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
- Seneca Protocol Hacker Returns Stolen Ether Tokens After Exploit
The hacker returned $5.3 million worth of Ether after exploiting an approval mechanism bug in Seneca Protocol’s smart contract, draining $6.4 million. The protocol offered leniency, not pursuing legal action if 80% was returned.
- Gemini to Return $1.1 Billion in Settlement Deal with NY Regulators
Gemini agrees to repay customers $1.1 billion from its defunct Earn Program in a settlement with New York regulators. The exchange faces legal challenges from the SEC and the NY Attorney General’s office.
- Robinhood Partners with Arbitrum for Access to Layer-2 Swaps
Robinhood collaborates with Arbitrum to offer its wallet users access to swaps on the layer-2 network. The alliance aims to simplify access to layer-2 networks, announced at ETHDenver 2024 event.
- Uniswap Introduces New Features to Enhance Swapping Experience
Uniswap introduces three features: Uniswap Extension, Limit Orders, and Data & Insights. Limit Orders and Data & Insights pages are live, with access via a waitlist system for users.
- CDC Supports Kraken in Lawsuit Against SEC’s Regulatory Tactics
The Chamber of Digital Commerce files amicus curiae to support Kraken against SEC lawsuit. CDC aims to counter SEC’s regulatory tactics and advocate for clearer rules.
- RiskOnBlast Under Scrutiny Amid Suspected Rug Pull Scam
RiskOnBlast project faces scrutiny over a suspected rug pull scam, leaving investors with significant losses. The project raised $1.25M in ETH for a presale token Risk.
- HTX Withdraws Crypto License Application in Hong Kong
HTX, formerly Huobi, withdraws crypto licence application from Hong Kong. The Virtual Asset Trading Platform (VATP) licence allows exchanges to operate within Hong Kong.
- MicroStrategy’s X Account Compromised in Ethereum Token Scam
Micostrategy’s X account hacked, leading to loss of $400k in Ethereum-backed token scam. The company becomes the latest victim of the X hack in 2024.
- OFAC Flags Wallet Addresses Linked to LockBit Affiliates
OFAC flags ten wallet addresses associated with LockBit ransomware affiliates. Artur Sungatov and Ivan Kondratyev face charges linked to ransomware deployment.
- Binance Agrees to $4.3 Billion Settlement for AML Violations
Binance pleads guilty to AML and sanctions violations, agrees to $4.3 billion settlement. A U.S. federal judge approves the plea and settlement deal.
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 Ergo, ZetaChain, Cardano, Base, and Metis Andromeda.
| Blockchain | 7-Day Change (in %) | TVL |
| Ergo | 35.9% | $11,717,364 |
| ZetaChain | 32.4% | $4,457,103 |
| Cardano | 28.6% | $485,599,836 |
| Base | 27.9% | $516,919,414 |
| Metis Andromeda | 27.1% | $89,816,456 |
Among the top blockchain performers by 7-day change, Ergo leads with a significant 35.9% increase, followed closely by ZetaChain, Cardano, Base, and Metis Andromeda. These gains indicate strong market demand and potentially favourable developments within these blockchain networks, suggesting potential investment opportunities.
2.2. Top Performers: 7-Day Change in Top 5 Blockchains with Highest TVL
Ethereum, TRON, BNB Smart Chain, Arbitrum One, and Solana 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 (in %) | Dominance | TVL (in Billion) |
| Ethereum | 15.3% | 65.70% | $55,680,891,029 |
| TRON | 12.6% | 11.17% | $9,470,543,359 |
| BNB Smart Chain | 16.0% | 6.20% | $5,254,452,699 |
| Arbitrum One | 12.4% | 4.68% | $3,970,063,989 |
| Solana | 26.2% | 3.08% | $2,614,086,829 |
| Others | 9.17% |
Among the top five chains with the highest Total Value Locked, Solana exhibits the highest 7-day change at 26.2%, indicating strong momentum. BNB Smart Chain and Ethereum follow with 16.0% and 15.3% respectively. TRON and Arbitrum One show comparatively lower changes at 12.6% and 12.4%.
