This Week on web3 5min recap

Market information, major news, and fundraising status for 9/28~10/4.

Oct 07, 2024

Good morning.
Mitsui from web3 researcher.

Every Monday is a summary article about the web3 market for the past week.We gather information from over 20 national and international media outlets and newsletters and pick up news from them.Please use this page to catch up on information and trends!

As mentioned in the description of yesterday's article, we have cut out information on fundraising projects and updated it on Sundays.This article will introduce major news pickups and explain market information.

💥News Pickup
📊Market &News (L1, L2, DeFi, NFT, GameFi, Other)
💬Animal coins remain popular & EigenLayer's line end is a major turning point

💥News Pickup

1,Pump.fun is rising in popularity again thanks to Moo Deng.

Pump.fun was strong again after the launch of $MOODENG, reaching $1.1 million in daily revenue on Saturday, September 28.
This is a return to peak levels not seen since August 9, signaling a resurgence in the meme token market.

Moo Deng is the name of a two-month-old baby pygmy hippopotamus born in a zoo in Thailand that has been creating buzz on the Internet since shortly after its birth.
The Moo Deng token was released on Pump fun and exceeded $70 million in market capitalization in just two weeks.

2,Propose native DEX to the Ethena network.

https://gov.ethenafoundation.com/t/introducing-ethereal-request-to-ethena-governance-on-integration/154

On September 29, the Ethena Governance Forum proposed the launch and direct integration of Ethereal, a spot and permanent futures DEX to be launched on the Ethena network.
The proposal calls for Ethereal to be "integrated directly into Ethena-related reserve management from launch and provide a complete on-chain venue for the management of USDe-backed spot and derivative positions."
Proponent Fells0x touts Ethereal as a way to facilitate demand and decentralization of USDe and promises to "allocate 15% of Ethereal Governance Tokens in the future" to "ensure collaboration" by the Ethena community.

3,EigenLayer to unlock tokens at $6.7 billion valuation.

The EigenLayer tokens, a re-staking protocol, were unlocked for trading approximately five months after the first tokens were airdropped to initial users.
It launches with a total supply of slightly more than 1.67 billion tokens, but the supply will eventually increase over time due to dynamic supply.
Token price drops 16% after release.

https://defillama.com/protocol/eigenlayer#information

TVL at the moment is $10.829B.

4,Satoshi Nakamoto Revealed?New Documentary Claims to Solve 'Bitcoin Mystery'

An HBO documentary that promises new details about the identity of Bitcoin creator Satoshi Nakamoto is causing a stir on cryptocurrency-related Twitter.
The documentary, "Money Electric: The Mystery of Bitcoin," will explore the still controversial issues of who really invented Bitcoin, whether he did so single-handedly or with the help of others, and the huge impact their invention has had on the global economy since then.The book delves into these issues.
Scheduled to open to the public on October 8.

5,Arbitrum One,Through 1 billion transactions since launch in 2021

Arbitrum One, a Layer 2 rollup, has surpassed 1 billion transactions since its Mainnet launch in August 2021.
Competitor Base has recorded 755 million transactions to date, while OP Mainnet has reached 347 million transactions.
Base currently leads in daily transaction volume, with Arbitrum in second place.
Arbitrum's TVL remains the highest among Layer 2 solutions at $2.5 billion, followed by Base at $2.2 billion.

6,Snowden Criticizes Solana, Calling It a Centralized Chain Used for "Meme Coins and Scams"; Developers Push Back.

Former NSA whistleblower Edward Snowden openly criticized the centralization of the Solana blockchain network at the Token2049 conference.
Snowden emphasized that Solana boasts technical advantages in terms of speed and efficiency, but at the expense of decentralization.
The debate about Solana's centralization is not new.Cryptocurrency advocates have long pointed out that the platform's governance structure is overly centralized.
As Mert Mumtaz, co-founder and CEO of Helius Labs and an avid supporter of Solana, pointed out on Twitter, Snowden has pushed back against his claims without any evidence or support.
Mumtaz acknowledged that the longer-running Bitcoin and Ethereum networks are more decentralized than Solana, but disputed the notion that the network could be brought down by a single point of failure.
Solana's developer community strives to overcome these claims, defending the network's current level of decentralization and welcoming the imminent release of Firedancer, a completely separate second validator client created by Jump CryptoThe company is also
Solana co-founder Anatoly Yakovenko addressed the discussion in a tweet, without directly mentioning it, commenting, "As always, Solana is decentralized only by objectively measurable indicators and centralized for everything else."

📊Market & News

⛓️L1 Blockchain

Token prices are generally falling, but only Aptos is showing an increase.

⛓️L2 Blockchain

All TVLs are falling.

💰DeFi

Looking at the 7-day period, almost all of the top protocols have fallen.

🖼️NFT

Transaction volume is rising.On a per chain basis, Polygon, Mythos and Blast are showing an increase.

🎮GameFi

The top titles are growing.Pixels in particular has been holding the #1 spot for a long time, which is amazing.

Dapps related

State, Legal & Regulatory Affairs

Other

💬Zoo animal coins remain popular&EigenLayer's end of the line is a major turning point

The final section is a summary.

We have been updating the news summary for some time and will continue to focus on updating it.

As a web3 researcher, I read more than 20 newsletters every day, and I also look at other media.There are some areas that cannot be covered by domestic media alone, and it takes time to read that many media, which I feel is one of the reasons I am a full-time researcher.So, I will continue to curate information from these sources and deliver it in an easy-to-understand format!

Well, this article is mainly an introduction to the news, so I'll keep the summary light.

Animal coins are as popular as ever, starting with the DOGE, then the SHIB, and now the baby pygmy hippo has become a star.

We have seen internet memes turn into coins and create economies on several occasions, but to see them grow so quickly is, as always, amazing.It has also brought Pump fun back to life and the Solana ecosystem (especially DEX trading volume) has exploded.

And I am personally concerned about the end of the line for EigenLayer.I have been covering its progress regularly in my newsletter, but since it is the leading company that has completely pioneered the protocols that have made it so big and the new genre of re-staking, I believe that if EigenLaler is mocked, the entire industry will suffer a pretty big damage.

Currently, I feel that expectations have not been exceeded with the $EIGEN airdrop.Or perhaps the expectations were too high and it was just released at the right price.There is a non-zero possibility that experiments in this area will start to come around in the future to see how much revenue will come in from AVS and how much better the yield will really be for restaking, and if it is less than imagined, funds will leave restaking and the restaking ecosystem will collapse.

So we will continue to follow this place and will update with regular reports.

This is a review of the web3 market for the past week!

Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.

About us
🇯🇵🇺🇸🇰🇷🇨🇳🇪🇸 The English version of the web3 newsletter, which is available in 5 languages. Based on the concept of ``Learn more about web3 in 5 minutes a day,'' we deliver research articles five times a week, including explanations of popular web3 trends, project explanations, and introductions to the latest news.

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

web3 Research