This analysis report, supported by quality data, encapsulates the significant developments within the Web3, Blockchain, and Crypto sectors throughout the week.
1. Breaking News This Week
- Voyager Digital Recovers $484.35 M in Settlement Amid Bankruptcy Proceedings
Voyager Digital successfully recovers substantial funds from settlements with FTX, Three Arrows Capital, and insurance, aiding creditor reimbursement amidst financial turmoil.
- MarginFi Founder Resigns, Leading to $120 Million TVL Plunge
Edgar Pavlovsky’s sudden resignation triggers a significant $120 million decline in MarginFi’s Total Value Locked (TVL) following internal disputes within protocol builder, Mrgn.
- SEC Issues Wells Notice Against Uniswap Labs in DeFi Crackdown
The US SEC targets Uniswap Labs, the issuer of the largest decentralized exchange, issuing a Wells Notice as part of its intensified scrutiny on the decentralized finance (DeFi) sector.
- Circle’s USDC Now Supported on zkSync, Enhancing Accessibility
Circle integrates native USDC on zkSync, a prominent layer 2 rollup solution, facilitating enhanced accessibility for developers and users without the need for bridging, extending USDC’s reach to 16 blockchain networks.
- Wilder World Partners With Samsung to Expand Virtual Metaverse
Samsung collaborates 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.
- Chinese Authorities Investigate Filecoin-Based STFIL Protocol Team
The core technical team behind the Filecoin-based STFIL protocol faces investigation by Chinese authorities amid suspicious updates and fund transfers, raising concerns over the protocol’s integrity and compliance.
- Circle Extends Support for Web3 Services on Solana Blockchain
Circle announces 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.
- Polkadot Community Selects IndyCar Star Conor Daly as Ambassador
The Polkadot community votes to sponsor IndyCar racing star Conor Daly as a brand ambassador for the prestigious Indianapolis 500, marking the first athlete selected via blockchain for a sponsorship deal.
- Chinese Equity Funds Seek Approval for Spot Bitcoin ETFs in Hong Kong
Chinese mainland-based equity funds apply to introduce spot Bitcoin exchange-traded funds (ETFs) through Hong Kong subsidiaries, capitalizing on the region’s effort to establish itself as a global fintech hub amid the crypto market surge.
- dYdX Community Votes to Stake 20 Million DYDX Tokens for Security
The dYdX community approves 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.
- Former OneCoin Officer Sentenced to Four Years in Prison
Irina Dikinska, former legal and compliance officer of OneCoin, receives 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.
- Google Files Lawsuit Against Developers for Fraudulent Crypto Apps
Google initiates 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
In this section, we will analyze the top-performing blockchains based on their 7-day change and the top performers among the top five blockchains with the highest TVL.
2.1. Top Blockchain Performers by 7-Day Change
This week’s top blockchain performers, based on their 7-day change, are Linea, Chiliz, Base, Blast, and opBNB.
| Blockchain | 7-Day Change (in %) | TVL |
|---|---|---|
| Linea | +51.0% | $208,101,809 |
| Chiliz | +31.4% | $172,516 |
| Base | +24.3% | $1,566,130,148 |
| Blast | +23.9% | $1,667,240,804 |
| opBNB | +17.9% | $21,336,115 |
Linea experienced the highest 7-day change at +51.0%, indicating significant growth. Following closely, Chiliz surged by +31.4%, while Base and Blast showed notable increases of +24.3% and +23.9%, respectively. opBNB exhibited a comparatively lower but still considerable rise at +17.9%.
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 in the market based on TVL and market dominance. Let’s see how the top five blockchains have performed this week, using 7-day TVL change.
| Blockchain | Dominance (in %) | 7d Change (in %) | TVL (in Billion) |
|---|---|---|---|
| Ethereum | 60.45% | +1.1 | $55,289,662,828 |
| Tron | 10.51% | -1.2 | $9,614,712,439 |
| BNB Smart Chain | 6.71% | -2.5 | $6,136,168,463 |
| Solana | 4.78% | -8.3 | $4,373,877,279 |
| Arbitrum One | 3.62% | -18.1 | $3,313,131,126 |
| Others | 13.92% |
Among the top five blockchains, 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
The crypto 7-day price change and dominance analysis and top gainers and losers analysis are the two prime areas of the crypto market analysis.