3. Crypto Market Analysis
The crypto price and dominance analysis and top gains and losers analysis are the two prime sections 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 | 7d- Price Change (in %) | Dominance Percentage | Price | Market Cap |
| BTC | 21.7 | 50.06% | $62,005.50 | $1,218,394,972,538 |
| ETH | 16.1 | 16.89% | $3,421.37 | $410,942,976,277 |
| USDT | 0.2 | 4.05% | $1.00 | $99,397,231,923 |
| BNB | 8.4 | 2.56% | $409.61 | $63,213,112,875 |
| SOL | 27.5 | 2.4% | $128.74 | $56,980,635,126 |
| Others | 24.04% |
Among the top five cryptocurrencies with the highest market capitalisation, Solana leads with a 7-day price change of 27.5%, followed by Bitcoin at 21.7% and Etheruem at 16.1%. BNB shows an 8.4% increase, while Tether has a minimal change of 0.2%. These fluctuations reflect investor sentiment and market dynamics impacting cryptocurrency prices.
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 | 7-Day Gain (in %) | Price |
| dogwifhat | 299.97% | $1.20 |
| Pepe | 241.69% | $0.000004075 |
| Shiba Inu | 113.45% | $0.00002026 |
| Bonk | 108.78% | $0.00002379 |
| Arweave | 100.49% | $26.01 |
The top gainers of the week in the crypto market exhibit substantial growth, with Dogwifhat leading at 299.9% gain, followed by Pepe at 241.69%, Shiba Inu at 113.78%, Bonk at 108.78%, and Arweave at 100.49%. Notably, a majority of these coins are characterised by their meme-inspired origins, reflecting a trend where community-driven and novelty themed cryptocurrencies are gaining significant traction.
3.2.2. Top Losers of the Week in Crypto
| Cryptocurrency | 7-Day Loss (in %) | Price |
| Bitget Token | 5.94 | $0.936 |
| Starknet | 3.30 | $1.84 |
| Worldcoin | 2.95 | $7.72 |
The top losers of the week in the crypto market experienced modest losses, with Bitget Token leading at 5.94%, followed by Starknet at 3.30% and Worldcoin at 2.95%. Interestingly, a majority of these coins share a characteristic of being relatively newer projects or lesser-known tokens within the crypto space.
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 Dominance (7d) [in %] | Market Capitalisation (7d) | Trading Volume (7d) | Market Capitalisation |
| USDT | 71.37% | $99,274,662,637 | $64,886,564,825 | $99,374,582,749 |
| USDC | 20.74% | $28,988,023,973 | $7,660,939,366 | $29,062,902,176 |
| Dai | 3.61% | $5,029,425,225 | $208,750,503 | $5,011,755,123 |
| First Digital USD | 2.34% | $3,243,882,916 | $9,794,726,739 | $3,251,032,916 |
| TrueUSD | 0.93% | $1,288,752,739 | $97,196,974 | $1,291,448,000 |
| Others | 1.01% |
Among the top stablecoins, Tether dominates the market at 71.37% followed by USDC at 20.74%. While Dai, First Digital USD, and TrueUSD hold smaller market shares, they still contribute to stabilising the crypto market. The date suggests Tether’s strong position as the leading stablecoin, with USDC also showing significant market presence, indicating investor trust in these widely used stable assets.
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 | Change (Gain/Loss) (in %) | Asset Under Management (in Billion) | Price |
| ProShares | +1.74% | $598.78M | $29.00 |
| VanEck | +0.33% | $42.41M | $39.22 |
| Valkyrie | +1.63% | $38.20M | $19.90 |
| Global X | +2.55% | $26.10M | $67.69 |
| Ark/21 Shares | +1.29% | $8.01M | $61.80 |
Among the top Bitcoin Futures ETFs, Global X leads with a gain of +2.55%, followed by ProShares at +1.74%, and Valkyrie at +1.63%. Ark/21 Shares and VanEck show comparatively smaller gains. These ETFs track Bitcoin futures contracts, providing investors exposure to Bitcoin’s price movements without directly holding the cryptocurrency. The positive changes reflect growing investor interest and confidence in Bitcoin derivatives.
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 | Change (Gain/Loss) (in %) | Asset Under Management (in Billion) | Price |
| Grayscale | +1.68% | $26.60B | $56.28 |
| BlackRock | +1.61% | $10.01B | $35.99 |
| Fidelity | +1.58% | $6.47B | $55.19 |
| Ark/21 Shares | +1.45% | $2.11B | $63.18 |
| Bitwise | +1.77% | $1.53B | $34.43 |
Among the top Bitcoin Spot ETFs, Bitwise shows the highest gain at +1.77%, followed by Grayscale at +1.68%, and BlackRock at +1.61%. Fidelity and Ark/21 Shares also exhibit positive changes. The gains reflect growing interest in these top five ETFs.
