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Web3, Blockchain & Crypto Weekly Reports
Welcome to your go-to source for all things Web3, Blockchain and Crypto! Our Weekly report dives into the freshest updates and game-changing developments in the fast-paced world. We curate the best data from trusted sources to keep you ahead of the curve. Ready to stay informed and inspired? Let’s explore the latest trends and insights together!
1. Web3, Blockchain & Crypto Breaking News This Week
Here are this week’s major breaking news reports, related to the Web3, Blockchain and crypto world, that you should never miss.
- NY Attorney General Sues Crypto Companies for Fraud
New York Attorney General Letitia James sues NovaTechFx and AWS Mining, alleging illegal pyramid schemes that defrauded over 11,000 individuals and investors, causing losses exceeding a billion dollars in cryptocurrency.
- Creditors Object to FTX Reorganisation Plan
Creditors of bankrupt cryptocurrency exchange FTX object to its reorganisation plan, citing issues with property rights, the best interest test, and inconsistent debtors liquidation analysis. The objection was highlighted by FTX creditor activist Sunil Kavuri.
- Andrew Tate’s Meme Coins Disrupt Solana Market
Andrew Tate-inspired meme coins trend on DEXScreener, quickly amassing hundreds of millions of dollars. Tate confirms his attempt to crash Solana, causing chaos in the crypto market.
- SEC Chair Gensler Delays Spot Ethereum ETFs
SEC Chair Gray Gensler raises concerns over unethical conduct in crypto exchanges. He maintains in a recent interview that the introduction of spot Ethereum ETFs will need more time.
- Cardano Founder Defends Network’s Fundamentals
Cardano founder Charles Hoskinson refutes claims of weak fundamentals, criticising media for negative portrayals. He asserts that Cardano’s progress contrasts starkly with the media’s depiction.
- Robinhood to Acquire Bitstamp for $200 Million
Trading platform Robinhood plans to buy cryptocurrency exchange Bitstamp in an all-cash deal valued at $200 million. The acquisition aims to expand Robinhood’s crypto presence and attract institutional clients.
- Lawmakers Urge Biden to Help Detained Binance Executive
U.S. lawmakers call on President Joe Biden to intervene in the detention of Tigran Gambaryan, a Binance executive held by Nigerian authorities for nearly three months. They demand immediate action, treating it as a hostage crisis.
- Thailand Approves First Bitcoin ETF for Wealthy Investors
Thailand’s SEC approves One Asset Management to launch the country’s first Bitcoin ETF, available exclusively to wealthy and institutional investors. The ETF invests in 11 prominent global funds.
- Bitpanda and Deutsche Bank Partner for Real-Time Payments
Austrian crypto broker Bitpanda partners with Deutsche Bank to enable real-time payment solutions in Germany. Through API integration, Bitpands will access German IBAN accounts, streamlining user transactions.
- Watford FC Offers Equity on Crypto Platforms
Watford Football Club plans to sell 10% of its equity to investors, including fans, via crypto and startup investment platforms Republic and Seedrs. This initiative aims to engage supporters and raise funds.
- Americans Turning to Bitcoin Amid Geopolitical Tensions
A Harris Poll survey, funded by Bitcoin ETF issuer Grayscale, shows increasing numbers of American voters considering Bitcoin as a hedge against geopolitical tensions and inflation. One in three voters will consider candidates’ stances on cryptocurrencies.
2. Blockchain Weekly Analysis
The blockchain weekly analysis primarily covers the blockchain dominance analysis and the blockchain 7-day change analysis. In order to bring more clarity, the Layer 1 chains and Layer 2 chains are analysed separately.
2.1. Blockchain Dominance Analysis
Ethereum, TRON, BNB Smart chain, Solana, and Arbitrum One are the top five blockchains as per dominance and TVL.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 1:59 AM (GMT-4)]
| Blockchains | Dominance | TVL |
| Ethereum | 64.07% | $66,389,145,462 |
| TRON | 8.38% | $8,681,768,450 |
| BNB Smart Chain | 5.64% | $5,840,828,974 |
| Solana | 4.61% | $4,774,373,036 |
| Arbitrum One | 3.08% | $3,190,925,020 |
| Others | 14.22% |
Among the top five chains, Ethereum dominates with 64.07%. TRON and BNB Smart Chain follow with 8.38% and 5.64%, respectively. Ethereum marks a TVL of $66,389,145,462. TRON and BNB Smart Chain record $8,681,768,450 and $5,840,828,974 TVL, respectively.
2.1.1. Top Five Layer 1 Chains By Dominance
Ethereum, BNB Smart Chain, Solana, Bitcoin and Avalanche are the top five Layer 1 Blockchains by dominance and TVL.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:07 AM (GMT-4)]
| Layer 1 Blockchains | Dominance | TVL |
| Ethereum | 81.13% | $66,329,231,344 |
| BNB | 7.08% | $5,784,982,113 |
| Solana | 5.85% | $4,781,612,203 |
| Bitcoin | 1.46% | $1,193,274,320 |
| Avalanche | 1.08% | $886,652,239 |
| Others | 3.40% |
Among the top five Layer 1 chains, Ethereum dominates with 81.13%. BNB and Solana follow with 7.08% and 5.85%, respectively. Ethereum has the highest TVL of $66,329,231,344. BNB and Solana follow with $5,784,982,113 and $4,781,612,203, respectively.