3.1. Crypto 7-Day Price Change and Dominance Analysis
Bitcoin, Ethereum, Tether, BNB, and Solana are the top cryptocurrencies in terms of market cap and dominance indices. Let’s analyze their seven-day price change.
| Cryptocurrency | 7-D Change (in %) | Dominance Percentage | Price | Market Cap |
|---|---|---|---|---|
| Bitcoin | +6.0% | 50.43% | $70,889.52 | $1,395,446,403,438 |
| Ethereum | +7.9% | 15.4% | $3,532.60 | $424,485,000,023 |
| Tether | -0.0% | 3.92% | $1.00 | $107,309,126,011 |
| BNB | +10.1% | 3.41% | $625.40 | $96,227,964,347 |
| Solana | -0.6% | 2.82% | $174.53 | $78,132,432,736 |
| Others | 24.02% |
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 the Crypto Market
Here is the list of top gainers and top losers of the week in the cryptocurrency market based on the 7-day Gain and 7-day Loss indices.
3.2.1. Top Gainers of the Week in Crypto
| Cryptocurrency | 7-Day Gain | Price |
|---|---|---|
| Nervos Network | +79.16% | $0.03197 |
| Ethena | +57.80% | $1.48 |
| Neo | +47.11% | $22.07 |
| Toncoin | +39.27% | $7.12 |
| JasmyCoin | +27.26% | $0.02366 |
In the past week, Nervos Network demonstrated the highest gain in the cryptocurrency market, soaring by +79.16%. Athena followed with a significant increase of +57.80%, while NEO, Toncoin, and JasmyCoin also experienced notable gains of +47.11%, +39.27%, and +27.26%, respectively.
3.2.2. Top Losers of the Week in the Crypto Market
| Cryptocurrency | 7-Day Loss | Price |
|---|---|---|
| Wormhole | -17.95% | $0.8085 |
| Uniswap | -14.98% | $9.11 |
| Maker | -13.44% | $3,366.62 |
| Bitcoin Cash | -12.48% | $607.97 |
| Core | -9.06% | $2.19 |
In the past week, Wormhole experienced the highest loss among cryptocurrencies, declining by -17.95%. Uniswap followed closely with a loss of -14.98%, while Maker, Bitcoin Cash, and Core also saw decreases of -13.44%, -12.48%, and -9.06%, respectively.
3.3. Stablecoin Weekly Analysis
Tether, USDC, DAI, First Digital USD, and Ethena USDe are the top stablecoins in the market in terms of market capitalization. Let’s analyze their weekly performance using seven-day market capitalization, market dominance, and trading volume indices.
| Stablecoins | Market Dominance (7d) [%] | Market Capitalization (7d) | Trading Volume (7d) | Market Capitalization |
|---|---|---|---|---|
| Tether | 70.85% | $107,325,379,612 | $25,331,062,835 | $107,175,619,318 |
| USDC | 21.27% | $32,222,451,400 | $5,480,105,243 | $32,247,982,588 |
| Dai | 3.22% | $4,876,219,863 | $297,674,228 | $4,869,268,921 |
| First Digital USD | 2.20% | $3,331,782,740 | $7,572,075,338 | $3,339,365,033 |
| Ethena USDe | 1.56% | $2,362,488,381 | $143,805,411 | $2,368,446,445 |
| Others | 0.90% |
Tether maintains the highest market dominance at 70.85%, followed by USDC at 21.27% and Dai at 3.22%. First Digital USD and Ethena USDe hold smaller portions of the market at 2.20% and 1.56%, respectively.
3.3.1. Stablecoin Weekly Price Analysis
Let’s analyze the weekly performance of the top stablecoins further using the seven-day price change index.
| Stablecoins | 7-Day Price Change (%) | Price |
|---|---|---|
| Tether | -0.0% | $1.00 |
| USDC | -0.1% | $1.00 |
| Dai | +0.1% | $1.00 |
| First Digital USD | -0.3% | $1.00 |
| Ethena USDe | +0.0% | $1.00 |
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
Bitcoin Futures ETFs and Bitcoin Spot ETFs should be analyzed separately to get a comprehensive view of the Bitcoin ETF market. Let’s delve into the details.