5. DeFi Market Weekly Status Analysis
Lido, AAVE, EigenLayer, Maker, and JustLend are the five top DeFi protocols on the basis of TVL. Let’s analyse its weekly performance using the 7d Change in TVL index.
| DeFi Protocols | 7d Change (in Total Value Locked) [in %] | TVL |
| Lido | +16.61% | $33.83b |
| AAVE | +19.49% | $10.092b |
| EigenLayer | +26.72% | $9.945b |
| Maker | +7.14% | $9.23b |
| JustLend | +11.03% | $6.908b |
Among the top DeFi protocols, EigenLayer exhibits the highest 7-day change in Total Value Locked at +26.72%, followed by AAVE at +19.49% and Lido at +16.61%. Maker and JustLend show comparatively smaller increases. The significant gains suggest growing adoption and utilisation of these protocols within the decentralised finance ecosystem.
6. NFT Marketplace: A Basic Weekly Analysis
Blur, Blur Aggregator, Opensea, Cryptopunks, and Gem 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 indices.
| NFT Marketplaces | Volume Change [Last 7 Day over the Previous 7 Day Volume] [In %] | Market Share | 7-day Rolling Volume | 7-day Rolling Trades |
| Blur | -10.88% | 56.70% | 29141.76 | 43801 |
| Blur Aggregator | -11.62% | 20.23% | 16442.14 | 22465 |
| Opensea | -6.21% | 16.05% | 9517.86 | 25445 |
| Cryptopunks | +114% | 3.11% | 2817.99 | 42 |
| Gem | -23.83% | 1.56% | 1344.29 | 4183 |
| Others | 2.35% |
Among the top NFT marketplaces, Cryptopunks experiences the highest volume increase at +114% while Gem shows a significant decrease of -23.83%. Blur Aggregator, Blur and Opensea also observe decline in volume. The date suggests a dynamic NFT market where volume fluctuations vary across platforms, influenced by factors like new releases, platform features and market demand for specific NFT collections.
6.1. Top NFT Collectible Sales this Week
Budgie, Composable Restaking Position, CryptoPunks #5308, and CryptoPunks #7049 are the top NFT collectable sales reported this week in the NFT market landscape.
| NFT Collectibles | Price (in USD) |
| Budgie #ci7…. | $1,444,812.49 |
| Composable Restaking Position #79b.. | $1,108,561.85 |
| CryptoPunks #5308 | $492,694.44 |
| CryptoPunks #5308 | $457,764.03 |
| CryptoPunks #7049 | $362,396.53 |
Among the top NFT collectibles, Budgie holds the highest price at $1,444,812.49, followed by Composable Restaking Position at $1,108,561.85. CryptoPunks #5308 and #7049 are priced at $492,694.44 and $362,396.53 respectively.
7. Web3 Weekly Funding Analysis
7.1. ICO Landscape: A Weekly Overview
Vendetta Games, Portal, Style Protocol, Beoble, QnA3.AI, and Dechat are the major ICOs that ended this week.
| ICO | Token Price | Received | Fundraising Goal | Total Tokens | Token (Available for Sale) |
| Vendetta Games | $0.15 | $200,000 | $200,000 | 100,000,000 | 24% |
| Portal | n/a | n/a | 50,000,000 Tokens | 1,000,000,000 | 33% |
| Style Protocol | $0.01 | $1,720,000 | $400,000 | 920,000,000 | 29.3% |
| Beoble | $0.025 | $7,820,000 | $200,000 | 1,000,000,000 | 29.1% |
| QnA3.AI | n/a | n/a | 15,000,000 Tokens | 1,000,000,000 | n/a |
| Dechat | $0.55 | n/a | $475,000 | 25,000,000 | 28.36% |
Among the major ICOs ending this week, Beoble raised the highest amount at $7,820,000, surpassing its fundraising goal of $200,000. Style Protocol and Vendetta Games also completed their ICOS, with varying degrees of success in meeting fundraising targets.
8. Weekly Blockchain Hack Analysis
As of March 2, 2024, hackers stole $7.68 billion. $5.82 billion came from DeFi platforms, and $2.83 billion from blockchain bridges.
Recent hacks include FixedFlot losing $26.1 million on Feb 18, Abracadabra losing $6.5 million on Jan 30, Concentric losing $1.72 million on Jan 22, and Bungee losing $3.3 million on Jan 16.
Earlier, Wise Lending lost $0.46 million on Jan 12, and Gamma lost $4.5 million on Jan 4.
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.