Web 3 on Fire: ETH Shapella post upgrade

GM, frens! Ambire here with our weekly newsletter, today we'll take a look at ETH and what happened after the upgrade, Twitter rolling out new crypto trading features, A16Z launching a new crypto index, Reddit launching 3rd generation of their NFT avatars, BNB Greenfield and CG's research that found out that 75% of crypto holders also hold NFTs.

So, here it goes:

ETH Shapella: post upgrade

ETH's long awaited hardfork a.k.a the Shapella upgrade is finally live on the Ethereum mainnet, and it's almost like a Christmas miracle! After months of anticipation, ETH staked assets can now be moved from the Beacon Chain to the execution layer - a.k.a the Ethereum Virtual Machine (EVM). Withdrawals of staked Ethereum tokens are now possible, but the most important part that nothing bad really happened, even though some community members were worried that 30 billion worth of ETH unlocking will bring about a disaster.

ETH has performed very well, the weekly losses accrued earlier have been pared back and the market seems to be responding positively. In addition, a relatively low number of validators (3,996) signed up to the exit queue, and only 284,622 ETH tokens were available for withdrawal. This goes to show that the Ethereum community is well prepared for such unpredictable changes and the Ethereum ecosystem remains strong.

Twitter is rolling out more crypto features

According to CNBC, Twitter is going to roll out features to make it even easier for people to trade stocks, crypto, and other assets. Elon is partnering up with eToro platform to make it possible. Twitter has a search function for some stocks and basic crypto, but apparently that wasn't enough. Now users don’t even have to bother searching, just click the “View on eToro” button and it will take them directly to trading platform.

After buying Twitter last year, Elon's new vision is to turn Twitter into one of those super apps that will do everything. But whether it will become a sophisticated bouquet of services or a trash can full of stuff you don't need, only time will tell.

A16Z launches a "state of crypto" index

a16z crypto, the biggest crypto investor in the world, is aiming to bring transparency and clarity to the nascent market by launching its new "State of Crypto" index. The index aims to paint a more accurate picture of the market than what is typically provided by price charts alone.

The venture investor has backed numerous companies and projects such as dYdX, LazerZero and Dapper Labs, which it seeks to further support with the launch of this new index. The index factors in several parameters such as the number of active developers, mentions of crypto-related terms in academic research, and volumes across decentralized exchange venues. It does not include more traditional metrics such as price movements or market capitalization.

The price isn't the only indicator of health in a market, and a16z's index reflects that. While bitcoin's price has plummeted 55% from 2021 highs, the index dropped only 25%. And while the total number of transactions across blockchains declined 10% over the same period, active developers dropped by a whopping 25%. This highlights how much impact developer activity can have on an ecosystem, and why it is important to factor in when evaluating the health of a market.

Hopefully clear metrics such as this can lead to better decision making and help bring more people into the crypto space.

Reddit is launching a 3rd gen of its NFT avatars

Reddit has recently announced the 3rd generation of its NFT collection avatars, and this time it looks like they've gone to the future! From Snoo aliens to Super Bowl-themed avatars and now futuristic realities, Reddit appears to be calling all sci-fi fans and creative minds alike to join in the fun.

The original collection came out in June 2022, and since then it has attracted over 7.3 million unique wallets from avid collectors around the world. But the latest collection is taking creative expression to a whole new level. With over 100 artists involved, it's said that this collection looks to push the boundaries of art and technology in equal measure.

Even though Reddit's decision to launch its NFTs was considered a bit of a surprise to some, the avatars have been highly sought after since their launch. As the dust settles on Gen 3, some have even begun to speculate that the avatars will be among the top-selling NFTs of the year.

Testnet for BNB Greenfield goes live

BNB Greenfield has just taken a major step forward in its mission to become the first Web3 data storage provider, with the launch of its Congo testnet. It's a momentous occasion for the BNB Chain ecosystem and one that signals a new era of data management and ownership.

BNB Greenfield is BNB Chain's new decentralized storage network, allowing users to take control of their data and access it securely in the Web3 world, or in other words Web3's own "cloud". BNB coin is going to be the driving force behind this, benefitting from additional use cases and additional infrastructure. Plus, with the recent FUD, BNB for sure needed some healing. BNB Chain has recently issued a public invitation to developers wishing to join the Testnet and announced that Greenfield grants will be available soon. Greenfield's mainnet launch in expected in Q3 2023.

Research corner: 75% of crypto holders hold NFTs

CoinGecko's and Blockchain Research Lab's survey has found that an astonishing 75% of crypto holders have NFTs. We can only suspect why this is, but it could be that the normal consumer population has finally realized the potential of NFTs, even if they don't understand the technical side of blockchain-based investments.

The survey also suggested that just over a quarter of NFT owners are "avid collectors" with more than 51 NFTs. And despite the utility of these assets becoming clearer, there remains a solid chunk of crypto industry participants - about 20% - who haven't entered the NFT market yet. The survey included 438 respondents and was conducted from December 2022 to January 2023.

As the market continues to evolve, we can only guess what this space will look like in a few years. But its ever-changing nature is one of the many things that make it so beautiful.

That's all for now, frens.

We'll see you next week. And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

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