2.1.2. Top Five Layer 2 Chains By Dominance
Arbitrum One, Blast, Base, Polygon POS, and Optimism are the top five Layer 2 Blockchains on the basis of dominance and Total Value Locked.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:10 AM (GMT-4)]
| Layer 2 Blockchains | Dominance | TVL |
| Arbitrum One | 28.72% | $3,185,688,673 |
| Blast | 20.47% | $2,270,612,614 |
| Base | 15.73% | $1,744,364,297 |
| Polygon POS | 8.80% | $976,541,196 |
| Optimism | 7.53% | $834,930,260 |
| Others | 18.75% |
Among the top five Layer 2 chains, Arbitrum has the highest dominance of 28.72%. Blast and Base closely follow with 20.47% and 15.73%, respectively. Arbitrum One has the highest TVL of $3,185,688,673. Blast and Base follow with $2,270,612,614 and $1,744,364,297, respectively.
2.2. Blockchain 7-Day Change Analysis
Let’s analyse the top five Layer 1 chains using the 7-day change index.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:21 AM (GMT-4)]
| Layer 1 Blockchains | 7-Day Change |
| Ethereum | +2.8% |
| BNB | +8.0% |
| Solana | -0.2% |
| Bitcoin | +3.2% |
| Avalanche | -5.0% |
Among the Layer 1 blockchains, at least three show positive 7-day change. BNB marks the highest change of +8.0%. Bitcoin and Ethereum follow with +3.2% and +2.8%, respectively. Conversely, Avalanche displays a negative change of -5.0%, and Solana registers a minimal negative change of -0.2%.
Let’s analyse the top five Layer 2 chains using the 7-day change index.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:23 AM (GMT-4)]
| Layer 2 Blockchains | 7-Day Change |
| Arbitrum One | +3.1% |
| Blast | +2.0% |
| Base | +1.7% |
| Polygon POS | +2.8% |
| Optimism | +0.3% |
All the Layer 2 blockchains show a positive 7-day change. Arbitrum One records the highest change of +3.1%. Polygon POS and Blast closely follow with +2.8% and +2.0%, respectively. Base registers a change of +1.7%, and Optimism reports a minimal positive change of +0.3%.
Also Read: Blockchain Monthly Report For May 2024: All You To Need To Know To Stay Ahead
3. Cryptocurrency Weekly Analysis
The cryptocurrency weekly analysis covers a wide range of analysis from the general cryptocurrency market cap analysis and the top gainers and losers analysis to the Stablecoin, Memecoin, AI Coins and Metaverse Coins analysises.
3.1. Top Cryptocurrency Categories By Market Cap
Layer 1 (LI), Smart Contract Platform, Andreessen Horowitz Portfolio, Multicoin Capital Portfolio, and Alameda Research Portfolio are the top five cryptocurrency categories by Market Cap. The Layer 1 (L1) category, with $2,189,424,328,641 market cap, is the one with the highest market cap. The Smart Contract Platform category follows with a $797,526,071,177 market cap.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:28 AM (GMT-4)]
| Crypto Categories | Market Cap | 7-Day Change |
| Layer 1 (L1) | $2,189,424,328,641 | +4.4% |
| Smart Contract Platform | $797,526,071,177 | +4.2% |
| Andreessen Horowitz (a16z) Portfolio | $629,913,218,767 | +1.8% |
| Multicoin Capital Portfolio | $585,970,584,300 | N/A |
| Alameda Research Portfolio | $576,269,672,044 | +2.0% |
All the major crypto categories show a positive 7-day change. Layer 1 (L1) has the highest 7-day change of +4.4%. Smart Contract Platform closely follows with +4.2%. Alameda Research Portfolio and Andreessen Horowitz (a16z) Portfolio report +2.0% and +1.8%, respectively.
3.1.1. Trending Categories This Week
Base Meme, PolitiFI, Cat-Themed, Frog-Themed, Strategy Games, and Internet of Things (IOT) are the top six trending categories this week.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:44 AM (GMT-4)]
| Trending Categories | Market Cap |
| Base Meme | $2,460,016,190 |
| PolitiFI | $1,703,469,186 |
| Cat-Themed | $2,673,450,848 |
| Frog-Themed | $8,415,191,190 |
| Strategy Games | $257,276,851 |
| Internet of Things (IOT) | $7,455,301,823 |
Among the trending categories, the Frog-Themed category has the highest market cap of $8,415,191,190. The category of Internet of Things (IOT) follows closely with $7,455,301,823. Conversely, Strategy Games has the lowest market cap of $257,276,851.
3.2. Top Cryptocurrencies By Market Cap
Bitcoin, Ethereum, Tether, BNB, and Solana are the top five cryptocurrencies by market cap. Bitcoin has the highest market cap of $1,403,190,110,920. Etheruem follows with a market cap of $457,933,361,461.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:44 AM (GMT-4)]
| Cryptocurrencies | Market Cap | 7-Day Change |
| Bitcoin | $1,403,190,110,920 | +4.0% |
| Ethereum | $457,933,361,461 | +1.8% |
| Tether | $112,281,133,223 | -0.0% |
| BNB | $108,568,348,855 | +19.1% |
| Solana | $79,127,150,522 | +3.5% |
All the major cryptos show a positive 7-day change. BNB records the highest 7-day change of +19.1%. Bitcoin and Solana follow with +4.0% and +3.5%, respectively. Ethereum registers a change of +1.8%.
3.2.1. Trending Coins This Week
MANTRA, GALA, MAGA Hat, Planet IX, and OctaSpace are the most trending cryptocurrencies at the time of preparing this analysis.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:46 AM (GMT-4)]
| Trending Cryptocurrencies | Market Cap |
| MANTRA | $779,386,388 |
| GALA | $1,600,024,761 |
| MAGA Hat | $109,068,843 |
| Planet IX | $50,344,685 |
| OctaSpace | $57,007,169 |
Among the trending cryptos, GALA has the highest market cap of $1,600,024,761. MANTRA and MAGA Hat follow with $779,386,388 and $109,068,843, respectively. Conversely, Planet IX, with $50,344,685, has the lowest market cap. OctaSpace follows with $57,007,169.
