Research, news, and data for institutions evaluating opportunities in digital assets. Visit
@TheBlock__
for more headlines on the latest industry developments.
[1/17] 2022 has been a crypto year for the history books, and with a team of analysts from around the world, we're proud to release our Digital Asset Outlook Report 2023.
🔖 Download the report and see the thread below for some of the top highlights:
2021 has been the best crypto year and with a team of 29 analysts, we are proud to release our Digital Asset Outlook 2022.
Here's our top-12 crypto highlights below 🧵
1/ As the year comes to an end, The Block Research takes a look at our top 20 most read reports in 2021.
What were our institutional members interested in? Let's see👇
FTX owes more than $5.0bn USD, $1.41bn BTC, $800mm Tether and $670mm ETH, along with loans to BlockFi, Genesis and LayerZero totaling close to $9.0bn outstanding.
We’re delighted to collaborate with
@Coinbase
on a report examining the State of Crypto Adoption, released today @ the State of Crypto Summit.
We conducted research on how Fortune 100 companies are innovating and investing in web3. Here’s what we found 👇
Blur outpaced OpenSea in March's royalty payments to creators, reaching $12.6M, up from February's $11.2M. In contrast, OpenSea's royalties declined from $17.3M to $9.9M.
[12/17]
...The fall of Terra triggered the collapse of 6 powerful centralized crypto players.
➡️ Namely: 3AC, Voyager, Celsius, FTX & Alameda Research, and BlockFi.
➡️ The reverberation continues to impact other players such as Gemini and Digital Currency Group.
[1/18] 2023 has been a year of revitalization for the crypto industry. We are excited to release our 2024 Digital Asset Outlook, which examines the markets and infrastructure crypto trades on, along with the blockchain platforms and applications that drive adoption
⬇️Download
Layer N is an Ethereum Layer 2 solution that's made up of composable, application-specific rollups on Ethereum, with a proving system that utilizes zero-knowledge fraud proofs (ZKFPs).
1/There’s no Bitcoin “customer service department" for chargebacks or fraud. Storage & transfer is vital & a diverse group of firms are meeting these needs. A big thank you to
@FireblocksHQ
for commissioning this report which can be accessed for free here:
Treasuries of top DeFi protocols have experienced significant drawdowns of up to 90 percent. The drawdowns could be attributed to treasuries holding a significant proportion of their protocol's native tokens, whose prices have fallen sharply during the ongoing market downturn.
KuCoin holds nearly one-fifth of its reserves in KCS, its own exchange token. Should this percentage start growing rapidly, it may become a cause for concern, just like how the illiquid FTT formed the bulk of FTX’s balance sheet.
In February, Arweave launched AO, a distributed computing environment with a native token for secure message validation and developer revenue. AO's token economics set a supply cap at 21M tokens with a unique minting rate, avoiding Bitcoin's abrupt halving mechanism.
[2/17]
General Market Landscape:
📉 In 2022, the total crypto market cap dipped below $1trn.
📉 Whereas, its total monthly cryptocurrency spot volume hit a nine-year low of $673bn in November.
📈 Binance consolidated its market share from 60% to 75% over the same period.
MicroStrategy has $2.4bn in debt outstanding, the majority of which was used to finance the BTC acquisitions. Per Q3'22, MicroStrategy's cash on balance sheet reflects ~$60.4mm or a net debt of ~$2.3bn.
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Berachain has three native tokens; BERA, BGT and HONEY. The blockchain's economic model features a feedback loop where BERA stakers are rewarded with block rewards in the form of BERA while BGT holders are rewarded with protocol fees and revenue earned by the network.
Chromia, a Layer 1 blockchain set to launch its mainnet in Q3'24, introduces the unique Postchain framework, utilizing relational databases for higher throughput. It enhances scalability through selective sharding in dapp clusters, optimizing resource allocation for developers.
For the first time, the volume of Ethereum futures was larger than that of Bitcoin futures. This was most likely due to the market positioning for the upcoming Ethereum Merge this month.
Base continues to be highly profitable for Coinbase. Assuming the current average of $168K in daily profits, Coinbase could see $61M in annual profit from it's new Layer 2 network.
As of this writing, the total value locked in the Hedera DeFi ecosystem has grown to $80 million, of which 69% is liquid-staked HBAR in Stader, a liquid-staking platform built on Hedera.
NFTPerp is an Arbitrum-based DEX that allows users to long or short the floor price of any whitelisted blue-chip NFT with up to 5x leverage. They recently raised $7 million in a seed round at a valuation of $17 million.
[14/17]
Web3 Games:
➡️ Web3 games have not proven market-proof as they suffered from user retention and token price crashes.
➡️ They have also undergone unsuccessful rebranding attempts from "play-to-earn" to "play-and-earn," "play-to-own", and "free-to-own."
Eclipse is a rollup that aims to leverage the Solana Virtual Machine (SVM) to scale Ethereum's throughput. Eclipse's use of SVM will allow it to leverage all the advantages that the SVM possesses, which the Ethereum Virtual Machine does not.
is an invite-only crypto social trading card game featuring NFT cards of crypto influencers from X (formerly Twitter). Players compete in tiered leagues, build decks of influencer NFT cards and improve card rarity and score by burning five identical cards.
STARTING NOW. Please join us for a SPECIAL UPDATE on The New Ethereum Post Shapella.
@theBlockPro__
Research Analyst
@pengcapital
examines the implications of Ethereum's Shapella for users, devs & investors. *Open to everyone* including non-subscribers. Register below👇
The two categories that made up the majority of funding last month in dollar terms were Infrastructure ($636.5 million) and Crypto Financial Services (196.3 million).
Cryptocurrency spot trading volumes increased by 23.7% in November. Binance expanded its market share after the FTX collapse, capturing 75.1% of the legitimate traded volume in November.
Of the four main shard chains that exist today, namely Elrond, Near, Harmony and Zilliqa, only Elrond and Aurora, an EVM emulator on one of Near’s shards, managed to retain a notable fraction of their liquidity and users in 2022.
DeFi lending protocols secure value in the tens of billions USD. In theory, interest rate swaps protocols like Voltz could support markets for many multiples of that amount through leverage.