Weekly Update on Web3, Blockchain, and Crypto: Significant News, Market Trends, and Key Insights
Welcome to our ultimate source for all things Web3, Blockchain, and Crypto! Our Weekly report is your guide to the latest updates and game-changing developments in the fast-paced world of cryptocurrencies. We carefully curate the best data from trusted sources to keep you ahead of the curve. Get ready to stay informed and inspired as we explore the latest trends and insights together!
1. Breaking News in Web3, Blockchain & Crypto This Week
Let’s dive into the major breaking news reports related to Web3, Blockchain, and the crypto world that made headlines this week.
– Consumer Price Index Rises to 3.4% in April; Bitcoin Price Surges to $64k
The Consumer Price Index has risen by 3.4% over the past year, surpassing expectations of a 2.9% increase. In parallel, the price of Bitcoin has jumped to $64,000.
– Senate Passes Bill Overturning SEC’s Crypto Guidelines
The Senate has passed H.J. resolution 109 to overturn the SEC’s guidelines on cryptocurrency accounting. This move potentially allows banks to hold Bitcoin and other digital assets. However, President Biden may veto the bill, adding uncertainty to the regulatory landscape.
– El Salvador Mines Bitcoin Using Volcanic Geothermal Energy
El Salvador has mined 474 Bitcoins, worth $29 million, utilizing geothermal energy from the Tecapa volcano. The country’s total Bitcoin holdings now amount to 5,750, valued at $354 million. This showcases a green approach to accumulating cryptocurrency.
– Binance Executive Denied Bail in Nigerian Court Case
Justice Emeka Nwite has denied bail to Tigran Gambaryan, a Binance executive accused of money laundering and tax violations in Nigeria. This case highlights the regulatory challenges faced by major cryptocurrency companies.
– Bill Proposed to Abolish Federal Reserve Amid Inflation
Representative Thomas Massie has introduced a bill to abolish the Federal Reserve, blaming its policies for high inflation. He argues that the Fed’s actions during the COVID-19 pandemic have devalued the dollar, leading people to turn to cryptocurrencies as alternative stores of value.
2. Blockchain Weekly Analysis
Our blockchain weekly analysis provides insights into blockchain dominance and the 7-day changes in Layer 1 and Layer 2 chains.
2.1. Blockchain Dominance Analysis
The top five blockchains based on dominance and Total Value Locked (TVL) are Ethereum, TRON, BNB Smart Chain, Solana, and Arbitrum One.
Blockchains
Dominance
TVL
Ethereum
60.71%
$52,713,518,411
TRON
9.92%
$8,610,792,735
BNB Smart Chain
6.98%
$6,059,524,171
Solana
5.22%
$4,528,351,343
Arbitrum One
3.04%
$2,641,783,459
Among the top five chains, Ethereum dominates with 60.71% dominance. TRON and BNB Smart Chain follow with 9.92% and 6.98% respectively. Solana has a dominance of 5.22%, and Arbitrum One records 3.04% dominance.
2.1.1. Top Five Layer 1 Chains By Dominance
The top five Layer 1 blockchains based on dominance are Ethereum, BNB Smart Chain, Solana, Bitcoin, and Avalanche.
Layer 1 Blockchains
Dominance
TVL
Ethereum
77.31%
$52,646,879,307
BNB Smart Chain
8.89%
$6,051,863,873
Solana
6.64%
$4,522,626,716
Bitcoin
1.64%
$1,115,232,049
Avalanche
1.38%
$942,995,040
Among the top five Layer 1 chains, Ethereum dominates with a dominance of 77.31%. BNB Smart Chain and Solana follow with 8.89% and 6.64% respectively. Bitcoin marks a dominance of 1.64%, and Avalanche registers a dominance of 1.38%.
2.1.2. Top Five Layer 2 Chains By Dominance
The top five Layer 2 chains based on dominance are Arbitrum One, Base, Blast, Polygon POS, and Optimism.
