This analysis report, backed by quality data, covers the major developments the Web3, Blockchain, and Crypto landscape has witnessed this week.
1. Breaking News This Week
- Uniswap v4 Improves Efficiency
Uniswap v4 introduces optimizations post Etheruem’s Dencun upgrade, enhancing gas fee efficiency and dynamic adjustments. These improvements aim to lower user fees and expand use cases, promising a more cost-effective and versatile decentralized exchange experience.
- TRON Enhances Bitcoin’s Functionality
TRON plans to integrate tokens with Bitcoin, improving scalability and speed through layer 2 solutions. This integration aims for seamless interaction between TRON and Bitcoin networks, bolstering interoperability and expanding Bitcoin’s utility in decentralized ecosystems.
- U.S. Treasury Corrects Terrorism Reports
U.S. Treasury acknowledges inaccuracies in terrorism funding reports involving cryptocurrency donations. Figures were inflated, with actual amounts likely much smaller. This correction clarifies the extent of cryptocurrency involvement in terrorist financing, highlighting the need for accurate reporting and oversight.
- Uniswap Founder Warns Against Scams
Uniswap founder alerts community to scams employing deceptive Ethereum Name Service domains. Scammers exploit fake domains resembling legitimate addresses, posing risks to unsuspecting users. Hayden Adams’ warning emphasises vigilance against fraudulent schemes targeting cryptocurrency users through sophisticated means.
- SEC Chairman Faces Bitcoin Criticism
SEC Chairman Gary Gensler faces criticism for negative Bitcoin views, challenged by CNBC anchor defending Bitcoin’s integrity and potential. Amidst debates over crypto regulation, this exchange reflects divergent perspectives on Bitcoin’s role and legitimacy in financial markets and regulatory frameworks.
- Founders Fund Reinvests in Crypto
Founders Fund, led by Peter Thiel, reinvests in Bitcoin and Ether, signalling renewed interest in crypto assets. This move follows a significant divestment, highlighting Silicon Valley’s evolving stance on cryptocurrencies and their potential as long-term investment vehicles amid market fluctuations.
- ARK Founder Skeptical of SEC’s ETF Stance
ARK founder Cathie Wood expresses doubts about SEC’s willingness to approve spot ETFs beyond Bitcoin and Ethereum. Wood’s skepticism contrasts with recent ETF submissions, indicating uncertainties surrounding regulatory acceptance of diverse cryptocurrency offerings in traditional financial markets.
- Coinbase Criticises Fiat in Ad
Coinbase’s advertisement critiques fiat currencies, reflecting ongoing global currency debates and geopolitical tensions. The ad portrays fiat as increasingly obsolete, contrasting with cryptocurrencies’ perceived utility and resilience. This messaging underscores Coinbase’s commitment to fostering crypto adoption.
- South Korea’s Strengthens Crypto Regulations
South Korea implements stricter regulations to protect crypto investors from market abuses and criminal activities. Higher fines and harsher punishments aim to deter illegal activities, ensuring a safer environment for cryptocurrency trading and investment in SK’s digital asset landscape.
- Chinese Miners Flocks to Ethiopia
Chinese Bitcoin miners seek favourable conditions in Ethiopia, attracted by cheap energy and strategic locations near hydroelectric projects. This influx highlights Ethiopia’s emerging role as a mining hub and its potential to reshape global Bitcoin mining dynamics amidst evolving regulatory landscape in China.
2. Blockchain Performance
In this section, we will analyse two factors primarily: the top-performing blockchains based solely on their 7-day change and the top performers among the top five blockchains with the highest TVL.
2.1. Top Blockchain Performers by 7-Day Change
This week’s top blockchain performers, based on their 7-day change, are ZetaChain, Sei Network, Hedera Hashgraph, Ronin, and Aptos.
| Blockchain | 7-Day Change (in %) | TVL |
| ZetaChain | 347.9% | $2,860,885 |
| Sei Network | 90.3% | $20,470,006 |
| Hedera Hashgraph | 31.0% | $99,233,862 |
| Ronin | 26.1% | $201,022,943 |
| Aptos | 21.5% | $214,235,703 |
Among the top blockchain performers by 7-day change index, ZetaChain leads with a remarkable increase of 347.9%. Following closely is Sei Network with a growth of 90.3%. Hedera Hashgraph, Ronin, and Aptos also show positive momentum with increases of 31.0%, 26.1%, and 21.5%. These significant rises indicate string performance and potential interest in these blockchain platforms over the past week.