3.2.2. Top Gainers & Losers This Week
GME, Basenji, Undeads Games, Beercoin and Base God are the top gainers of the week as per the 7-day gain index.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:50 AM (GMT-4)]
| Top Gainers | 7-Day Gain |
| GME | 647.2% |
| Basenji | +248.7% |
| Undeads Games | +225.2% |
| Beercoin | +177.4% |
| Base God | +91.2% |
GME has the highest 7-day change of 647.2%. Basenji and Undeads Games follow with +248.7% and +225.2%, respectively. Beercoin and Base mark +177.4% and +91.2% 7-day gain, respectively.
Lifeform, NEM, Waves, OMG Network and MANEKI are the top losers of the week as per the 7-day loss index.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:55 AM (GMT-4)]
| Top Losers | 7-Day Loss |
| Lifeform | -44.0% |
| NEM | -39.8% |
| Waves | -39.3% |
| OMG Network | -36.6% |
| MANEKI | -33.2% |
Lifeform has the highest 7-day loss of -44.0%. NEM and Waves follow with -39.8% and -39.3%, respectively. OMG Network and MANEKI register -36.6% and -33.2%, respectively.
3.3. Top Stablecoins Analysis
Tether, USDC, Dai, Ethena USDe, and First Digital USD are the top five stablecoins as per market cap.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 3:07 AM (GMT-4)]
| Stablecoins | Market Cap |
| Tether | $112,456,988,338 |
| USDC | $32,559,591,922 |
| Dai | $5,261,827,701 |
| Ethena USDe | $3,233,199,303 |
| First Digital USD | $2,951,621,799 |
Among the top stablecoins, Tether has the highest market cap of $112,456,988,338. USDC follows with a $32,559,591,922 market cap. Dai and Ethena USDe register $5,261,827,701 and $3,233,199,303 market cap, respectively. First Digital USD records a market cap of $2,951,621,799.
Also Check Out: Stablecoin Performance and Analysis May Update: An In-depth Monthly Report
3.4. Top Memecoins 7-Day Change Analysis
Dogecoin, Shiba Inu, Pepe, dogwifhat, and FLOKI are the top five Memecoins as per market cap. Dogecoin has the highest market cap of $23,353,726,020. Shiba Inu and Pepe follow with $14,896,831,815 and $6,061,873,304 market cap, respectively.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 3:09 AM (GMT-4)]
| Memecoins | Market Cap | 7-Day Change |
| Dogecoin | $23,353,726,020 | +1.3% |
| Shiba Inu | $14,896,831,815 | -2.2% |
| Pepe | $6,061,873,304 | -1.0% |
| dogwifhat | $3,294,724,391 | -2.9% |
| FLOKI | $3,012,737,598 | +25.0% |
Among the top Memecoins, only two coins show a positive 7-day change. FLOKI reports an impressive 7-day change of +25.0%. Dogecoin follows with a minimal change of +1.3%. Conversely, dogwifhat and Shiba Inu report -2.9% and -2.2% change, respectively. Pepe marks a minimal negative change of -1.0%.
3.5. Top AI Coins 7-Day Change Analysis
NEAR Protocol, Internet Computer, Fetch.ai, Render, and Bittensor are the top five AI Coins as per market cap. NEAR Protocol has the highest market cap of $8,044,387,303. Internet Computer and Fetch.ai closely follow with $5,588,676,977 and $5,137,865,736 market cap, respectively.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 3:14 AM (GMT-4)]
| AI Coins | Market Cap | 7-Day Change |
| NEAR Protocol | $8,044,387,303 | +2.1% |
| Internet Computer | $5,588,676,977 | +1.7% |
| Fetch.ai | $5,137,865,736 | -6.5% |
| Render | $4,046,994,329 | +3.8% |
| Bittensor | $2,929,555,949 | +9.8% |
Among the top AI coins, only one shows a negative 7-day change; Fetch.ai displays a change of -6.5%. Bittensor has the highest 7-day positive change of +9.8%. Render, NEAR Protocol and Internet Computer follow with +3.8%, +2.1% and +1.7%, respectively.
3.6. Top Metaverse Coins 7-Day Change Analysis
Render, FLOKI, Axie Infinity, The Sandbox, and Decentraland are the top five Metaverse Coins on the basis of market cap. Render has the highest market cap of $4,042,207,103. FLOKI, Axie Infinity, and The Sandbox closely follow with $3,007,267,903, $1,222,799,895, and $1,066,651,856 market cap, respectively.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 3:18 AM (GMT-4)]
| Metaverse Coins | Market Cap | 7-Day Change |
| Render | $4,042,207,103 | +3.9 |
| FLOKI | $3,007,267,903 | +24.9 |
| Axie Infinity | $1,222,799,895 | +13.7 |
| The Sandbox | $1,066,651,856 | +8.4 |
| Decentraland | $878,198,238 | +6.4 |
All the top Metaverse Coins show a positive 7-day change. FLOKI shows the highest 7-day change of +24.9%. Axie Infinity and The Sandbox follow with +13.7% and +8.4%, respectively. Decentraland and Render report +6.4% and +3.9%, respectively.
4. Crypto ETF Weekly Analysis
The crypto ETF weekly analysis covers Bitcoin Spot ETFs, Bitcoin Futures ETFs, and Ethereum Futures ETFs.