Layer 2 Blockchains
Dominance
TVL
Arbitrum One
29.85%
$2,635,176,183
Base
17.29%
$1,526,465,299
Blast
17.08%
$1,508,006,967
Polygon POS
10.19%
$899,505,619
Optimism
8.83%
$779,597,461
Among the top five Layer 2 chains, Arbitrum One dominates with a dominance of 29.85%. Base and Blast closely follow with 17.29% and 17.08% respectively. Polygon POS marks a dominance of 10.19%, and Optimism records a dominance of 8.83%.
2.2. Blockchain 7-Day Change Analysis
Let’s analyze the top five Layer 1 chains and Layer 2 chains based on the 7-day change index.
2.2.1. Top Five Layer 1 Chains 7-Day Change
Among the top five Layer 1 chains, only Solana and Avalanche show positive changes. Solana registers the highest positive change of +9.5%, while Avalanche records a moderate positive change of +1.6%. Bitcoin showcases the highest negative change of -7.0%. BNB Smart Chain and Ethereum mark moderate negative changes of -3.4% and -1.8% respectively.
2.2.2. Top Five Layer 2 Chains 7-Day Change
Among the top five Layer 2 chains, only Arbitrum One displays a positive change, recording a very moderate positive change of +0.9%. The highest negative change is shown by Optimism, with a -8.3% change. Base shows a moderate change of -2.3%. Polygon POS and Blast showcase very moderate changes of -0.4% and -0.1%.
3. Cryptocurrency Weekly Analysis
Our cryptocurrency weekly analysis covers a wide range of analyses, including market cap analysis, top gainers and losers, stablecoins, memecoins, AI coins, and metaverse coins.
3.1. Top Cryptocurrency Categories By Market Cap
The top five cryptocurrency categories based on market cap are Layer 1 (LI), Smart Contract Platform, Andreessen Horowitz (a16z) Portfolio, Alameda Research Portfolio, and Alleged SEC Securities. Layer 1 (L1) has the highest market cap of $1,975,884,413,592. The Smart Contract Platform category follows with $678,209,531,506.
3.1.1. Trending Categories This Week
The most trending categories this week include Wall Street Bets Themed Coins, Parody Meme Coins, PolitiFi, Base Meme Coins, Cat-Themed Coins, and DePIN. Among these, DePIN stands out with an impressive market cap of $29.3B, followed by Cat-themed coins with a market cap of $1.74B.
3.2. Top Cryptocurrencies By Market Cap
The top five cryptocurrencies by market cap are Bitcoin, Ethereum, Tether, BNB, and Solana. Bitcoin has the highest market cap of $1,308,281,130,156. Ethereum follows with a market cap of $364,014,920,398.
3.2.1. Trending Coins This Week
The most trending cryptocurrencies at the time of preparing this analysis include Apu Apustaja, Drift Protocol, Brett, Ondo, and Toncoin. Among these, Toncoin has the highest market cap of $23,478,151,394.
3.2.2. Top Gainers & Losers This Week
The top gainers this week include GME, MAGA VP, SIPHER, ConstitutionDAO, and Spectral. GME records the highest gain of +1222.2%. The top losers include Shark Cat, ALEX Lab, PunkCity, NORMIE, and Entangle. Shark Cat displays the highest loss of -46.5%.
3.3. Top Stablecoins Analysis
The top five stablecoins by market cap are Tether, USDC, Dai, First Digital USD, and Ethena USDe. Tether has the highest market cap of $111,404,518,043.
3.4. Top Memecoins 7-Day Change Analysis
The top five Memecoins based on market cap are Dogecoin, Shiba Inu, Pepe, dogwifhat, and FLOKI. Among these, dogwifhat shows a negative 7-day change, while FLOKI displays the highest positive change of +18.2%.
3.5. Top AI Coins 7-Day Change Analysis
The top five AI Coins based on market cap are Internet Computer, Fetch-ai, Render, The Graph, and Bittensor. Among these, Internet Computer shows a positive 7-day change of +4.9%, while Render records the highest negative change of -10.1%.
3.6. Top Metaverse Coins 7-Day Change Analysis
The top five Metaverse Coins based on market cap are Render, FLOKI, Axie Infinity, The Sandbox, and Decentraland. Among these, FLOKI shows a positive 7-day change of +18.0%, while Render records the highest negative change of -10.5%.
4. Crypto ETF Weekly Analysis
Our crypto ETF weekly analysis covers Bitcoin Spot ETFs, Bitcoin Futures ETFs, and Ethereum Futures ETFs.
