Magnet Crypto Review | The weekly roundup of all things blockchain

Issue #4

Written by Magnet Capital | Aug 30, 2022 5:00:00 AM

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market $US1.0T, down 6.0% from last week.

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

 

News Headline Highlights

 Crypto Asset Project Updates

  • THORSwap launched a Ethereum ERC-20 Decentralised Exchange Aggregator, meaning users can now swap between 4,800+ whitelisted ERC-20 tokens and Layer 1 blockchains such as Bitcoin, Binance Beacon Chain and Cosmos in a non-custodial manner without the use of bridges or wrapped assets.
  • MakerDAO has partnered with Huntingdon Valley Bank to write the first commercial loan between a U.S. Regulated Financial Institution and a decentralised digital currency.
  • DeFi borrowing protocol Compound, which has processed $100B+ of transactions, launches v3 of its platform, with an emphasis on security, capital efficiency, and user experience.
  • The Ethereum Foundation approved EIP-3475, enabling anyone to create their own custom-made bonds on the Ethereum blockchain.

The Weekly Deal Room

  • ThirdWeb raised $24M in a round led by Huan Ventures to continue building its suite of web3 developer tools.
  • Spectral raised $23M in a round led by General Catalyst and Social Capital to help create web3 credit score system.
  • Metaverse avatar platform Ready Player Me raised $56M from a16z and others.
  • Inworld AI has raised $50M to populate games and the metaverse with smart characters.
  • Orange DAO, led by Y Combinator alumni, have raised an $80M fund to back crypto startups.
  • Safeheron raised $7M to make private keys safer for crypto wallets.
  • Comm raised $5M to build a crypto-native competitor to Discord.

Metric of the Week

Ethereum and Polygon continue to dominate L1 and L2 blockchain user adoption.

Source: Blockdata.