Crypto weekly is co-authored by @serdave
PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.4T): -10% / +37%
- BTC ($64,193): -7% / +51%
- ETH ($3,074): -10% / +35%
- SOL ($142): -21% / +39%
- UNI ($7.25): -36% / -1%
- MATIC ($0.69): -25% / -29%
- Tether Mkt Cap ($108B): +1% / +18%
- USDC Mkt Cap ($32B): -2% / +32%
- BTC / ETH Dominance: 52% / 15%
THIS WEEK IN CRYPTO
- Bitcoin saw about $780 million in liquidations over 24 hours and a 7.5% decline, the largest drop in a month. The selloff occurred on the back of high inflation data that pushed rate cut expectations out to September, as well as news of an impending Iranian attack against Israel. Ethereum was down as much as 12% at one point, the largest intraday decline since November 2022. Link. Link. Link. Link.
- Uniswap received a Wells Notice from the SEC, indicating the regulatory agency plans to sue the DeFi platform for operating as an unregistered exchange and broker dealer. Uniswap said it would fight the lawsuit. Link. Link. Tweet. Blog Post.
- Bitcoin’s next halving event, when per block miner rewards are cut by 50%, is estimated to occur around April 20. Halvenings occur roughly every 4 years. Link.
- A Policygenius survey shows that 1 in 5 American adults under the age of 42 owns cryptocurrency, with Gen Z slightly more likely to own cryptocurrency vs stocks. Link. Link.
- 16,000 new tokens launched on Solana and more than 26,000 on Base, Coinbase’s Layer-2 protocol, this past week. A little over 1,000 were launched on Ethereum. Link. Dashboard.
- Solana’s validator client team Anza deployed a testnet update to address network congestion issues. Solana’s transaction throughput went from 25% success rate last week to 90% this week prior to the update. Link. Tweet.
- Uniswap Labs hiked fees to 0.25% on swaps that use its interface, up from 0.15% previously. Link. FAQ.
- FTX co-founder Sam Bankman-Fried plans to appeal his fraud conviction and 25-year prison sentence. Link. Link.
- Berachain, a Layer-1 blockchain built on the Cosmos SDK, announced a $100 million Series B led by Framework Ventures. The chain is in testnet and plans to launch mainnet this quarter. Link.
- Hong Kong could approve BTC and ETH spot ETFs as soon as Monday, with trading beginning by the end of the month. Link.
- Monad Labs, the company behind the EVM compatible Layer-1 blockchain Monad, announced a $225 million round led by Paradigm. Monad has yet to announce a launch date. Link.
- Avraham Eisenberg, who exploited DeFi exchange Mango Markets for $116 million in 2022, faces up to 20 years in prison for wire fraud. Eisenberg had manipulated Mango’s price oracle to take out crypto loans that left the platform insolvent. Link.
- Decentralized oracle Chainlink launched a bridging app for moving crypto tokens and messages between blockchains, powered by its interoperability protocol. Link.
- Crypto wallet Metamask is integrating with Daylight to let users easily find and claim airdrops. Link. Blog Post.
- Restaking platform EigenLayer launched on Ethereum mainnet. Restakers will be able to delegate to preferred operators, including Coinbase Cloud and Google Cloud who announced they would be operators on the platform. Link. Link.