Issue #60

Galaxy expand to Europe, Nomura launch a long BTC fund, Blockchain Capital raise $580m for two new funds & more...

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.08T, down (-2.3%) from last week.

Below is the weekly performance of the top crypto assets. 

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News Headline Highlights

 Crypto Asset Project Updates

  • Coinbase layer-2 network, Base, reached 1.9m in daily transactions, surpassing its previous record of 1.4m transactions on Aug. 21 — the month when the network was launched. The layer-2 network surpassed other rival chains like Optimism and Arbitrum, which had a combined 878,000 transactions for the day. 
  • Tether, the largest stablecoin by market capitalization (~$84B), has increased the value of loans to customers to $5.5B as of June 30, compared with $5.3B in the previous quarter. This is after announcing they would stop issuing loans of its token by the end of 2023.
  • Optimism conducted its third community airdrop, issuing ~19.4 million OP tokens (about $27 million USD) to eligible users. The team also announced a private sale of 116m OP tokens (about $162 million USD) to seven unnamed buyers.
  • Ethereum’s Holesky testnet fails to launch, in rare tech misstep for the blockchain. At launch, there was a misconfiguration in one of the genesis files of the network, preventing validators from starting the network. A patch is being worked on and is expected to release within  weeks.
  • Balancer, a DeFi liquidity protocol, experienced an attack on their front-end, resulting in unsuspecting users losing $250k. Since, Balancer has regained domain control.

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Metric of the Week

The number of transactions settled on Ethereum Layer 2s has grown to almost 6x those that settle on the Ethereum mainnet. 

Source: L2Beat

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