2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Ethereum, BNB Smart Chain, Arbitrum One, Solana, and Polygon Pos are the top five blockchains in the market on the basis of TVL and market dominance. Let’s see how these blockchains have performed this week.
| Blockchain | 7d Change | TVL (in Billion) | Dominance |
| Ethereum | 16.9% | $45,969,015,424 | 74.57% |
| BNB Smart Chain | 6.5% | $4,211,593,281 | 6.83% |
| Arbitrum One | 12.9% | $3,407,476,479 | 5.53% |
| Solana | 8.8% | $2,072,244,185 | 3.36% |
| Polygon Pos | 10.4% | $1,004,629,054 | 1.63% |
| Others | 8.08% |
Among the top blockchains with the highest Total Value Locked (TVL), Ethereum shows a substantial 7-day change of 16.9%, indicating a strong upward trend. Following Ethereum is Arbitrum One with a notable increase of 12.9%. Additionally, Polygoin POS, Solana, and BNB Smart Chain exhibit positive growth with changes of 10.4%, 8.8%, and 6.5% respectively, showcasing promising developments in TVL.
3. Crypto Market Analysis
The crypto price and dominance analysis and top gains and losers analysis are the two prime factors of the crypto market analysis.
3.1. Crypto 7-D Price Change and Dominance Analysis
Bitcoin, Ethereum, Tether, BNB, and Solana are the top cryptocurrency as per the market cap index. Let’s analyse their seven-day price change and dominance indices.
| Cryptocurrency | Dominance Percentage | Price | Market Cap | 7d- Change |
| Bitcoin | 49.79% | $52,005.66 | $1,020,424,434,240 | 9.7% |
| Ethereum | 16.67% | $2,793.37 | $$335,714,345,950 | 11.3% |
| Tether | 4.74% | $1.00 | $97,635,793,898 | 0.0% |
| BNB | 2.69% | $359.43% | $55,451,802,000 | 11.0% |
| Solana | 2.43% | $109.29 | $48,398,191,278 | 0.3% |
| Others | 23.68% |
Analysing the top cryptocurrencies by market capitalisation, Ethereum exhibits the highest 7-day price change of 11.3%, closely followed by BNB with 11.0%. Bitcoin also shows a significant increase of 9.7% in its price. Despite minor fluctuations, Solana and Tether remain relatively stable with 0.3% and 0.0% changes respectively.
3.2. Top Gainers & Losers of the Week in Crypto Market
Here is the list of top gainers and top losers of the week in the cryptocurrency market. The analysis is made using the 7-day Gain and 7-day Lose indices.
3.2.1. Top Gainers of the Week in Crypto
| Cryptocurrency | Price | 7-Day Gain |
| Bitget Token | $1.12 | +69.87% |
| VeChain | $0.0472 | +57.09% |
| Siacoin | $0.01321 | +50.56% |
| Stacks | $2.63 | +47.55% |
| Arweave | $12.07 | +37.29% |
Bitget Token, with 69.87% gain, is the highest performer of the week in the cryptocurrency market. VeChain is the second top gainer, with 57.09%. Siacoin, Stacks and Arweave follow closely, with 50.56%, 47.55% and 37.29%, respectively. Among the gainers, Arweave and Stacks are the most expensive cryptocurrencies, valued at $12.07 and $2.63, respectively.
3.2.2. Top Losers of the Week in Crypto
| Cryptocurrency | Price | 7-Day Loss |
| Astar | $0.168 | -10.98% |
| Pendle | $3.00 | -9.68% |
| Celestia | $18.81 | -6.08% |
| Osmosis | $1.61 | -4.76% |
| Injective | $34.20 | -3.77% |
Astar, with -10.98% loss, is the biggest loser of the week in the crypto market. Pendle is the second biggest loser with -9.68%. Celestia, Osmosis, and Injective closely follow with -6.09%, -4.76%, and -3.77%. Among the losers, Injective and Celestia are the most expensive cryptos, valued at $34.20 and $18.81, respectively.