4.1. Bitcoin Futures ETF Weekly Analysis
ProShares (BITO), VanEck (XBTF), Valkyrie (BTF), Global X (BITS), and Ark/21 Shares (ARKA) are the top Bitcoin Future ETFs based on the Asset Under Management index. Let’s use the price change percentage index to analyze these ETFs.
| Bitcoin Futures ETFs | Price Change (Gain/Loss) [%] | Asset Under Management (in Billion) | Price |
|---|---|---|---|
| ProShares (BITO) | +0.65% | $598.78M | $30.90 |
| VanEck (XBTF) | +0.33% | $42.41M | $39.22 |
| Valkyrie (BTF) | +0.24% | $38.20M | $20.84 |
| Global X (BITS) | +1.36% | $26.10M | $67.50 |
| Ark/21 Shares (ARKA) | +0.52% | $8.01M | $67.74 |
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
Grayscale (GBTC), Blackrock (IBIT), Fidelity (FBTC), Ark/21 Shares (ARKB), and Bitwise (BITB) are the top Bitcoin Spot ETFs based on the Asset Under Management index. Let’s analyze them using the price change index.
| Bitcoin Spot ETFs | Price Change (Gain/Loss) [% | Asset Under Management (in Billion) | Price |
|---|---|---|---|
| Grayscale (GBTC) | +0.51% | $24.33B | $62.79 |
| BlackRock (IBIT) | +0.42% | $17.24B | $40.17 |
| Fidelity (FBTC) | +0.59% | $9.90B | $61.69 |
| Ark/21 Shares (ARKB) | +0.51% | $2.85B | $70.51 |
| Bitwise (BITB) | +0.47% | $2.16B | $38.43 |
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
Lido, EigenLayer, AAVE, Maker, and JustLend are the top DeFi protocols based on TVL. Let’s analyze their weekly performance using the 7d Change index.
| DeFi Protocols | 7d Change (in Total Value Locked) [%] | TVL |
|---|---|---|
| Lido | +6.96% | $33.539B |
| EigenLayer | +15.70% | $13.75B |
| AAVE | +9.00% | $11.563B |
| Maker | +1.15% | $8.444B |
| JustLend | +0.57% | $7.315B |
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
Blur, Blur Aggregator, Cryptopunks, Opensea, and Gem are the top NFT marketplaces based on market share. Let’s analyze them using the Volume Change index.
| NFT Marketplaces | Volume Change (Last 7 Day over the Previous 7 Day Volume) | Market Share | 7-day Rolling Volume | 7-day Rolling Trades |
|---|---|---|---|---|
| Blur | +3.40% | 70.98% | 14926.24 | 23959 |
| Blur Aggregator | -9.80% | 20.94% | 6888.03 | 12572 |
| Cryptopunks | +31.60% | 2.64% | 1010.69 | 16 |
| Opensea | -20.51% | 2.02% | 740.12 | 4373 |
| Gem | -28.75% | 1.32% | 400.36 | 1858 |
| Others | 2.10% |
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%.
6.1. Top NFT Collectible Sales this Week
CryptoPunks #2306, Bitcoin Apes #42c2a, \(PUPS BRC-20 NFTs #83c537e, \)PUPS BRC-20 NFTs #e319c, and BOOGLE #FBg3qVP are the top NFT collectible sales reported this week in the NFT market landscape.
| NFT Collectibles | Price (in USD) |
|---|---|
| CryptoPunks #2306 | $1,095,394.75 |
| Bitcoin Apes #42c2a | $459,436.74 |
| $PUPS BRC-20 NFTs #83c537e | $354,674.15 |
| $PUPS BRC-20 NFTs #e319c | $309,808.69 |
| BOOGLE #FBg3qVP | $296,112.82 |
Among the listed NFT collectibles, CryptoPunks #2306 holds the highest price at \(1,095,394.75, indicating its significant value in the NFT market. Following it, Bitcoin Apes #42c2a is priced at \)459,436.74, while \(PUPS BRC-20 NFTs #83c537e, \)PUPS BRC-20 NFTs #e319c, and BOOGLE #FBg3qVP have prices ranging from \(296,112.82 to \)354,674.15.
7. Web3 Weekly Funding Analysis
7.1. General Crypto Fundraising Trend Analysis
This week, around \(409.50M was raised in crypto fundraising, showcasing an increase from the previous week’s \)210.64M. However, the number of fundraising rounds this week, at 27, was lower compared to the 41 rounds reported last week.
7.1.1. Crypto Fundraising by Category This Week
Blockchain