4.1. Bitcoin Spot ETF Price Change Analysis
The top five Bitcoin Spot ETFs based on Asset Under Management are Grayscale (GBTC), BlackRock (IBIT), Fidelity (FBTC), Ark/21 Shares (ARKB), and Bitwise (BITB). Among these, none display positive changes. BITB shows the highest negative change of -1.47%.
4.2. Bitcoin Futures ETF Price Change Analysis
The top five Bitcoin Futures ETFs based on 24-hour Open Interest are ProShares (BITO), VanEck (XBTF), Valkyrie (BTF), Global X (BITS), and Ark/21 Shares (ARKA). Among these, only XBTF displays a positive change of +0.33%. BTF shows the highest negative change of -1.93%.
4.3. Ethereum Futures ETF Price Change Analysis
The top five Ethereum Futures ETFs based on 24-hour Open Interest are Bitwise (BITW), Valkyrie (BTF), VanEck (EFUT), ProShares (EETH), and Bitwise (AETH). Among these, none display positive changes. EETH shows the highest negative change of -2.86%.
5. DeFi Protocols Weekly Analysis
The top five DeFi protocols based on Total Value Locked (TVL) are Lido, EigenLayer, AAVE, Maker, and JustLend. Among these, all show positive 7-day changes except Eigen Layer, which records a negative change of -0.67%. JustLend shows the highest positive change of +4.07%.
6. Crypto Exchange Weekly Analysis
6.1. Top Crypto Centralised Exchanges
The top five crypto centralised exchanges based on monthly visits are Binance, Coinbase Exchange, Bybit, OKK, and WhiteBIT. Binance records the highest monthly visit of 101M.
6.2. Top Crypto Decentralised Exchanges
The top five crypto decentralised exchanges based on market share by volume are Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum One), Uniswap V2 (Ethereum), Uniswap V3 (Polygon), and Uniswap V3 (Optimism). Uniswap V3 (Ethereum) has the highest market share by volume of 15.6%.
6.3. Top Crypto Derivative Exchanges
The top five crypto derivative exchanges based on 24-hour open interest are Binance (Futures), Bybit (Futures), BYDFi (Futures), Bitget Futures, and Deepcoin (Derivatives). Binance (Futures) displays the highest 24-hour Open Interest of $17,732,368,644.
7. NFT Marketplace Weekly Analysis
The top five NFT marketplaces based on market share are Blur, Blur Aggregator, Cryptopunks, X2Y2, and Gem. Blur has the highest market share of 64.32%.
7.1. Top NFT Collectibles This Week
The top NFT collectibles based on price are CryptoPunks #741, $ORDI BRC-20 NFTs #88159, CryptoPunks #3619, Lasogette NFT #802, and Bored Ape Yacht Club #7616.
8. Web3, Blockchain & Crypto Funding Analysis
8.1. Crypto Fundraising Trend
This week, nearly $155.40M has been raised so far, surpassing the previous week’s $149.60M.
8.2. Most Active Investors This Week
The most active investors this week include Animoca Brands, P2 Ventures (Polygon Ventures), Unicorn Factory Ventures, Double Peak, and NXGen.
8.3. Crypto Fundraising By Category
The categories that raised funds this week include Blockchain Infrastructure, Blockchain Services, CeFi, Chain, DeFi, GameFi, and Social. DeFi raised the highest amount of $69.55M.
8.4. Top Crypto Investment Locations
The top crypto investment locations based on funds raised include Undisclosed, the United States, Singapore, and France.
8.5. Most Active Crypto VC Jurisdictions
The most active crypto venture capital jurisdictions include the US, the UK, the UAE, Singapore, and China.
9. Web 3, Blockchain & Crypto Hack Updates
The total value hacked in the crypto world is $8.75 billion. The total value hacked in DeFi is $5.92B, and the total value hacked in Bridges is $2.83 billion. Sonne Finance reported a hack, resulting in a loss of $20 million.
In conclusion, our comprehensive weekly report provides you with the latest insights and analysis of the Web3, Blockchain, and Crypto world. Stay informed and make informed decisions in this dynamic industry!