Magnet Crypto Review | The weekly roundup of all things blockchain

Issue #44

Written by Magnet Capital | Jun 6, 2023 12:00:00 AM

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.18T, down (2.8%) from last week.

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

 

News Headline Highlights

 Crypto Asset Project Updates

  • Ethereum’s Layer 2 networks experienced a surge in mainnet publishing fees during May, reaching nearly 9k ether (ETH) or $16.m. Arbitrum emerged as the leading contributor in mainnet publishing fees, incurring costs of 4,260 ETH, or $7.6m. zkSync’s Era mainnet followed in second with 2,250 ETH, or $4m.

  • Bitcoin miners are producing more computing power than ever due to increasingly powerful hardware (Application specific integrated circuits, ASICs). Mining difficulty, a measure of computing power to earn Bitcoin, reached an all-time high last week.

Regulation Station

The Weekly Deal Room

Metric of the Week

Ethereum staking has experienced consistent and near-max growth levels over the previous 20 days, resulting in there being over 589,824 active validators. This has resulted in the daily churn limit, the amount of new validators that can enter the network in a 24 hour period, increasing from 1,800 to 2,025. 

This means that the 76k validators waiting to enter the network will be activated in the next 37 days, rather than the 42 days it would have taken at the lower limit.

Source: Glassnode