GM, and welcome to another edition of CoinStats Scoop! 🥂 Here’s an overview of this week’s newsletter:
The usual broader market update with insights into trending tokens
An insight into the recent development of Bitcoin NFTs!!
Updates on this week’s impactful news and developments
Highlighting DegenScore and the ways it helps you keeps track of the DeFi ecosystem
Some thoughts on cryptoeconomic models and their future impact
Covering our new Affiliate Program where partners can earn 40% (!!) of premium sales
Weekly wrap-up: predictions & takeaways.
Market Overview
This week’s markets revealed everything we’ve been preaching throughout the last issues of the CoinStats Scoop. We’re definitively in an uptrend, and as noted, minor pullbacks in token prices are not only expected but also healthy! 💪
Markets can’t go straight up forever, so small short-term declines are signs of long-term health. Most importantly, BTC and ETH are both up 50% since their recent lows, helping other cryptocurrencies rally. Moreover, several altcoins have rallied up to hundreds of percent.
While the wider crypto market corrected at the start of this week, It’s safe to say that the future of crypto remains as bright as ever. Crypto is a free, open, permissionless global economy that continues to develop regardless of the U.S. plans.
We’re still clearly in an established uptrend. Despite BTC and ETH prices declining this week (BTC -7% ETH -8%), various sectors throughout the crypto industry continue pushing forward.
Zero-Knowledge Tokens: ROSE +25%, MINA +23%, IMX +9%, LRC +6%
Liquid Staking Tokens: RPL +12%, LDO
Infrastructure Tokens: GRT +62%, LPT +13%, AKASH +40%, POKT +31%, OCEAN +15%
DeFi: HBAR +20%, MKR +4%, SSV +6%
Others: WOO +13%, BONE +6%, AXL +24%
While the tokens and sectors on the list are minimal compared to other weeks, what’s essential is the crypto market‘s growth in recent years. To compare, if BTC and ETH had lost 5+%, it would’ve resulted in xyz of no gains whatsoever.
News & Developments
The Bank of England announced its digital pound project pitching a currency issued solely by the central bank.
Tether, the issuer of USDT stablecoin, releases their latest audit reporting net profits of $700 million for Q4.
MetaMask crypto wallet is integrating Onramp.money to allow Indian users to purchase crypto directly from the in-browser wallet.
Uniswap (UNI) DAO has passed a vote to deploy Uniswap v3 on the BNB Chain.
Turkish rock star Haluk Levent and national charity Ahbap have created a multi-signature wallet on BNB Chain to accept crypto donations for earthquake support efforts in Turkey.
One of the world’s largest technology companies, Dell, joins the Hedera (HBAR) governing council.
Sushiswap (SUSHI) acquires ATOM-based derivatives trading platform Vortex Protocol.
Internet Browser Brave adds support for Solana (SOL) & its wallets on iOS and Android.
MakerDAO integrates Chainlink (LINK) oracle to help maintain the stability of the $5 billion DAI stablecoin.
One of crypto’s largest lending and borrowing platforms, Aave (AAVE), announces about its native decentralized stablecoin GHO being live on ETH’s Goerli testnet.
Maker (MKR), one of the OG DeFi protocols, announces the launch of Spark Protocol - a “growth-focused arm of Maker Protocol.”
The popular fintech app Revoult launches ETH & ADA staking for its 25 million users.
The CEO of Mastercard, one of the world’s top credit card processing companies, tweets, “I think we’re going to have a world where everything will be tokenized and passed around safely.”
Solana (SOL) NFT volumes continue to hit new all-time highs.
CoinStats launches its Affiliate Program, enabling affiliate partners to earn up to 40% of all premium sales.
ETH’s Improving Fundamentals
Screenshot from ultrasound.money
As previously noted, the Merge, i.e., Ethereum’s transition to Proof-of-Stake, has set ETH up for an incredibly bright future. 🌞 While no one is happy about the recent decline of the ETH price below 1500, the implementation of EIP-1559 and The Merge have brought about fundamental changes to ETH.
The above screenshot shows ETH’s total supply continuing to diminish in recent weeks as sustained on-chain activity continues to burn ETH. Since the transition to Proof-of-Stake, 16.5k ETH has been eliminated from the total supply. According to ultrasound.money, if ETH was still a Proof-of-Work protocol, the supply would’ve increased by ~1.8 million ETH, which translates to $2.7 billion of potential sell pressure! 🤯
The Merge, along with EIP-1559 and continued on-chain activity, has led to insanely positive fundamental changes to ETH’s underlying value. Soon enough, ETH’s price will massively benefit from these factors! 🤑
Movies & Crypto Brands
To celebrate Global Movie Day in a fun and exciting way, we reimagined some of crypto's biggest brands as movies. The below tweet is the first in a thread that imagines popular crypto brands as their corresponding movie representations, such as: Coingecko as Rango, Kraken - Pirates of the Caribbean, FTX - The Big Short, Unstoppable Domains - Ready Player One, TradingView - A Beautiful Mind, TrustWallet - Fear and Loathing in Las Vegas, SushiSwap -The Last Samurai, Bittrex - No Country for Old Men, OKX - Rush, Zerion - The Mask of Zorro, CoinTracker - The Tax Collector, and, of course, yours truly, CoinStats as The Expendables that will solve all your problems. 😎
Let us know in the comments and on Twitter what you think of our list and any suggestions you have!
Read of the Week
On Crypto Literarcy — Gaby Goldberg
This week, we’re covering a read from crypto pioneer Gaby Goldberg of TCG Crypto! TCG is one of the most active, supportive, and reputable crypto firms, hyper-focused on consumer applications and how crypto improves everyday life. 💪
Gaby explains how crypto must improve its overall readability and front-facing aspects to go mainstream. Here at CoinStats, we couldn’t agree more, as our entire purpose is to make crypto more accessible to everyone! 🤑
Among numerous teams aiming for a more accessible crypto future is DegenScore, highlighted in week’s CoinStats Scoop! In addition to the fantastic content from DegenScore and CoinStats, Gaby highlights tools to improve the ecosystem’s efficiency, including:
Dune Analytics — SQL-based tool for visualizing & contextualizing blockchain data.
Once Upon — Human-readable Web 3 blockchain explorer.
Stelo — Open-source extension that interprets crypto transactions into plain English.
Blowfish — Proactive defense tool for crypto wallets.
Harpie — On-chain firewall that monitors pending transactions for potential attacks.
“Many of the catastrophic implosions of this past cycle — particularly centralized finance products that thrived on excessive risk and corrupt custody practices — should never have been considered to be crypto at all…the things that make crypto more ‘mainstream’…— hyped NFT projects, fiat onramps, DeFi savings accounts, and more — are often exactly the things that make it more dangerous for retail investors…this is why I am excited about consumer products that make crypto human-readable and analyzable.”
Tweets & Memes
Regulation headlines can be scary, but they’re always long-term beneficial and push more business on chain.
We at CoinStats are always plugged in!
Despite the onslaught of negative news, crypto continues to stand strong!
Wrapping Up
With that positive note highlighting crypto’s continued resiliency, we'll conclude this week’s edition of CoinStats Scoop 💫
To summarize this week’s issue: we covered the recent market moves along with highlighting how much the space has developed in recent years, talked through ETH’s bright future due to it’s underlying fundamentals, read about the importance of crypto literacy and having reliable information, and covered the usual news and developments of the week!
As usual, CoinStats will continue to guide you through the crypto world and DeFi. We'll see you next week for another edition of CoinStats Scoop! 😎