This weekly recap on Ethereum is for informational purposes only and is not investment advice. The recap will briefly summarize the outstanding activities of Ethereum over the past week, from July 25th – 31st. Last week, the market had conflict signal when BTC closing price with spinning top with lowest price: $20,749 and the highest price: $24,678. A general market recovery followed this. ETH up 30.78%. However, BTC have an upper shadow long the bear ellers pushed BTC down with closing price at: $23,379. Currently, BTC is trading at around $22,879 and ETH trading at around: $1588 down 12% from the closing price last week. Let’s go to the numbers in more detail.
NETWORK GROWTH
Total Value Locked
The total value locked on Ethereum is taking 1st place with $56.73b take 64.74% of all chains it’s up 1.76% compared to last week ($54.24b). This index has slightly increased with the market. However, to recover as at its most developed still takes a lot of time while not many Dapps are built right now and the money flow that must not flow into the ecosystem. But there still was a good significant increase in TVL on July 31st due to Bitcoin’s recovery.
Total Stablecoin Supply
Total Ethereum Stablecoins Market Cap is $90.96b, down 0.3% from last week $91.24b, taking over 59.38% of Total Stablecoins Market Cap ($153.68b). In which USDC dominance: 42.86%, USDT dominance: 31.01%, BUSD dominance: 13.1%. The total supply of stablecoins on the Ethereum chain has reduced slightly in the past week. The rest are other stablecoins, accounting for about 13%.
HIGHLIGHT EVENTS
Goerli testnet merges August 6-12
Goerli Merge announcement, the final testnet to merge, update your nodes, last chance to practice going through the Merge before mainnet:
- Goerli beacon chain (Prater) Bellatrix upgrade at epoch 112260 (August 4 12:24PM UTC)
- Merge Terminal Total Difficulty (TTD) set to 10,790,000 (August 6-12)
- For stakers: Merge config tips & common pitfalls
- EF DevOps checkpoint sync endpoints to quickly sync a beacon node
- Mainnet-shadow-fork-10 merged successfully, no client compatibility issues
More information: CLICK HERE
DEFI LEGO
DEX
StakeWise protecting their users with Nexus Mutual
StakeWise is a liquid Ethereum 2.0 staking service that allows anyone to benefit from the yields available on the Beacon Chain. The StakeWise team purchased ETH2 Staking Cover to protect their validator network.
More information: CLICK HERE
Derivative
Synthetix is now live on Harvest
Synthetix is a derivatives protocol on Ethereum that issues synthetic assets (synths) that track market movements of real-world assets such as gold. $SNX is its native utility token. And now synced with Synthetix, track your assets on Harvest. Cool tracking of SNX staking positions at: https://t.co/9a5pLd3pOW
More information: CLICK HERE
Nexus Mutual launch of ETH2 Staking Cover
The most comprehensive protection against missed rewards and penalties incurred by validators. With more than 13m ETH ($20B+) staked on the Beacon Chain to power over 400,000 validators, there is growing demand for extensive coverage against ETH2 staking risks. After receiving significant inbound requests to develop ETH2 staking coverage, we worked with leading validator operators to create a policy that is tailored to provide the greatest hedge against penalties, slashing events, and missed rewards.
More information: CLICK HERE
Algo-Stables
TiTi Testnet Championships is Now LIVE
TiTi Protocol is a decentralized, 100% collateral backed, use-to-earn algorithm stablecoin, aiming to provide diversified and decentralized financial services based on the crypto-native stablecoin system and autonomous monetary policy. To celebrate the launch of the testnet and thank community members for support, they have prepared $17000 to reward community members. Join the Testnet Championships and win rewards.
More information: CLICK HERE
NFT/GAMING
GameStopNFT is live on Loopring L2
NFT creators + collectors are no longer constrained by costly gas fees, Now anyone can trade and mint NFTs for a fraction of the cost without sacrificing on security. The GameStop marketplace scales NFTs without compromising on UX or security. This is because zkRollups are well suited to support NFTs. On Loopring, users don’t need to wait for a challenge period to withdraw their NFTs, or have to rely on any new validator sets as zkRollups inherit Ethereum security guarantees.
More information: CLICK HERE
Truly Optimistic: Free NFT Drop, Celebrating TrueFi’s launch on Optimism
Free NFT Drop: TrueFi is dropping a free Optimism NFT in celebration of our launch on Optimism Network, with the support of Project Galaxy. Users will need to join the TrueFi Discord, follow and engage on Twitter, and submit their ETH wallet info — then verify each of these credentials here — to be whitelisted to mint.. TrueFi NFT ownership ties into real-world and virtual benefits, such as attendance to TrueFi-affiliated events, swag drops, special Discord perks, and more to come.
More information: CLICK HERE
Claim POAP NFT Free From MarkerDAO
This POAP is available to be claimed by users who open a Maker Vault and generate Dai from it after June 5th, 2022, But this plant is not just an NFT — It’s irrefutable proof that your newly opened Maker Vault will plant 10 real trees through onetreeplanted. If your Ethereum address applies to claim this POAP, please go to the Place your address here box at the top of this page, paste your address on this box, and press the Check button. You do not have to connect your Ethereum wallet to this website at any time.
More information: CLICK HERE
VERDICT
The above are some significant new developments in the Ethereum ecosystem that occurred in the past week. Last week was a week with activitiesin a good direction for the whole market, however, after that market has tended down again.
Find more information about Ethereum:
Website: https://https://ethereum.org/en/
Reddit: https://www.reddit.com/r/ethereum
Twitter: https://twitter.com/ethereum
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Alan
Coincu Ventures
