Magnet Crypto Review | The weekly roundup of all things blockchain

Issue #31

Written by Magnet Capital | Mar 6, 2023 11:30:00 PM

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.07T, down 4.6% from last week.

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

 

News Headline Highlights

  • Yuga Labs, the company famous for creating Bored Ape Yacht Club, has launched their first Bitcoin Ordinal’s auction ‘TwelveFold’, an exclusive collection of 300 generative NFTs. The Ordinals standard is a new way of inscribing data on the Bitcoin blockchain that many are utilising for creating Bitcoin NFTs. 
  • Major cryptocurrency firms including Coinbase, Galaxy and Paxos have halted transfers via Silvergate Exchange Network (SEN), Silvergate Bank's real-time payment platform. This began after Silvergate delayed its annual report (10-K report filing), commenting that it was evaluating its ability to operate as a going concern. 
  • Jump Crypto has recovered 120,000 ETH (~$140m) from the 2022 Wormhole Bridge hacker. The hacker themselves was ‘hacked’ through collusion from Jump Crypto and the Oasis platform multi-sig controllers that enabled an exploit that allowed the stolen funds to be recovered. The order for the Oasis multi-sig to enable the exploit came via an order from the High Court of England and Wales. Magnet quick take: Whilst we applaud the efforts to recover stolen funds, if a decentralised protocol can operate like this without community involvement it is likely not all that decentralised.
  • Leading game developer platform, Unity, has added a “decentralisation” category in its storefront for developers to integrate into their games. Unity is adding support for 13 different blockchain-based software developer kits (SDKs), from chains and products including Algorand, Aptos, Dapper Labs’ Flow blockchain, Immutable X, MetaMask, Solana and Tezos.
  • Deribit, the world's largest crypto options exchange by volume, is set to launch bitcoin (BTC) volatility futures by the end of March, offering digital asset investors a simpler way than options to hedge against market volatility.

 Crypto Asset Project Updates

Regulation Station

The Weekly Deal Room

Metric of the Week

Last week, Bitcoin’s mining difficulty adjusted positively for the third time in 2023, increasing 10% to a new all time high of 180T.

Of the last 42 adjustments in difficulty, 30 have been positive, which shows the exponential rate of hash rate in the past two years.

Since the adjustment, hashrate has continued to increase and the average Bitcoin block time has remained below 10 minutes, implying that the next adjustment, set to occur in the coming week, will also be positive.

Source: Glassnode