transfers using the PYUSD stablecoin. This offers US users more options for smoother transactions with friends and family overseas.
– Pyth Network has introduced new price feeds for two blockchain tokens, W and USDB. These feeds are now accessible across approximately 50 blockchains, enhancing the availability and accuracy of market data for users.
– Paradigm, a prominent crypto venture capital firm, is in talks with investors to raise between $750 million and $850 million for a new crypto fund. This fund aims to capitalize on the growing institutional interest in the crypto space.
– Binance has announced the closure of its Bitcoin NFT marketplace, ceasing support for traders and deposits. Users are required to withdraw their NFTs by May 18.
– Ripple plans to launch a stablecoin pegged 1:1 to the US dollar. This stablecoin aims to provide stability and reliability in transactions.
– Coinbase has partnered with Lightspark to implement Bitcoin’s lightning network, enhancing transaction scalability and efficiency on its platform.
– CrowdSwap has launched the Bull Run dETF, the first decentralized crypto exchange-trading fund. This fund offers investors a diversified portfolio while maintaining decentralization and security.
– US authorities may be considering selling additional portions of their significant Bitcoin holdings, potentially impacting the crypto market dynamics.
– The Argentine government has mandated all local crypto firms to register with the newly established Registry of Virtual Asset Service Providers to regulate the crypto sector more comprehensively.
– The Office of Foreign Assets Control has intensified enforcement efforts targeting individuals and entities operating within Russia’s financial services and technology sectors, particularly those involved in virtual assets.
– Grayscale has introduced the Grayscale Dynamic Income Fund, its first actively managed investment product. This fund focuses on optimizing income through staking rewards associated with proof-of-stake crypto assets.
– The hacker responsible for the theft from Prisma Finance claims that it was a ‘Whitehat Rescue’ attempt and seeks guidance on how to return the funds.
2. Blockchain Performance
2.1. Top Blockchain Performers by 7-Day Change
– Core, Mantle, Chiliz, Linea, and Base are the top-performing blockchains based on their 7-day change.
2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
– Ethereum, TRON, BNB Smart Chain, Solana, and Arbitrum One are the top five blockchains with the highest TVL. All of them experienced negative trends this week.
3. Crypto Market Analysis
3.1. Crypto 7-Day Price Change and Dominance Analysis
– Bitcoin, Ethereum, Tether, BNB, and Solana are the top cryptocurrencies based on market cap and dominance. Ethereum and BNB experienced significant declines this week.
3.2. Top Gainers & Losers of the Week in Crypto Market
– Core, Pendle, and Ethena are the top gainers, while Wormhole, dogwifhat, and Conflux are the top losers.
3.3. Stablecoin Weekly Analysis
– Tether dominates the stablecoin market with 70.36% market dominance. Stablecoins like USDC, Dai, and First Digital USD also have a significant market share.
4. Bitcoin ETF Weekly Analysis
4.1. Bitcoin Futures ETF Weekly Analysis
– ProShares (BITO) and Ark/21 Shares (ARKA) experienced the largest declines among Bitcoin Futures ETFs.
4.2. Bitcoin Spot ETF Weekly Analysis
– Bitwise (BITB) and Grayscale (GBTC) faced the largest decreases among Bitcoin Spot ETFs.
5. DeFi Market Weekly Status Analysis
– EigenLayer is the only top DeFi protocol that experienced an increase in total value locked (TVL) this week.
6. NFT Marketplace: A Basic Weekly Analysis
– Cryptopunks and X2Y2 saw an increase in volume, while Opensea and Blur Aggregator experienced significant declines.
7. Web3 Weekly Funding Analysis
– Wormhole received the highest amount of funding this week, indicating significant investor interest.
8. Weekly Blockchain Hack Analysis
– Hackers have stolen a significant amount of money from decentralized finance platforms and bridges connecting different blockchain networks. No major hacks have been reported this month.
In conclusion, this comprehensive analysis provides valuable insights into the developments in the Web3, Blockchain, and Crypto sector, helping stakeholders make data-driven decisions in this dynamic landscape.