Latest Web3 and Blockchain Developments: Bitcoin Halving and Recent Progress

18 views 3:30 pm 0 Comments May 15, 2024

This report, underpinned by comprehensive data, summarizes the notable progressions observed in the Web3, Blockchain, and Crypto domain over the past week.

1. Major Developments This Week

  • Shibarium Improves User Interface, Expands Wallet Compatibility: Shibarium enhances its UI and broadens compatibility with wallets like MetaMask and Trust Wallets, improving accessibility for users of Shiba Inu’s layer-2 scaling network.

  • Crypto Trader Found Guilty of Solana DeFi Manipulation: Avraham Eisenberg convicted of fraud and market manipulation on Solana’s Mangi Markets, resulting in significant investor losses before fleeing with funds.

  • Tether Introduces USDT and XAUT on TON Blockchain: Tether extends its stablecoin offerings by launching USDT and XAUT on The Open Network (TON), increasing accessibility across various blockchain networks.

  • Binance Readies for Re-entry into Indian Market: Binance prepares to re-enter the Indian market after settling a $2 million penalty, subject to oversight by the Financial Intelligence Unit (FIU) under the finance ministry.

  • Rising Interest in Bitcoin Halving: Public interest peaks as Google searches for “Bitcoin Halving” hit record highs, indicating heightened awareness and curiosity surrounding the event.

  • WorldCoin Announces Ethereum Layer-2 Blockchain: WorldCoin, spearheaded by Sam Altman, unveils an Ethereum layer-2 blockchain focusing on verified human identities, emphasizing security through iris-scanning technology.

  • Senators Propose Framework for Regulating Stablecoins: Senators Gillibrand and Lummis introduce the Lummis-Gillibrand Payment Stablecoin Act to regulate stablecoins, with a focus on innovation and consumer protection.

  • Tether Expands Business Divisions: Tether diversifies into broader blockchain solutions with the launch of four new divisions: data, finance, power, and education, signaling a strategic shift beyond traditional USDT offerings.

1.1. Bitcoin Halving: Recap

The recent Bitcoin halving, the fourth of its kind, is expected to have a positive impact on the industry, with major cryptocurrencies anticipated to appreciate in value, as evidenced by Bitcoin’s bullish trends.

2. Blockchain Performance Analysis

This section evaluates the top-performing blockchains based on their 7-day change and Total Value Locked (TVL).

2.1. Leading Blockchain Performers by 7-Day Change

This week’s top blockchain performers, ranked by their 7-day change, include ZetaChain, Chiliz, Degen, Filecoin, and Core.

Blockchain7-Day Change (%)TVLZetaChain+105.9\(3,675,442Chiliz+75.8\)236,976Degen+32.5\(5,149,557Filecoin+22.8\)33,603,828Core+22.3$10,620,516

2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL

Ethereum, TRON, BNB Smart Chain, Solana, and Arbitrum One lead in TVL and market dominance. Their 7-day TVL change is as follows:

Blockchain7-Day Change (%)Dominance (%)TVL (Billion)Ethereum-0.861.04%\(50.22TRON-8.910.09%\)8.30BNB Smart Chain+3.27.32%\(6.02Solana-3.04.54%\)3.73Arbitrum One-14.53.18%$2.62

3. Crypto Market Overview

This section explores the 7-day price fluctuations, dominance, top gainers, and losers in the crypto market.

3.1. Analysis of Crypto 7-Day Price Changes and Dominance

Solana witnessed the largest negative price change among the top cryptocurrencies, while Tether remained stable. Ethereum and Bitcoin also exhibited negative trends.

3.2. Top Gainers & Losers of the Week in Crypto Market

3.2.1. Top Gainers of the Week in Crypto

Core, Celestia, Arweave, Sui, and Axelar emerged as the top gainers this week, with Core leading the pack.

3.2.2. Top Losers of the Week in Crypto Market

Conversely, Nervos Network, ORDI, Ethena, eCash, and Bittensor were the top losers in the crypto market this week.

3.3. Weekly Stablecoin Analysis

Tether, USDC, DAI, First Digital USD, and Ethena USDe were the top stablecoins analyzed based on market dominance and performance.

4. Bitcoin ETF Weekly Review

The analysis delves into Bitcoin Futures ETFs and Bitcoin Spot ETFs separately to provide a comprehensive outlook of the Bitcoin ETF market.

4.1. Bitcoin Futures ETF Weekly Review

Global X (BITS) demonstrated the highest gain among the top Bitcoin Futures ETFs this week.

4.2. Bitcoin Spot ETF Weekly Review

Ark/21 Shares (ARKB) showed the most significant positive change among the top Bitcoin Spot ETFs.

5. DeFi Market Status Update

EigenLayer was the sole DeFi protocol among the top five to exhibit a positive change in Total Value Locked (TVL).

6. NFT Marketplace Analysis: Basic Overview

Gem was the only top NFT marketplace to observe a positive change in volume, while others experienced declines.

6.1. Top NFT Collectible Sales this Week

Several high-value NFT collectibles were sold this week, with $PUPS BRC-20 NFTs #e7b8 commanding the highest price.

The analysis covered crypto fundraising trends by category and top investment locations, offering insights into the evolving fundraising landscape.

7.1. General Crypto Fundraising Trend Analysis

DeFi emerged as the leading category in terms of funds raised, with undisclosed locations leading in fundraising.

7.2. ICO Landscape: Weekly Overview

Omni Network secured the highest amount in ICO funding this week.

8. Weekly Blockchain Hack Analysis

A substantial amount was lost to hackers this week, with decentralized finance platforms being the primary targets.

In conclusion, this week’s analysis provides valuable insights into the dynamic Web3, Blockchain, and Crypto landscape, empowering stakeholders to make informed decisions as the industry continues to evolve.