Magnet Crypto Review | The weekly roundup of all things blockchain

Issue #28

Written by Magnet Capital | Feb 14, 2023 4:00:00 AM

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.06T, down 2.9% from last week.

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

 

News Headline Highlights

 Crypto Asset Project Updates

  • Tether, the company responsible for issuing USDT, the largest stablecoin by circulating supply ($66B worth), reported earnings of over $700m in Q4 2022. Per the attestation, 82% of what backs USDT was: $39.2 billion in US Treasurys, $7 billion in money market funds, $5 billion in cash and bank deposits, $3 billion in reverse repurchase agreements and nearly $94 million in non-US Treasurys.
  • Sandbox has entered into an MOU with the government of Saudi Arabia for future metaverse development. Saudi Arabia Digital Government Authority (DGA) are reported to have partnered with Sandbox for the purpose of “exploring, advising and supporting” metaverse development.
  • Yuga Labs’ Dookey Dash mini-game has come to a close, generating over $70m in trade volume for game passes in its 3 weeks of operation. The game generated buzz and excitement within gaming communities, including from several notable pro gamers that were attracted to partake in efforts to generate a top score. During Dookey Dash, 25,525 pass holders clocked a cumulative total of 7,487,850 runs and 706,436 hours. Most positively, the Dookey Dash grew the BAYC ecosystem by 40%.
  • Cowswap, a decentralised exchange aggregator, was hacked this week to the tune of $180,000.
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The Weekly Deal Room

Metric of the Week

The cumulative number of all-time blockchain developers is around 44,900. The chart below demonstrates how the interest from the developer community has grown throughout the years.

In 2022, over 11,000 developers entered Web 3.0, a very large portion in comparison with the cumulative number.

Source: Coinfeeds