4.1. Bitcoin Spot ETF Price Change Analysis
GBTC, IBIT, FBTC, ARKB and BITB are the top five Bitcoin Spot ETFs based on Asset Under Management. GBTC marks the highest AUM of $24.33B. IBIT closely follows with an AUM of $17.24B.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 3:24 AM (GMT-4)]
| Bitcoin Spot ETFs | Price | Change | AUM |
| Grayscale (GBTC) | $62.63 | -1.14% | $24.33B |
| BlackRock (IBIT) | $40.16 | -1.25% | $17.24B |
| Fidelity (FBTC) | $61.65 | -1.17% | $9.90B |
| Ark/21 Shares (ARKB) | $70.47 | -1.19% | $2.85B |
| Bitwise (BITB) | $38.43 | -1.18% | $2.16B |
Among the top Bitcoin Spot ETFs, none show a positive change. IBIT displays the highest negative change of -1.25%. ARKB and BITB follow with -1.19% and -1.18%, respectively. FBTC and GBTC report -1.17% and -1.17%, respectively.
4.2. Bitcoin Futures ETF Price Change Analysis
BITO, XBTF, BTF, BITS, and ARKA are the top five Bitcoin Futures ETFs as per Asset Under Management. BITO has the highest AUM of $598.78M. XBTF follows with $42.41M AUM.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 3:30 AM (GMT-4)]
| Bitcoin Futures ETFs | Price | Change | AUM |
| ProShares (BITO) | $26.64 | -1.22% | $598.78M |
| VanEck (XBTF) | $39.22 | +0.33% | $42.41M |
| Valkyrie (BTF) | $21.54 | -1.73% | $38.20M |
| Global X (BITS) | $72.36 | +1.94% | $26.10M |
| Ark/21 Shares (ARKA) | $67.42 | -0.69% | $8.01M |
Among the Bitcoin Futures ETFs, at least two ETFs show a positive change; BITS and XBTF mark +1.94% and +0.33%, respectively. Conversely, BTF has the highest negative change of -1.73%. BITO and ARKA follow with -1.22% and -0.69%, respectively.
4.3. Ethereum Futures ETF Price Change Analysis
BITW, BTF, EFUT, and EETH are the top four Ethereum Futures ETFs based on Asset Under Management. BITW has the highest AUM of $478.00M. BTF follows with $25.93M AUM.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 3:33 AM (GMT-4)]
| Ethereum Futures ETFs | Price | Change | AUM |
| Bitwise (BITW) | $38.00 | -0.52% | $478.00M |
| Valkyrie (BTF) | $21.54 | -1.73% | $25.93M |
| VanEck (EFUT) | $29.27 | -1.96% | $7.84M |
| ProShares (EETH) | $79.92 | -2.31% | $6.43M |
Among the Ethereum Futures ETFs, none show a positive change. EETH reports the highest negative change of -2.31%. EFUT and BTF follow with -1.96% and -1.73%, respectively. BITW has the lowest negative change of -0.52%.
5. DeFi Protocols Weekly Analysis
Lido, EigenLayer, AAVE, Maker and JustLend are the top five DeFi protocols as per Total Value Locked. Lido marks the highest TVL of $36.411B. EigenLayer and AAVE follow with $19.995B and $13.17B, respectively.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 3:54 AM (GMT-4)]
| DeFi Protocols | TVL | 7-Day Change |
| Lido | $36.411B | +2.33% |
| EigenLayer | $19.995B | +7.78% |
| AAVE | $13.17B | +2.14% |
| Maker | $8.685B | -1.93% |
| JustLend | $6.834B | +3.87% |
Among the top DeFi protocols, only one DeFi Protocol marks a negative 7-day change; Maker reports a change of -1.93%. Conversely, EigenLayer records the highest positive change of +7.78%. Lido and AAVE register +2.33% and +2.14%, respectively.
6. Crypto Exchange Weekly Analysis
6.1. Top Crypto Centralised Exchanges
Binance, Coinbase Exchange, Bybit, WhiteBIT, and OKX are the top five crypto centralised exchanges on the basis of Monthly Visits.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 4:05 AM (GMT-4)]
| Crypto Centralised Exchanges | Monthly Visits | Trust Score |
| Binance | 75.3M | 9/10 |
| Coinbase Exchange | 46.3M | 10/10 |
| Bybit | 31M | 10/10 |
| WhiteBIT | 24.8M | 8/10 |
| OKX | 24.1M | 10/10 |
Among the top crypto centralised exchanges, Binance marks the highest number of monthly visits of 75.3M. Coinbase Exchange and Bybit follow with 46.3M and 31M, respectively. WhiteBIT and OKX report 24.8M and 24.1M, respectively. At least three of these exchanges have a trust score of 10/10. Binace displays a trust score of 9/10 and WhiteBIT showcases a low trust score of 8/10.
6.2. Top Crypto Decentralised Exchanges
Jupiter, Uniswap V3 (Ethereum), Cellana Finance, Orca and Raydium are the top five crypto decentralised exchanges on the basis of Market Share by Volume.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 4:10 AM (GMT-4)]
| Crypto Decentralised Exchanges | % Market Share by Volume | 24-Hour Volume |
| Jupiter | 17.1% | $1,149,791,066 |
| Uniswap V3 (Ethereum) | 10.2% | $682,342,003 |
| Cellana Finance | 9.9% | $667,582,096 |
| Orca | 8.1% | $547,149,993 |
| Raydium | 7.6% | $509,121,014 |
Among the top crypto decentralised exchanges, Jupiter marks the highest market share by volume of 17.1%. Uniswap V3 (Ethereum) and Cellana Finance follow with 10.2% and 9.9%, respectively. Orca and Raydium report 8.1% and 7.6%, respectively.
