Weekly Report: Insights and Analysis on Web3, Blockchain, and Crypto
This week’s analysis report provides an in-depth look at the major developments in the Web3, Blockchain, and Crypto sectors. Here are the key highlights:
1. Breaking News This Week
1.1 Voyager Digital Recovers $484.35 M in Settlement Amid Bankruptcy Proceedings
Voyager Digital has successfully recovered significant funds from settlements with FTX, Three Arrows Capital, and insurance, aiding creditor reimbursement during their financial turmoil.
1.2 MarginFi Founder Resigns, Causing $120 Million TVL Plunge
Edgar Pavlovsky’s sudden departure has triggered investor withdrawals, resulting in a drastic $120 million decline in MarginFi’s Total Value Locked (TVL).
1.3 SEC Issues Wells Notice Against Uniswap Labs in DeFi Crackdown
The US SEC has targeted Uniswap Labs, the issuer of the largest decentralized exchange, by issuing a Wells Notice as part of its intensified scrutiny on the decentralized finance (DeFi) sector.
1.4 Circle’s USDC Now Supported on zkSync, Expanding Accessibility
Circle has integrated native USDC on zkSync, a prominent layer 2 rollup solution, to enhance accessibility for developers and users without the need for bridging, expanding USDC’s reach to 16 blockchain networks.
1.5 Wilder World Partners With Samsung to Expand Virtual Metaverse
Samsung has collaborated with Wilder World to introduce the multiplayer virtual world to millions of households through smart TVs, leveraging its extensive distribution network to widen the metaverse’s audience reach.
1.6 Chinese Authorities Investigate Filecoin-Based STFIL Protocol Team
Chinese authorities are investigating the core technical team behind the Filecoin-based STFIL protocol due to suspicious updates and fund transfers, raising concerns over the protocol’s integrity and compliance.
1.7 Circle Extends Support for Web3 Services on Solana Blockchain
Circle has announced support for Web3 services on Solana’s Layer 1 blockchain network, emphasizing the growing importance of stablecoins like USDC in fostering a more inclusive financial ecosystem.
1.8 Polkadot Community Selects IndyCar Star Conor Daly as Ambassador
In a historic move, the Polkadot community has voted to sponsor IndyCar racing star Conor Daly as a brand ambassador for the prestigious Indianapolis 500, making him the first athlete selected via blockchain for a sponsorship deal.
1.9 Chinese Equity Funds Seek Approval for Spot Bitcoin ETFs in Hong Kong
Chinese mainland-based equity funds have applied to introduce spot Bitcoin exchange-traded funds (ETFs) through Hong Kong subsidiaries, taking advantage of the region’s efforts to establish itself as a global fintech hub amid the crypto market surge.
1.10 dYdX Community Votes to Stake 20 Million DYDX Tokens for Security
The dYdX community has approved a proposal to stake 20 million DYDX tokens, enhancing security measures for its decentralized crypto exchange amidst heightened trading activity, aiming to protect against potential security threats.
1.11 Former OneCoin Officer Sentenced to Four Years in Prison
Irina Dikinska, former legal and compliance officer of OneCoin, has received a four-year prison sentence for her role in the extensive OneCoin fraud scheme, serving as a significant development in the legal pursuit against cryptocurrency fraud.
1.12 Google Files Lawsuit Against Developers for Fraudulent Crypto Apps
Google has initiated legal action against developers for uploading nearly 90 fraudulent crypto investment applications on its Play Store, impacting around 100,000 users, highlighting ongoing efforts to combat scams within the digital asset space.
2. Blockchain Performance
2.1 Top Blockchain Performers by 7-Day Change
The top blockchain performers based on their 7-day change are Linea, Chiliz, Base, Blast, and opBNB. Linea experienced the highest 7-day change at +51.0%, followed by Chiliz at +31.4%, Base at +24.3%, Blast at +23.9%, and opBNB at +17.9%.
2.2 Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Among the top five blockchains with the highest TVL, Ethereum showed a modest increase of +1.1% in 7-day change, while others experienced declines. Arbitrum One witnessed the most significant decrease at -18.1%, followed by Solana (-8.3%), BNB Smart Chain (-2.5%), and Tron (-1.2%).
3. Crypto Market Analysis
3.1 Crypto 7-Day Price Change and Dominance Analysis
Among the top cryptocurrencies, BNB exhibited the highest 7-day change at +10.1%, followed by Ethereum at +7.9% and Bitcoin at +6.0%. However, Solana remained nearly unchanged at -0.6%, while Tether showed zero change.
