News Round-Up for the Week
CryptoPunks Floor Price Briefly Flips BAYC
In a brief moment on Sunday, the CryptoPunks NFT collection has flipped the celebrity-coveted Bored Apes in terms of floor prices, topping the leaderboard for the first time since March this year. Find out more here.
Pudgy Penguins Floor Price Triples
Pudgy Penguins’ efforts in releasing its own marketplace and expanding its brand presence seem to have paid off. Find out more here.
SudoRare Rug Pulls for 519 ETH
SudoRare, an NFT platform forked from SudoSwap and LooksRare that boosts staking opportunities, is the latest project that has rug-pulled its customers. Find out more here.
Ethereum Foundation Confirms Dates for The Merge Upgrade
The Merge is coming, perhaps sooner than expected. The Ethereum Foundation has finalized the date for the shift towards a PoS consensus, according to a blog post on Wednesday.Find out more here.
SEC Delays Decision on Spot ETF
The U.S. Securities and Exchange Commission (SEC) delayed VanEck’s most recent bid to create a spot BTC ETF.Find out more here.
L1/L2 Development of the Week
This week, we take a look at Sei, a Layer 1 blockchain on Cosmos with orderbook-focused infrastructure at its core.
In recent times, we’ve seen a flurry of appchains and Layer 1 blockchains having either launched or announced their arrival on Cosmos, such as dYdX, Kujira, and Mars Protocol, with most of these blockchains revolving around a central limit orderbook (CLOB) DEX. Sei differs by possibly achieving block times of around 0.9 seconds and an innovative orderbook model.
Read more details here as we dive into its architecture, security, tokenomics, and ecosystem.
Bybit x Nansen Monthly State-of-the-Industry Report August 2022
In our monthly reports, we provide deep analyses on the current general on-chain/off-chain market sentiment and NFT ecosystem using data provided by Nansen.
With the prospect of a post-Merge Ethereum PoW fork around the corner, we were curious as to whether smart money has been speculating on the ETH PoW hard fork. As such, we dived deeper into the on-chain activities of smart money to answer this question.
Read here for the full report.
On-Chain Round-Up for the Week
The crypto market has been moving sideways after the steep plunge last Friday, with traders awaiting Jerome Powell’s keynote for clues on how far the Federal Reserve will go to bring inflation back to control. Both BTC and ETH remain in range trading with minor price fluctuations, which nonetheless have triggered significant declines in future funding rates,indicating less optimistic sentiments.
The median spent output is in structural decline, forming a stark divergence with the mean, and marking a period of transition with respect to network usage. The divergence between elevated mean and plummeting median suggests that the network’s average UXTO spending is dominated by large transactions, while retail participation remains scarce.
However, the accumulation in trend score indicates that after crossing above the realized price, the persistent accumulation behaviors among small-time retailers and whales began to weaken. HODLers from all cohorts have seized the opportunity to distribute their holdings, adding selling pressure to the market. After the sell-off last Friday, small-time retailers seem to be the only cohort that is still accumulating, albeit on a lesser scale.
The mining profitability for BTC miners continues to trend down as daily transaction fees, which make up 1.28% of miners’ revenues, plummet to levels last seen in 2020. The level of transaction fees is heavily dependent on the daily transaction volume, which is currently at a historical low, and the changing supply and demand dynamics of block size.
Macro Events to look out for in the Coming Week
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Aug 26, 2022 |
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Aug 29, 2022 |
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Aug 31, 2022 |
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Sep 1, 2022 |
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Sep 2, 2022 |
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Three coins to watch
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Token |
Reason |
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KAVA |
Kava 11 is about to go live on Aug. 31, introducing new functionalities, including Metamask support for all KAVA transactions, liquidity staking, and yield aggregator. The upgrade will likely help the network gain more traction and boost the price action of its utility and governance token. |
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SAND |
The Sandbox has recently launched its Alpha Season 3, which provides a host of new experiences for players, including being star-struck by Snoop Dogg, Warner Music Group, and more. Alpha Season 3 will also introduce external avatars, adapted from popular NFT collections into 3D art, and attractive incentives for participants. The new season will surely bring in significant traffic for the metaverse game. |
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SUSHI |
Sushi has recently scaled up to Metis, allowing users to spin up pools and utilize farms on the new Layer 2 roll-up, which may help boost its TVL. In addition, a proposal, dubbed Meiji Restoration, was passed by the community recently to revitalize the project, which has suffered from a leadership crisis. The proposal also introduced vote escrow tokenomics to lock in long-term capital. |
Source: Bybit Blog