6.3. Top Crypto Derivative Exchanges
Binance (Futures), Bybit(Futures), Bitget Futures, Deepcoin (Derivatives), and CoinW (Futures) are the top five crypto derivative exchanges by 24-hour open interest.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 4:13 AM (GMT-4)]
| Crypto Derivative Exchanges | 24-Hour Open Interest | 24-Hour Volume |
| Binance (Futures) | $23,143,639,948 | $42,813,327,442 |
| Bybit (Futures) | $14,867,114,072 | $14,525,475,077 |
| Bitget Futures | $11,883,227,811 | $12,496,493,865 |
| Deepcoin (Derivatives) | $11,301,142,708 | $6,307,084,013 |
| CoinW (Futures) | $9,527,049,814 | $14,842,040,489 |
Among the crypto derivative exchanges, Binance (Futures) has the highest open interest of $23,143,639,948. Bybit (Futures) and Bitget Futures follow with $14,867,114,072 and $11,883,227,811, respectively. Deepcoin (Derivatives) and CoinW (Futures) mark $11,301,142,708 and $9,527,049,814 open interest, respectively.
7. NFT Marketplace Weekly Analysis
Blur, Blur Aggregator, Gem, Opensea, and X2Y2 are the top five NFT Marketplaces by Market Share. Blur has the highest market share of 80.09%. Blur Aggregator and Gem follow with 18.56%% and 0.40% market share respectively.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 4:16 AM (GMT-4)]
| NFT Marketplaces | Market Share | Volume Change (Change of last 7-D Volume over the Previous 7-D Volume) |
| Blur | 80.09% | -18.53% |
| Blur Aggregator | 18.56% | -30.57% |
| Gem | 0.40% | -46.52% |
| Opensea | 0.38% | -34.32% |
| X2Y2 | 0.22% | -72.89% |
Among the top NFT marketplaces, none share a positive volume change. X2Y2 has the highest negative change of -72.89%. Gem follows with -46.52% volume change respectively. Opensea and Blur Aggregator report -34.32% and -30.57%, respectively. Blur records a comparative lower negative volume change of -18.53%.
7.1. Top NFT Collectibles This Week
5df669f8cd2889, 5883d5e7b81bb0d2, CryptoPunks #1002, CryptoPunks #9570, and CryptoPunks #1333 are the top NFT collectibles based on Price.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:44 AM (GMT-4)]
| NFT Collectibles | Price |
| 5df669f8cd2889 | $219,102.49 |
| 5883d5e7b81bb0d2 | $209,232.03 |
| CryptoPunks #1002 | $193,371.84 |
| CryptoPunks #9570 | $166,974.73 |
| CryptoPunks #1333 | $151,344.23 |
5df669f8cd2889 marks the highest price of $219,102.49. The NFT collective of 5883d5e7b81bb0d2 follows with $209,232.03. CryptoPunks #1002, CryptoPunks #9570, and CryptoPunks #1333 record $193,371.84, $166,974.73, and $151,344.23, respectively.
8. Web3, Blockchain & Crypto Funding Analysis
8.1. Crypto Fundraising Trend
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:44 AM (GMT-4)]
| Week | Funds Raised | Number of Fundraising Rounds |
| Jun 3 – 9, 2024 | $402.43M | 26 |
| May 27 – June 2, 2024 | $351.10M | 37 |
This week, the crypto sector has so far raised nearly $402.43M, higher than the previous year’s value of $351.10M.
8.2. Most Active Investors This Week
Hashkey Capital, Animoca Brands, The Spartan Group, Foresight Ventures, and GSR are the most active investors this week, based on the number of deals.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:44 AM (GMT-4)]
| Investors (or Fund’s Name) | Deals (June 2 – 8, 2024) | Investments | Lead Investments |
| Hashkey Capital | 4 | 4 | 0 |
| Animoca Brands | 4 | 2 | 2 |
| The Spartan Group | 3 | 3 | 0 |
| Foresight Ventures | 3 | 3 | 0 |
| GSR | 3 | 3 | 0 |
Hashkey Capital and Animoca Brands mark 4 deals each. Hashkey Capital has no lead investments, but Animoca Brands has two. The Spartan Group, Foresight Ventures and GSR report 3 deals each, but none register a lead investment.
8.3. Crypto Fundraising By Category
Blockchain Infrastructure, Blockchain Services, CeFi, Chain, DeFi, GameFi, Meme, Social and Stablecoins are the categories raised funds this week.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:44 AM (GMT-4)]
| Category | Number of Fundraising Rounds (June 3 – 9, 24) | Funds Raised |
| Blockchain Infrastructure | 5 | $21.00M |
| Blockchain Services | 2 | $12.00M |
| CeFi | 2 | $218.75M |
| Chain | 2 | $58.00M |
| DeFi | 2 | $35.00M |
| GameFi | 8 | $35.08M |
| Meme | 1 | $5.00M |
| Social | 3 | $9.60M |
| Stablecoin | 1 | $8.00M |
The category of CeFi records the highest fund raised of $218.75M. Chain, GameFi and DeFi follow with $58.00M, $35.08M and $35.00M. Blockchain Infrastructure registers $21.00M. Conversely, the category of Meme marks the lowest fund raised of $5.00M.
8.4. Top Crypto Investment Locations
Apart from the undisclosed category, the UK, the US, Singapore, Estonia and the UAE are the top crypto investment locations, on the basis of funds raised.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:44 AM (GMT-4)]
| Investment Location | Funds Raised (June 1 – 8, 2024) | Funds Raised % | Number of Rounds |
| The United Kingdom | $200.00M | 49% | 1 |
| Undisclosed | $138.38M | 34% | 14 |
| The United States | $32.00M | 8% | 6 |
| Singapore | $28.75M | 7% | 2 |
| Estonia | $3.30M | 1% | 1 |
| The UAE | $3.00M | 1% | 2 |
The United Kingdom reports the highest fund raised of $200.00M. The undisclosed category follows with an overwhelming $138.38M fund raised. The US and Singapore showcases $32.00M and $28.75M, respectively. Estonia records $3.30M and the UAE $3.00M.
