Magnet Crypto Review | The weekly roundup of all things blockchain

Issue #2

Written by Magnet Capital | Aug 16, 2022 5:00:00 AM

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market $US1.20T, up 2.5% from last week.

Below is the weekly performance of the top crypto and NFT assets. 

 

News Headline Highlights

 Crypto Asset Project Updates

  • Ethereum successfully completed its third and final Testnet Merge, this time on the Goerli Testnet. The Ethereum Mainnet Merge, where Ethereum transitions from Proof-of-Work consensus to Proof-of-Stake, is estimated to happen around September 15-16.
  • White hat hackers have returned over US$32m of the US$200m of stolen funds to the Nomad bridge that was exploited last week.
  • One of Yuga Lab’s rarest assets, a trippy skin mega mutant, sold for an undisclosed amount. It is rumoured to have cost 2300 ETH (~US$4m).
  • Synthetix announced a partnership with traditional liquidity juggernauts Jump Capital, who will be working closely with the broader ecosystem to support asset liquidity and product development.
  • Maven 11 has launched a US$40m credit pool on Maple Finance, a DeFi credit platform. The pool was designed to provide liquidity to institutional borrowers in the absence of centralised institutional borrowing after the fallout of previous months.
  • The popular Moonbirds NFT, launched by Kevin Rose, has made all of their assets public domain by moving to a CC0 licensing arrangement (i.e. no rights reserved on IP).

The Weekly Deal Room

Metric of the Week

Ethereum options Open Interest, or the total amount of Ether options contracts currently open, reached 4 million ETH ($8.2B), surpassing its all-time high and, for the first time ever, Bitcoin Open Interest ($5.5B).

Source: The Block