Magnet Crypto Review | The weekly roundup of all things blockchain

Issue #22

Written by Magnet Capital | Jan 3, 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 $US833.2B, down 1.2% from last week.

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

 

News Headline Highlights

 Crypto Asset Project Updates

  • Yuga Labs released the first two teasers for the ‘Trial of Jimmy the Monkey’. This is the next stage of development of the lore for the Bored Ape Yacht Club (BAYC). The teasers are weird in nature (fitting for this weird club!) and don’t give away much for what is to come other than there will be some kind of battle and an interactive mint for holders of BAYC and BAYC related assets.
  • Decentralised futures protocol, Gains Network, has successfully deployed contracts and launched trading on Arbitrum, an Ethereum Layer 2. After having lived on Polygon since inception in Oct 2021, Gains has now expanded its footprint in an attempt to attract traders that operate in the fast growing Arbitrum ecosystem.

The Weekly Deal Room

The week between end-of-year holidays and new year is often a quiet period with little activity and few significant company announcements made. We expect this to persist through to mid-January when most workplaces are back from the break.

Metric of the Week

By removing likely change outputs (i.e. self sends), Coin Metrics estimate that over $8T was transferred via the Bitcoin blockchain in 2022, averaging $260,000 per second.