8.5. Most Active Crypto VC Jurisdictions
The US, Singapore, China, the UK, Switzerland, and the UAE are the most active crypto venture capital jurisdictions.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:44 AM (GMT-4)]
| Crypto VC Jurisdiction | Number of Projects (June 1 – 8, 2024) |
| The USA | 47 |
| Singapore | 15 |
| The UK | 8 |
| Seychelles | 5 |
| South Korea | 4 |
| China | 3 |
The USA shows the highest number of projects of 47. Singapore follows with 15 projects. The UK marks eight projects and Seychelles displays 5 projects. South Korea and China record 4 and 3, respectively.
9. Web 3, Blockchain & Crypto Hack Updates
The total value hacked is $8.21B. The total value hacked in DeFi is $5.97B, and total value hacked in Bridges is $2.83 billion.
[Data Collected (Day, Date & Time): Friday, 7th June, 2024, 2:44 AM (GMT-4)]
| Total Value Hacked | $8.21B
Total Value Hacked in DeFi$5.97BTotal Value Hacked in Bridges $2.83B |
| Project Name | Amount Lost | Date |
| Velocore | $6.8M | 2 June, 2024 |
Velocore, the first hack registered this month, was reported on 2nd June, 2024. Nearly $6.8 million was lost in this hack.
Endnote
This report provides a comprehensive analysis of the current performance of various blockchains and cryptocurrencies, including Bitcoin, Altcoins, Stablecoins, AI Coins, Memecoins and Metaverse. It highlights trending coins, top gainers and losers, and delves into Crypto ETFs such as Bitcoin Spot ETFS, Bitcoin Futures ETFs, and Ethereum Futures ETFs. Additionally, it examines centralised, decentralised, and derivatives crypto exchanges, DeFi protocols, and NFT marketplaces. The report also covers crypto fundraising activities, prominent investors, key investment locations, and notable crypto hacks reported lately.
Also Discover the price prediction of your favorite cryptocurrency. We include a range of Price Predictions made by various crypto experts.
The attack, which exploited a vulnerability disclosed in April, drained around 60 million ASTRO tokens, sending the price plummeting.
The Terra blockchain has been exploited for over $6 million, forcing developers to take a momentary break the chain.
Beosin Cyber Security Company reported that the protocol lost 60 million ASTRO tokens, 3.5 million USDC, 500,000 USDT, and 2.7 BTC or $180,000.
Terra developers paused the chain on Wednesday morning to apply an emergency patch that would address the attack. Moments later, a 67% majority of validators upgraded their nodes and resumed block production.
The ASTRO token has plunged as much as 75%. It is now trading at $0.03, a 25% decline on the day. Traders who took advantage of the drop are now on 195%.
ASTRO PriceThe vulnerability that took down the Cosmos-based blockchain was disclosed in April and involved the deployment of a malicious CosmWasm contract. It opened the door to attacks via what is called an “ibc-hooks callback timeout reentrancy vulnerability,” which is used to invoke contracts and enable cross-chain swaps.
Terra 2.0 also suffered a massive drop in total value locked (TVL) in April, shortly after the vulnerability was discovered. It plunged 80% to $6 million from $30 million in TVL and has since lost nearly half of that value, currently sitting at $3.9 million.
The current Earth chain emerged from the rubble as a hard fork after the original blockchain, now called Terra Classic, collapsed in 2022. Terra collapsed after its algorithmic stablecoin (UST) lost its peg, causing a run on deposits. More than $50 billion of UST’s market cap was wiped out in a matter of days.
Terraform Labs, the company behind the blockchain, has been slowly unravelling its legal woes since its mid-2022 crash. Founder Do Kwon awaits sentencing in Montenegro after he and his company were found liable for $40 billion in customer funds in early April.
On June 12, Terraform Labs settled with the SEC for $4.4 billion, for which the company will pay about $3.59 billion plus interest and a $420 million penalty. Meanwhile, Kwon will pay $204.3 million, including $110 million in restitution, interest and an $80 million penalty, a court filing showed.
Icebreaker: Think LinkedIn but on a Blockchain—announced Wednesday that it has secured $5 million in seed funding. CoinFund led the round, with participation from Accomplice, Anagram, and Legion Capital, among others.
The company, which is valued at $21 million, aims to become the world’s first open-source network for professional connections. Its co-founders, Dan Stone and Jack Dillé, come from Google AND Monetary base; Stone was a product manager at the cryptocurrency giant and also the co-creator of Google’s largest multi-identity measurement and marketing platform, while Dillé was a design manager for Google Working area.
The pair founded Icebreaker on the shared belief that the imprint of one’s digital identity (and reputation) should not be owned by a single entity, but rather publicly owned and accessible to all. Frustrated that platforms like LinkedIn To limit how we leverage our connections, Dillé told Fortune he hopes to remove paywalls and credits, which “force us to pay just to browse our network.” Using blockchain technology, Icebreaker lets users transfer their existing professional profile and network into a single, verified channel.
“Imagine clicking the login button and then seeing your entire network on LinkedIn, ChirpingFarcaster and email? Imagine how many introductions could be routed more effectively if you could see the full picture of how you’re connected to someone,” Stone told Fortune.
