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 June 13th – 19th. The short-term BTC down last week led the whole market to go down. The Ethereum ecosystem has also been hit hard. Let’s go to the numbers in more detail.

Network Growth

Daily Transactions

Daily transactions on Ethereum from June 13th – 19th are at a current level of 7.58M transactions. Up 3.8% (last week’s total transaction is:  7.29M). The highest number of 1,716,600 transactions was on Sunday, May 9, 2021. The lowest number of 1,329 transactions was on Sunday, August 9, 2015. The number of daily transactions is increasing from the previous week. The total transactions add 287,878 transactions. This happened because last week have an issue with stETH of the influence of BTC on the whole market after BTC closed the weekly candle down 35% from the highest price. ETH is also down 39.5% from the top.

Unique Addresses

Ethereum Cumulative Unique Addresses is at a current level of 199.02M and according to etherscan.io, between June 13th – 19th, Ethereum has added 541,403 new and unique addresses to its network, down 5.4% (last week’s daily increase is: 572,315 addresses). The chart shows the total distinct numbers of addresses on the Ethereum blockchain and the increase in the number of addresses daily. Looking at the chart, we can see that unique addresses are always increasing.

Active addresses

The daily active address count is 436,122 addresses with a received count: of 327,302 addresses and sends count of 222,577 address. The active addresses increase compared to last week’s  424,933 addresses. The chart shows the daily number of unique addresses that were active on the network as a sender or receiver in last week has increased. With the depeg of stETH make many people panic and sell their assets despite the loss, the common sentiment is fear.

Total Value Locked

The total value locked on Ethereum is taking 1st place with $46.48b take 63.56% of all chains it’s down 19.65% compare last week ($57.84b). After one week with much fud from ETH, big ventures made the whole market fall deeply, and a large amount of money has flowed out of the Ethereum chain, besides total value locked decreased because asset was effect by BTC with no signs of recovery.

Total Stablecoin Supply

Total Ethereum Stablecoins Market Cap is $91.52b down 0.5% from last week, taking over 60.82% of Total Stablecoins Market Cap ($150.46b). In which USDC dominance: 42.1%, USDT dominance: 30.6%, BUSD dominance: 13.9%. The total supply of stable coins on the Ethereum chain has reduced over the past week. With Dapps dominating, Defi applications are increasingly being used by many people on the Ethereum chain that has attracted a huge amount of stablecoins to the Ethereum chain.

Top 10 Price Performance last 7D in Ecosystem

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Highlight Events

stETH Depeg

The failure of UST has started an unwell game of the Defi system, USDD has also lost peg in the past few days and most recently stETH lost it’s peg, some defi protocols have the possibility of default like Celsius being on the brink. The story begins when Ethereum announced the stake of 32 ETH to become a validator is a virtual entity that lives on the Beacon Chain, represented by a balance, public key, and other properties, and participates in the consensus of the Ethereum network.

Individuals with a small amount of ETH want to participate but can’t afford it and whales like defi protocols have also jumped in.An example is LIDO Finance the largest Ether staking service which informs staking ETH to receive interest 4% APY and you will get stETH back with peg 1:1.

For more information: CLICK HERE

Circle Launches Euro-Backed Stablecoin On Ethereum

EUROC is an ERC-20 token of Ethereum, which is expected to support more blockchains this year. The total supply of stablecoins at the time of launch is unknown. Launched in 2018, Circle is a stablecoin issuer from the US and has tried to get a banking license in the US to be regulated. In just 4 years, USDC has become the 2nd largest stablecoin in the cryptocurrency market with a market capitalization of $54.4 billion as of June 16, close to rival Tether (USDT) with a capitalization of $70,8 billion.

For more information: CLICK HERE

Defi Lego

DEX

Celsius Prepare For Bankruptcy

On the morning of June 15, the Wall Street Journal reported that Celsius Network, the lending platform at the heart of the current sell-off in the cryptocurrency market, hired the law firm Akin Gump Strauss Hauer & Feld LLP to prepare for the launch of the process of “debt restructuring”. The WSJ source revealed that Celsius “is considering financing options from investors, but has not overlooked other possibilities such as corporate restructuring”.

Celsius Network is valued at up to 3.25 billion USD, with the participation of many large investment institutions, including Canada’s second-largest pension fund in November 2021. However, due to various events, from giving money to a hacked project to investing in LUNA-UST, then stETH, Celsius’s liquidity has eroded in just the past 6 months at an alarming rate.

For more information: CLICK HERE

Immutable Establishes A Fund Of $500 Million To Develop The Web3 Game

The layer-2 startup on Ethereum Immutable has just announced a $500 million development fund to fund blockchain projects, especially the gaming segment. The foundation will provide grants and investments in blockchain titles, especially NFT projects. To be funded, projects must be deployed on Immutable X, a layer-2 protocol designed to speed up and reduce transaction costs for NFTs.

For more information: CLICK HERE

Stake DAO Expanding to Multiple Protocols

Stake DAO spotted the opportunity and quickly released their sdTokens liquid locker. They chose to leave voting power in the liquid sdTokens, allowing for an easy integration of new protocols. Compared to Convex where the voting power is concentrated in locked CVX, sdTokens can be staked to keep the voting power of their underlying veTokens and earn incentives.

For more information: CLICK HERE

The ICHI Guide to Bancor v3

Bancor v3 was announced at the end of 2021 with exciting updates like instant impermanent loss protection and dual liquidity rewards for whitelisted tokens. As a whitelisted token on Bancor, Legacy ICHI and its pool have been automatically upgraded and have migrated over to Bancor v3. Below is a guide for migrating Legacy ICHI to Bancor v3.

For more information: CLICK HERE

LayerSwap native integration to iOS and Loopring web app

Move funds off exchanges + onto Loopring L2 seamlessly with a few clicks on your Loopring android app. LayerSwap native integration coming soon to mobile iOS and Loopring web app. Starting with the latest version of the app you’ll be able to bring your #LRC and other assets from exchanges to the Loopring L2 without ever leaving the wallet.

For more information: CLICK HERE

NFT/Gaming

GameStop Wallet built with Loopring L2

Introducing GameStop Wallet, the first EOA wallet built with Loopring L2 directly baked into the experience. This sleek Web3 wallet allows you to make affordable transactions at blazing fast speeds. This guide below will show you exactly how to create and use this powerful wallet. Loopring’s zkRollup is designed to hyper-scale DeFi and NFTs while maintaining the same security guarantees as Ethereum L1. To navigate this large and growing Loopring ecosystem, a web-based wallet is needed more than ever. Providing self-sovereignty and financial freedom through a non-custodial wallet will truly help bring power to the players.

For more information: CLICK HERE

Using the bridge that had the most wallets bridging into Arbitrum to claim the first NFT

Starting June 21st at 1pm EST, by using any of the bridges/cexs listed below to move ETH into Arbitrum, you’ll be able to claim the first NFT after the week ends. Users who end up using the bridge that had the most wallets bridging into Arbitrum are in store for a bonus NFT.

For more information: CLICK HERE

Verdict

The above are some significant new developments in the Ethereum ecosystem that occurred in the past week. There are still worthwhile initiatives in the works. But with the effect of BTC on the whole market, next week there may be more serious declines. Keep a look out for the announcement next week.

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