3.2 Top Gainers & Losers of the Week in Crypto Market
The top gainers of the week in the cryptocurrency market include Nervos Network (+79.16%), Ethena (+57.80%), Neo (+47.11%), Toncoin (+39.27%), and JasmyCoin (+27.26%). The top losers of the week include Wormhole (-17.95%), Uniswap (-14.98%), Maker (-13.44%), Bitcoin Cash (-12.48%), and Core (-9.06%).
3.3 Stablecoin Weekly Analysis
Among the top stablecoins, Dai showed a slight increase of +0.1% in the past week, while Ethena USDe remained stable at +0.0%. Tether also remained unchanged at -0.0%. However, First Digital USD and USDC experienced marginal declines of -0.3% and -0.1%, respectively.
4. Bitcoin ETF Weekly Analysis
4.1 Bitcoin Futures ETF Weekly Analysis
Among the top Bitcoin Futures ETFs, Global X (BITS) showed the highest price increase at +1.36%, followed by ProShares (BITO) with +0.65%. Ark/21 Shares (ARKA) and VanEck (XBTF) also saw gains of +0.52% and +0.33%, respectively. Valkyrie (BTF) trailed slightly with a gain of +0.24%.
4.2 Bitcoin Spot ETF Weekly Analysis
Among the top Bitcoin Spot ETFs, Fidelity (FBTC) exhibited the highest price increase at +0.59%. Ark/21 Shares (ARKB) and Grayscale (GBTC) closely followed with gains of +0.51% each. Bitwise (BITB) and BlackRock (IBIT) also showed positive price changes of +0.47% and +0.42%, respectively.
5. DeFi Market Weekly Status Analysis
Among the top DeFi protocols, EigenLayer experienced the highest increase in Total Value Locked with a growth of +15.70% in the past week. AAVE and Lido followed with gains of +9.00% and +6.96%, respectively. Maker and JustLend showed more modest increases at +1.15% and +0.57%, respectively.
6. NFT Marketplace: A Basic Weekly Analysis
Among the top NFT marketplaces, Cryptopunks saw the highest increase in volume change at +31.60%, indicating a significant surge in trading activity over the past week. Blur followed with a slight increase of +3.40%. However, Gem and Opensea experienced notable decreases in volume change, with -28.75% and -20.51% respectively. Blur Aggregator also saw declines, though comparatively less pronounced, at -9.80%.
7. Web3 Weekly Funding Analysis
In terms of the number of fundraising rounds, DeFi marked seven. GameFi and Blockchain reported 5 each. Blockchain Service reported around four. Social and Chain reported as little as three each.
7.1.2. Top Crypto Investment Locations This Week
The United States raised around $326.00M, the largest reported in this category, and reported nearly five fundraising rounds. Undisclosed raised nearly $74.80M, and reported over 18 fundraising rounds, the highest reported in this category. The United Kingdom raised nearly $6.20M and reported 2 fundraising rounds. Meanwhile, India, the least powerful among the four in terms of both funds raised and number of fundraising rounds, raised as little as $2.50M, and reported nor more than one fundraising round.
8. Weekly Blockchain Hack Analysis
As of April 13, 2024, hackers have stolen a significant $7.77 billion. The majority, approximately $5.85 billion, targeted decentralized finance platforms. Another portion, roughly $2.83 billion, was taken from bridges connecting different blockchain networks.
Fortunately, no major hacks have been reported this month. However, late last month, the Web 3, Blockchain and Crypto ecosystem experienced three significant breaches. On March 29, 2024, Lava lost approximately $0.34 million to hackers. On the preceding day, March 26, 2024, Prisma Finance fell victim to hackers, losing $11.6 million. Also on March 26, 2024, Munchables was hacked using a storage slot exploit, resulting in a staggering $62.5 million loss, the largest reported this year.
Fortunately, the hackers returned the stolen Ether from the Munchables exploit. Additionally, the hackers behind the Prisma Finance theft claimed it was a ‘Whitehat Rescue’ effort. And, they sought guidance on returning the funds, describing their actions as aimed at identifying and fixing DeFi protocol security flaws, emphasizing ethical intent.
In conclusion, this comprehensive analysis provides valuable insights into the Web3, Blockchain, and Crypto sectors. Stay informed and make data-driven decisions as the landscape continues to evolve.