Users can instantly prove their credentials and provide verifiable endorsements for people in their network. The idea is to create an “open graph of reputation and identity,” according to the founders. They hope to challenge LinkedIn’s closed network that “secures data,” freeing users to search for candidates and opportunities wherever they are online. By building on-chain, the founders note, they will create a public ledger of shared context and trust.
Verified channels are now launched for
Chirping
Online Guide
Wallet
Discord
Telephone
TeleporterYou can find them in Account -> Linked Accounts Italian: https://t.co/mRDyuWW8O2
— Icebreaker (@icebreaker_xyz) April 3, 2024
“Digital networking is increasingly saturated with noise and AI-driven fake personas,” the founders said in a statement. For example: Dillé’s LinkedIn headline reads “CEO of Google,” a small piece of digital performance art to draw attention to unverifiable information on Web2 social networks that can leave both candidates and recruiters vulnerable to false claims.
“Icebreaker was created to enable professionals to seamlessly tap into their existing profiles and networks to surface exceptional people and opportunities, using recent advances in cryptographically verifiable identity,” the company said, adding that the new funding will go towards expanding its team and developing products.
“One of the next significant use cases for cryptocurrency is the development of fundamental social graphs for applications to leverage… We are proud to support Dan, Jack and their team in their mission to bring true professional identity ownership to everyone online,” said CoinFund CIO Alex Felix in a statement.
Learn more about all things cryptocurrency with short, easy-to-read flashcards. Click here to Fortune’s Crash Course in Cryptocurrency.
Fuente
On July 24, 2024, the Ministry of Finance proposed Blockchain Bill IVwhich will provide greater flexibility and legal certainty for issuers using Distributed Ledger Technology (DLT). The bill will update three of Luxembourg’s financial laws, the Law of 6 April 2013 on dematerialised securitiesTHE Law of 5 April 1993 on the financial sector and the Law of 23 December 1998 establishing a financial sector supervisory commissionThis bill includes the additional option of a supervisory agent role and the inclusion of equity securities in dematerialized form.
DLT and Luxembourg
DLT is increasingly used in the financial and fund management sector in Luxembourg, offering numerous benefits and transforming various aspects of the industry.
Here are some examples:
- Digital Bonds: Luxembourg has seen multiple digital bond issuances via DLT. For example, the European Investment Bank has issued bonds that are registered, transferred and stored via DLT processes. These bonds are governed by Luxembourg law and registered on proprietary DLT platforms.
- Fund Administration: DLT can streamline fund administration processes, offering new opportunities and efficiencies for intermediaries, and can do the following:
- Automate capital calls and distributions using smart contracts,
- Simplify audits and ensure reporting accuracy through transparent and immutable transaction records.
- Warranty Management: Luxembourg-based DLT platforms allow clients to swap ownership of baskets of securities between different collateral pools at precise times.
- Tokenization: DLT is used to tokenize various assets, including real estate and luxury goods, by representing them in a tokenized and fractionalized format on the blockchain. This process can improve the liquidity and accessibility of traditionally illiquid assets.
- Tokenization of investment funds: DLT is being explored for the tokenization of investment funds, which can streamline the supply chain, reduce costs, and enable faster transactions. DLT can automate various elements of the supply chain, reducing the need for reconciliations between entities such as custodians, administrators, and investment managers.
- Issuance, settlement and payment platforms:Market participants are developing trusted networks using DLT technology to serve as a single source of shared truth among participants in financial instrument investment ecosystems.
- Legal framework: Luxembourg has adapted its legal framework to accommodate DLT, recognising the validity and enforceability of DLT-based financial instruments. This includes the following:
- Allow the use of DLT for the issuance of dematerialized securities,
- Recognize DLT for the circulation of securities,
- Enabling financial collateral arrangements on DLT financial instruments.
- Regulatory compliance: DLT can improve transparency in fund share ownership and regulatory compliance, providing fund managers with new opportunities for liquidity management and operational efficiency.
- Financial inclusion: By leveraging DLT, Luxembourg aims to promote greater financial inclusion and participation, potentially creating a more diverse and resilient financial system.
- Governance and ethics:The implementation of DLT can promote higher standards of governance and ethics, contributing to a more sustainable and responsible financial sector.
Luxembourg’s approach to DLT in finance and fund management is characterised by a principle of technology neutrality, recognising that innovative processes and technologies can contribute to improving financial services. This is exemplified by its commitment to creating a compatible legal and regulatory framework.
Short story
Luxembourg has already enacted three major blockchain-related laws, often referred to as Blockchain I, II and III.
Blockchain Law I (2019): This law, passed on March 1, 2019, was one of the first in the EU to recognize blockchain as equivalent to traditional transactions. It allowed the use of DLT for account registration, transfer, and materialization of securities.
Blockchain Law II (2021): Enacted on 22 January 2021, this law strengthened the Luxembourg legal framework on dematerialised securities. It recognised the possibility of using secure electronic registration mechanisms to issue such securities and expanded access for all credit institutions and investment firms.
Blockchain Act III (2023): Also known as Bill 8055, this is the most recent law in the blockchain field and was passed on March 14, 2023. This law has integrated the Luxembourg DLT framework in the following way:
- Update of the Act of 5 August 2005 on provisions relating to financial collateral to enable the use of electronic DLT as collateral on financial instruments registered in securities accounts,
- Implementation of EU Regulation 2022/858 on a pilot scheme for DLT-based market infrastructures (DLT Pilot Regulation),
- Redefining the notion of financial instruments in Law of 5 April 1993 on the financial sector and the Law of 30 May 2018 on financial instruments markets to align with the corresponding European regulations, including MiFID.
