GM and welcome to another edition of CoinStats Scoop! 🥂 Here’s an overview of this week’s newsletter:
The usual broader market update with highlights of this week's impactful news
Updates on this week’s noteworthy news and developments
Breaking down MetaMask, Polygon, and Uniswap announcements
Reading & thinking about all things Bitcoin NFTs as they continue taking off
Weekly wrap-up: predictions & takeaways.
Market Overview
While this week crypto continued to take a massive step forward from mid to long-term adoption, the prices, unfortunately, dropped in the short term. 😒 This week saw impactful announcements throughout the entire crypto ecosystem at the annual ETH Denver conference, but prices rained on the parade as the conference kicked off.
As a result, BTC and ETH both lost around 5% this week, still remaining on the rise since the new year! Also of note, the total crypto market has been holding steadily above the psychologically important one trillion dollar mark as prices have stabilized since Thursday evening's flash crash. 🌞
Concerning the small pullback, our remarks from January and February reviews are worth mentioning once again: “While minor pullbacks in token prices are expected, the outlook for 2023 continues to improve drastically, and the long-term future of crypto has never looked brighter!”
We'll cover the big announcements from the likes of Metamask, Uniswap, & Polygon made at ETH Denver in-depth below. Interestingly, despite BTC and ETH consolidating a bit lower this week, several DeFi tokens displayed strong performance. 💪 Some of the best performing tokens this week were:
LQTY +80%,
KWENTA +58%,
MKR +36%,
SNX +27%,
EUL +10%,
YFI +7.5%
While the weekly market remains fickle and unpredictable, crypto's mid to long-term outlook continues to improve thanks to the committed companies, teams, and protocols pushing it forward.
MetaMask, the most popular crypto wallet, launches its SDK in Unity’s Asset Store, allowing game developers to easily integrate the crypto wallet into any game.
This week, developers, investors, crypto entrepreneurs, media, and people from all over the world traveled to Denver, Colorado, to participate in ETHDenver, the "world's largest annual Web3 #BUIDLathon and Community Innovation Festival'' to celebrate crypto’s bright future!
25,000+ people registered to attend the annual conference as opportunities and excitement over crypto remain abundant. 🌞 Usually, at major conferences, teams and protocols make announcements to draw favorable attention, and this year was no different! As mentioned earlier, three of the week’s most important announcements came from the Ethereum ecosystem, including Polygon, Uniswap, and MetaMask.
Provides identity in a way that the average consumer can use
On-chain private verification while maintaining users' privacy
Enables compliance for both Web2 & Web3 industries which strengthens the regulatory framework through KYC/AML checks
Empowers users to control & own their data while verifying its authenticity.
Uniswap’s Mobile Wallet
This week's second incredible announcement is from Uniswap. The most used DEX and one of the most recognizable crypto brands is introducing the Uniswap mobile wallet.
Uniswap made the headlines this week with the launch of its mobile wallet, “a completely self-custodial, open-source mobile app from the most trusted name in DeFi.” Uniswap’s new wallet enables users to:
Swap and switch seamlessly between ETH, MATIC, Arbitrum, and Optimism (OP)
Send & receive ERC-20 tokens
Track ERC-20 tokens, ERC-721s (NFTs), & your favorite wallets
Favorite tokens and wallet addresses to stay up to date on trends and activity
Use Web3 apps on different networks at the same time
Unlock your wallet w/ FaceID & back up your seed phrase manually or encrypted in iCloud
Get push notifications to know when transactions are complete on any device
WalletConnect to any app on Mainnet or L2s.
Metamask’s Unity Integration
On February 28th, Metamask and Unity announced that Unity, a leading platform for creating and growing real-time 3D content, "introduced a new ‘Decentralized’ category page in the Unity Asset store with vetted solutions to support developers interested in technology that enables decentralization in gaming.”
assetstore.unity.com/decentralizati… ","username":"MetaMask","name":"MetaMask 🦊💙","date":"Tue Feb 28 17:14:40 +0000 2023","photos":[{"img_url":"https://pbs.substack.com/media/FqEd-CDXwBE0BwR.jpg","link_url":"https://t.co/gj001jH6ij","alt_text":null}],"quoted_tweet":{},"retweet_count":2888,"like_count":11081,"expanded_url":{},"video_url":null,"belowTheFold":true}">
As a result of the Metamask x Unity partnership, game developers across the globe can easily integrate crypto wallets and smart contracts into their games if they choose to. Last but not least, Metamask’s announcement was covered; it will likely end up being the most impactful news as crypto's future adoption continues to look brighter by the day! 🌞
We covered BTC NFTs in the February 6th edition of the CoinStats Scoop! Well, our prediction that they’re “only just beginning” has been proven correct, and the crypto market agrees. This week, Galaxy's research team dropped an impressive report detailing everything you could possibly want to know about Bitcoin NFTs (Ordinals & Inscriptions). Galaxy is one of the crypto space’s largest asset managers and most respected institutions currently managing over 2 billion dollars, so it's worth paying close attention. 🤯
Galaxy describes its report as aiming to “detail the history of NFTs on Bitcoin, examine the foundations and current landscape of inscriptions and ordinals, explore the opportunities and challenges that inscriptions and ordinals present, and argue that not only do they create significant growth potential for the bitcoin ecosystem, they can improve the fidelity and security of the overall Bitcoin network.”
“Our base case for the market size of Bitcoin NFTs built on inscriptions & ordinals is $4.5 billion by 2025…even the NFT use case along has the potential to dramatically widen the scope of Bitcoin’s cultural impact…enhance the likelihood of additional Bitcoin adoption…”
Galaxy Core Takeaways:
Bitcoin Inscriptions will be a large market
Inscriptions significantly expand the design space for Bitcoin
New use cases will drive growing interest and adoption for Bitcoin
Inscriptions can be large even without “ordinal theory”
Inscriptions can put a floor on blockspace demand, benefiting Bitcoin’s security and fee market
Significant market infrastructure to support Bitcoin NFTs will be developed by Q2 2023
Slowly but surely, crypto is making its way into mass adoption
@SlingshotCrypto and Robinhood into the App store \n\nGreat for the culture 👍","username":"pythianism","name":"Vance Spencer","date":"Thu Mar 02 03:14:33 +0000 2023","photos":[],"quoted_tweet":{},"retweet_count":10,"like_count":88,"expanded_url":{},"video_url":null,"belowTheFold":true}">
Our Midas NFT monitoring system continues to provide insane value 🤯
@owlswtf at 0,018 ETH, it now sits at 0,37 ETH.\n\nVery #hoot 🔥 ","username":"CoinStats","name":"CoinStats","date":"Sun Mar 05 16:04:29 +0000 2023","photos":[{"img_url":"https://pbs.substack.com/media/Fqd92ktX0AE_PnE.jpg","link_url":"https://t.co/dLiFPcKdhK","alt_text":null}],"quoted_tweet":{},"retweet_count":9,"like_count":31,"expanded_url":{},"video_url":null,"belowTheFold":true}">
We'll conclude this week’s edition of CoinStats Scoop with the highlight of Midas’ incredible power to find the signal in the noise for CoinStats Premium users. 💫
We covered the broad market and token news, including DeFi’s power, Uniswap, Polygon, and Metamask announcements of new products and partnerships. We also read and internalized BTC NFTs.
CoinStats will continue to guide you through the crypto and DeFi world. We'll see you next week for another edition of CoinStats Scoop! 😎
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