3.3. Stablecoin Weekly Analysis
Tether, USDC, DAI, First Digital USD, and TrueUSD are the top stablecoins in the market in terms of market capitalization. Let’s analyse their weekly performance using seven-day market capitalisation, market dominance and trading volume indices.
| Stablecoins | Market Capitalisation | Market Capitalisation (7d) | Market Dominance (7d) [in %] | Trading Volume (7d) |
| Tether | $97,591,472,104 | $97,583,119,423 | 71.63% | $43,362,560,753 |
| USDC | $28,089,411,274 | $28,101,396,699 | 20.71% | $6,501,939,247 |
| Dai | $4,886,092,389 | $4,898,709,649 | 3.61% | $234,342,787 |
| First Digital USD | $2,842,504,257 | $2,850,901,549 | 2.09% | $5,643,199,318 |
| TrueUSD | $1,258,226,299 | $1,261,481,876 | 0.93% | $75,159,074 |
| Others | 1.03% |
In the stablecoin market over the past week, Tether maintains dominance with a 7-day market capitalisation of $97.58 billion, 7-day market dominance of 71.63%, and a substantial 7-day trading volume of $43.36 billion. USDC follows with a $28.10 billion 7-day market cap and a 7-day trading volume of $6.50 billion. Notably, First Digital USD displays an impressive 7-day trading volume of $5.64. However, other stablecoins like Dai, and TrueUSD show comparatively lower trading volumes.
4. Bitcoin ETF Weekly Analysis
Bitcoin Futures ETFs and Bitcoin Spot ETFs should be analysed separately, in order to get the right picture of the Bitcoin ETF market, as they represent two different segments. Let’s start!
4.1. Bitcoin Futures ETF Weekly Analysis
ProShares, VanEck, Valkyrie, Global X and Ark/21 Shares are the top Bitcoin Future ETFs, as per the Asset Under Management index. Let’s use the change percentage index to analyse these ETFs.
| Bitcoin Futures ETFs | Asset Under Management (in Billion) | Price | Change (Gain) |
| ProShares | $598.78M | $24.61 | +0.20% |
| VanEck | $42.41M | $39.22 | +0.33% |
| Valkyrie | $38.20M | $16.27 | -0.91% |
| Global X | $26.10M | $62.46 | +0.61% |
| Ark/21 Shares | $80.1M | $51.14 | +0.15% |
Analysing Bitcoin Futures ETFs’ weekly performance, Global X shows the highest gain at 0.61%, followed by VanEck with a gain of 0.33%. ProShares and Ark/21 Shares also exhibit positive gains of 0.20% and 0.15% respectively. However, Valkyrie experienced a slight decline of -0.91%.
4.2. Bitcoin Spot ETF Weekly Analysis
Grayscale, Blackrock, Fidelity, Ark/21 Shares and Bitwise are the top Bitcoin Spot ETFs, as per the Asset Under Management index. Let’s analyse them using the change index.
| Bitcoin Spot ETFs | Asset Under Management (in Billion) | Price | Change (Gain) |
| Grayscale | $23.76B | $46.28 | +0.22% |
| BlackRock | $5.68B | $29.62 | +0.34% |
| Fidelity | $4.25B | $45.43 | +0.24% |
| Ark/21 Shares | $1.29B | $51.97 | +0.25% |
| Bitwise | $1.03B | $28.34 | +0.39% |
Analysing Bitcoin Spot ETFs’ weekly performance, Bitwise leads with a gain of 0.39%, followed closely by BlackRock with a gain of 0.34%. Ark/21 Shares and Fidelity also show positive gains of 0.25% and 0.24% respectively. Grayscale experienced a gain of 0.22%. These gains suggest overall positive movement in the Bitcoin Sport market, reflecting investor confidence.
5. DeFi Market Weekly Status Analysis
Lido, Maker, AAVE, EigenLayer and JustLend are the five top DeFi protocols available. Let’s analyse its weekly performance using the 7d Change index.
| DeFi Protocols | TVL | 7d Change (in Total Value Locked) [in %] |
| Lido | $27.394b | +13.03% |
| Maker | $8.344b | +2.45% |
| AAVE | $8.265b | +10.41% |
| EigenLayer | $7.1b | +16.88% |
| JustLend | $6.59b | -0.04% |
Analysing the weekly performance of top DeFi protocols by Total Value Locked, EigenLayer demonstrates the highest increase in TVL with a remarkable 16.88%. Lido follows closely with a 13.03% increase, while AAVE shows a solid growth of 10.41%. Maker experiences a modest rise of 2.45%. However, JustLend records a slight decrease of -0.04% in TVL.