The Blockchain III Act strengthened the collateral rules for digital assets and aimed to increase legal certainty by allowing securities accounts on DLT to be pledged, while maintaining the efficient system of the 2005 Act on Financial Collateral Arrangements.
With the Blockchain IV bill, Luxembourg will build on the foundations laid by previous Blockchain laws and aims to consolidate Luxembourg’s position as a leading hub for financial innovation in Europe.
Blockchain Bill IV
The key provisions of the Blockchain IV bill include the following:
- Expanded scope: The bill expands the Luxembourg DLT legal framework to include equity securities in addition to debt securities. This expansion will allow the fund industry and transfer agents to use DLT to manage registers of shares and units, as well as to process fund shares.
- New role of the control agent: The bill introduces the role of a control agent as an alternative to the central account custodian for the issuance of dematerialised securities via DLT. This control agent can be an EU investment firm or a credit institution chosen by the issuer. This new role does not replace the current central account custodian, but, like all other roles, it must be notified to the Commission de Surveillance du Secteur Financier (CSSF), which is designated as the competent supervisory authority. The notification must be submitted two months after the control agent starts its activities.
- Responsibilities of the control agent: The control agent will manage the securities issuance account, verify the consistency between the securities issued and those registered on the DLT network, and supervise the chain of custody of the securities at the account holder and investor level.
- Simplified payment processesThe bill allows issuers to meet payment obligations under securities (such as interest, dividends or repayments) as soon as they have paid the relevant amounts to the paying agent, settlement agent or central account custodian.
- Simplified issuance and reconciliationThe bill simplifies the process of issuing, holding and reconciling dematerialized securities through DLT, eliminating the need for a central custodian to have a second level of custody and allowing securities to be credited directly to the accounts of investors or their delegates.
- Smart Contract Integration:The new processes can be executed using smart contracts with the assistance of the control agent, potentially increasing efficiency and reducing intermediation.
These changes are expected to bring several benefits to the Luxembourg financial sector, including:
- Fund Operations: Greater efficiency and reduced costs by leveraging DLT for the issuance and transfer of fund shares.
- Financial transactions: Greater transparency and security.
- Transparency of the regulatory environment: Increased attractiveness and competitiveness of the Luxembourg financial centre through greater legal clarity and flexibility for issuers and investors using DLT.
- Smart Contracts: Potential for automation of contractual terms, reduction of intermediaries and improvement of transaction traceability through smart contracts.
Blockchain Bill IV is part of Luxembourg’s ongoing strategy to develop a strong digital ecosystem as part of its economy and maintain its status as a leading hub for financial innovation. Luxembourg is positioning itself at the forefront of Europe’s growing digital financial landscape by constantly updating its regulatory framework.
Local regulations, such as Luxembourg law, complement European regulations by providing a more specific legal framework, adapted to local specificities. These local laws, together with European initiatives, aim to improve both the use and the security of projects involving new technologies. They help establish clear standards and promote consumer trust, while promoting innovation and ensuring better protection against potential risks associated with these emerging technologies. Check out our latest posts on these topics and, for more information on this law, blockchain technology and the tokenization mechanism, do not hesitate to contact us.
We are available to discuss any project related to digital finance, cryptocurrencies and disruptive technologies.
This informational piece, which may be considered advertising under the ethics rules of some jurisdictions, is provided with the understanding that it does not constitute the rendering of legal or other professional advice by Goodwin or its attorneys. Past results do not guarantee a similar outcome.
The Department of Veterans Affairs would have to evaluate how blockchain technology could be used to improve benefits and services offered to veterans, according to a legislative proposal introduced Tuesday.
The bill, sponsored by Rep. Nancy Mace, R-S.C., would direct the VA to “conduct a comprehensive study of the feasibility, potential benefits, and risks associated with using distributed ledger technology in various programs and services.”
Distributed ledger technology, including blockchain, is used to protect and track information by storing data across multiple computers and keeping a record of its use.
According to the text of the legislation, which Mace’s office shared exclusively with Nextgov/FCW ahead of its publication, blockchain “could significantly improve benefits allocation, insurance program management, and recordkeeping within the Department of Veterans Affairs.”
“We need to bring the federal government into the 21st century,” Mace said in a statement. “This bill will open the door to research on improving outdated systems that fail our veterans because we owe it to them to use every tool at our disposal to improve their lives.”
Within one year of the law taking effect, the Department of Veterans Affairs will be required to submit a report to the House and Senate Veterans Affairs committees detailing its findings, as well as the benefits and risks identified in using the technology.
The mandatory review is expected to include information on how the department’s use of blockchain could improve the way benefits decisions are administered, improve the management and security of veterans’ personal data, streamline the insurance claims process, and “increase transparency and accountability in service delivery.”
The Department of Veterans Affairs has been studying the potential benefits of using distributed ledger technology, with the department emission a request for information in November 2021 seeking input from contractors on how blockchain could be leveraged, in part, to streamline its supply chains and “secure data sharing between institutions.”
The VA’s National Institute of Artificial Intelligence has also valued the use of blockchain, with three of the use cases tested during the 2021 AI tech sprint focused on examining its capabilities.
Mace previously introduced a May bill that would direct Customs and Border Protection to create a public blockchain platform to store and share data collected at U.S. borders.
Lawmakers also proposed additional measures that would push the Department of Veterans Affairs to consider adopting other modernized technologies to improve veteran services.
Rep. David Valadao, R-Calif., introduced legislation in June that would have directed the department to report to lawmakers on how it plans to expand the use of “certain automation tools” to process veterans’ claims. The House of Representatives Subcommittee on Disability Assistance and Memorial Affairs gave a favorable hearing on the congressman’s bill during a Markup of July 23.
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