Uptober, Choptober or REKTober?

Weekly Wrap: 2nd October - 9th October

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After an initial boost last week, "Uptober" has been more of a "Choptober" so far with very little change to Bitcoin and a small drop in the price of Ethereum after the Ethereum Foundation sold $2.74 million of ETH on Monday 9th.

No news on the ETF front either. Mostly the markets seem to be sitting and waiting for the next big move. There are certainly a few potential catalysts in play right now.

One less than optimistic take comes from Arthur Hayes of BitMex fame, who suggess that a banking crisis could be on the horizon to shift the theme of the month to REKTober.

In the world of NFTs, volumes continue to fall, although we could be due a small shakeup in November as Blur have just announced that season 2 of their airdrop will end on November 20th.

Onwards...

- @nuconomist

Crypto Market Cap: $1.11 Trillion Dollars 🔽 -3.98%

Bitcoin: $27,934 🔽 -0.17%

Ethereum: $1,633 🔽 -5.77%

Bitcoin Dominance: 45.89% 🔽 -3.79%

Ethereum Dominance: 17.48% 🔽 -0.91%

Other Crypto (excl. BTC & ETH): 36.63% 🔼 -5.68%

Ethereum has become more centralised since the Merge and Shanghai upgrades: JP Morgan - CoinDesk

While this shouldn't be news to anyone following Ethereum staking closely, JP Morgan have raised concerns about the increasing centralisation in Ethereum due to usage of liquid staking with Lido. Additionally they mention decreased yields after the merge at the same time as rising risks.

THORSwap pauses platform after series of FTX hack-linked trades - CoinDesk

Another on-chain service proving it is only decentralised when convenient. After funds associated with the FTX hacker were seen moving through the chain last week, developers made moves to pause the THORswap interface.

Gitcoin sends $460k into unrecoverable address - CoinTelegraph

If you've ever found yourself checking your Ethereum address again and again before hitting send, then this is the nightmare you want to avoid. Gitcoin managed to send almost half a million dollars worth of their token to an address that it cannot be retrieved from. A painful situation for anyone and not a great look for DAO operations.

Layer 2 Blockchains Host the Most Ethereum Transactions - Decrypt

With a little lot of help from Friend.Tech, the Base L2 from CoinBase briefly had more transactions than Ethereum at the layer one. More broadly Ethereum L2s are seeing a combined volume greater than the base layer which should be a positive for avoiding, or at least reducing, the painful gas spikes seen during the last bull run.

NFT Market Cap (ETH): Ξ 7.0 Million 🔼 | $11.08 Billion (+0.01%)

Weekly NFT Volume (ETH): 28,776 🔽 -4.71%

Weekly NFT Traders: 44,554 🔽 -9.03%

Weekly NFT Loan Volume (USD): $58.0 Million

Weekly NFT Deposited as Collateral: 3755 🔼 +3.67%

Bored Ape Yacht Club: Floor: 26.69 ETH | Volume: 3,684 ETH 🔽

CrypToadz NFT Sells for $1.6 Million - Decrypt

Unfortunately it doesn't look like they were in it for the art... With the floor price sitting at around half an ETH, there is speculation that this is linked to either a mistake or money laundering. Either way, this leads to ethical questions. If it's a fat finger mistake, should the user keep the funds? If it is linked to money laundering, do OpenSea keep the ~$40k of fees linked to the transaction?

NFT Artists Invade London's Saatchi Gallery - Decrypt

The traditional art world is still flirting with accepting crypto creations into its arms with this latest exhibition. In a similar vein, several notable galleries and museums around the world, from France to New York, are currently showcasing NFT.

Bitcoin Ordinals Growing Despite NFT Market Downturn - NFT Now

NFTs on Bitcoin is clearly going to be a thing moving forward and it is promising to see its growth, even as the broader market reaches new lows. According to this articles NFT sales are at lows not seen since September 2021, while 1.14 million Ordinals have been created in the first 200 days of the protocols existence.

Diesel Debuts "Vert" NFT Timepiece Collection - NFT Now

Hot on the heels of a free mint from Casio in the past few weeks, the higher end Diesel brand is launching their own watch NFT with variations of a limited edition physical. Oddly this metaverse experience aims to evole the timepiece into a virtual avatar in a virtual world available throughout November. This definitely sounds more like experimental marketing than mainstream acceptance but it could be one to watch.

Tooting my own horn this week and sharing the new dynamic PFP I created for social media. It exists as an ERC721 NFT on the Ethereum network with its metadata served from this site. It should allow me to switch things up on the fly, but begs the question of why it even needs to be an NFT in the first place. One answer is a cryptographic proof that I'm vouching for my PFP, but with dynamic metadata the content can change in a moment. It probably makes sense to include a time-stamped hash of the metadata to vouch for the specific contents as well as the token as a whole. I'll likely introduce something like that soon.

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