6. NFT Marketplace: A Basic Weekly Analysis
Blur, Blur Aggregator, Opensea, Gem and Cryptopunks are the top NFT marketplaces on the basis of market share. Let’s analyse them using the 7-Day Rolling Volume, 7-Day Rolling Trade and Volume Change indexes.
| NFT Marketplaces | Market Share | 7-day Rolling Volume | 7-day Rolling Trade | Volume Change [Last 7 Day over the Previous 7 Day Volume] |
| Blur | 54.19% | 30545.90 | 46676 | +9.86% |
| Blur Aggregator | 27.57% | 15001.69 | 26195 | +5.09% |
| Opensea | 11.78% | 10938.69 | 38109 | +2.86% |
| Gem | 2.46% | 1664.03 | 6946 | +24.64% |
| Cryptopunks | 1.82% | 1457.97 | 22 | -12.76% |
| Others | 2.18% |
Analysing the weekly performance of top NFT marketplaces by market share, Gem exhibits the highest volume change with an impressive increase of 24.64%. Blur, despite its dominant market share of 54.19%, shows a volume change of 9.86%. Blur Aggregator and Opensea also display positive volume changes of 5.09% and 2.86% respectively. However, Cryptopunks experiences a notable decrease in volume change at -12.76%.
6.1. Top NFT Collectible Sales this Week
Happy Hoppers Club Poster #09281, Wrapped Ether Rock #46, CryptoPunks #3167, BOOGLE #058, and Autoglyphs #346 are the top NFT collectable sales reported this week in the NFT market landscape.
| NFT Collectibles | Price (in USD) |
| Happy Hoppers Club Poster #09281 | $863,409.96 |
| Wrapped Ether Rock #46 | $496,658.44 |
| CryptoPunks #3167 | $449,869.88 |
| BOOGLE #058 | $325,767.95 |
| Autoglyphs #346 | $263,315.16 |
The week’s top NFT collectible sales showcase notable transactions in the digital art market. The Happy Hoppers Club Poster #09281 fetched $863,409.96, followed by Wrapped Ether Rock #46 at $496,658.44. CryptoPunks #3167 sold for $449,869.88, while BOOGLE #058 and Autoglyphs #346 were also sold at significant prices of $325,767.95 and $263,315.16 respectively, highlighting the growing value and interest in digital collectibles.
7. Web3 Weekly Funding Analysis
7.1. ICO Landscape: A Weekly Overview
Lynex, Ta-da, MeMusic, and Meson.Network are the major ICOs that ended this week. All of them achieved their fundraising target.
| ICO | Token Price | Received | Fundraising Goal | Total Tokens | Token (Available for Sale) |
| Lynex | $0.06 | $450,000 | $600,000 | 100,000,000 | 25% |
| Ta-da | $0.022 | $4,550,000 | $1,100,000 | 1,000,000,000 | 27.57% |
| MeMusic | $0.02 | $4,070,000 | $300,000 | 1,000,000,000 | 25.75% |
| Meson.Network | $1.75 | $12,250,000 | $8,750,000 | 100,000,000 | 31% |
This week’s ICO funding reveals diverse projects seeking support in the blockchain space.
Lynex, a decentralised exchange and liquidity marketplace on the Linea blockchain, aimed to raise $600,000 with a token price of $0.06, offering 25% of its total tokens for sale. Ta-da, a platform facilitating interactions between AI companies and users, aimed for $1,100,000 in funding with a token price of $0.022, offering 27.57% of its total tokens. MeMusic, providing an inclusive ecosystem through blockchain services, sought $300,000, offering 25.75% of its tokens at $0.02 each. Meson Network, revolutionising Web3 with a streamlined bandwidth marketplace, targeted $8,750,000 in funding at a token price of $1.75, offering 31% of its total tokens for sale.
8. Weekly Blockchain Hack Analysis
As of February 17, 2024, the total amount of money stolen through hacking is $7.65 billion. Within this, $5.79 billion was taken from decentralised finance (DeFi) platforms, and $2.83 billion form bridges connecting different blockchain networks.
On January 30, 2024, Abracadabra encountered a hack resulting in a $6.5 million loss. Earlier, on January 22 and January 16, 2024, Concentric and Bungee also fell victim to similar hacks, losing $1.72 million and $3.3 million, respectively. Prior to that, on January 12 and January 4, 2024, Wise Lending and Gamma experienced hacks resulting in losses of $0.46 million and $4.5 million, respectively.
Endnote
In this week’s comprehensive analysis of Web3, Blockchain and Crypto, we have brought out powerful insights, which can be used to stay-to-data about the market developments. As the landscape evolves, the strategic integration of technology and data-driven decision-making becomes paramount for stakeholders navigating the dynamic realms of decentralised technologies.