Weekly Web3 Research | USTC Saw A Weekly Increase of Over 200%; Friend.tech TVL Significantly Shrunk; BRC-20 Overall Market Cooling Down

2023-12-01, 01:52

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The crypto market continued to fluctuate slightly this week, with an overall increase in market funds. The fluctuation cycle remained the same as last week's ups and downs, and the price fluctuations of different currencies varied. The total amount of funds in the current market is $1.49 trillion, which is a more significant increase compared to the same period last week.

The top 100 crypto projects had a rise and fall ratio of 6:4 this week, and the overall market trend showed a volatile upward trend, concentrated in a small range. The market was in a regular cyclical fluctuation state this week, and was less affected by news factors. BTC reached a high of $38,329 this week, while ETH reached a high of $2,120.

The prices of BTC and ETH have fluctuated by 1.6% and -0.6% in a week. The 7-day increase in USTC this week reached 292%, and due to a series of events such as depegging, the market performance of the currency this week was impressive.

Overall, the trend of the crypto market this week was mainly volatile, but overall it tended to be stable. In addition to OpenAI and Binance related events, there are also established actions for different projects in the hot topic information within a week, and there is relatively little information from the regulatory level.

The trend of BTC and ETH this week is mainly characterized by fluctuations, with a more intense BTC curve and a relatively weak upward trend in ETH prices. At present, the price of BTC remains fluctuating around $37,727, while the price of ETH fluctuates around $2,038, with a relatively small change compared to the previous week.

As of now, the global crypto market cap is $1.49 trillion, and the entire market has risen by about 0.1% within 24 hours.
## Crypto Market
🔥 UniSat Wallet has launched RATS and is considering disclosing more code, adopting on-chain voting to improve the transparency of Brc20-swap.

🔥 Blast TVL has exceeded $600 million, and Paradigm has expressed concerns to Blast that some of its announcements may have crossed boundaries in terms of information transmission and execution, disagreeing with Blast's initial activation of the bridge and a three-month withdrawal ban, and stating that excessive marketing would damage the team's serious image. Despite expressing concerns to Blast, there are still many disagreements.

🔥 Friend.tech's TVL dropped to $33.2 million, more than one-third lower than its historical high, and founder Racer's Twitter account is no longer visible.

🔥 Bankless intends to establish a clear separation from BanklessDAO and will destroy all of its BANK tokens.

🔥 Mint Cash, the stablecoin system, stated that locking in USTC would result in airdrops. USTC's 24-hour trading volume was nearly $1.6 billion, far exceeding its market value, with a price increase of over 200% within a week.

🔥 The Ordinals In_script_ion market has cooled down, with daily trading volume on mainstream platforms being less than $5 million.

🔥 Vitalik plans to redesign <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> staking and praises the UTXO payment model, stating that account abstraction can protect assets and help explore the future development path of technology and AI.

🔥 Cosmos founder launches Cosmoshub4 fork AtomOne specific charter.

🔥 DWFCo claims that traditional market making strategies are becoming outdated and will launch a quote request platform. Previously, DWFCo completed market making through high-frequency trading and is currently applying for multiple licenses and undergoing audits.

🔥 DCG and Genesis have reached a repayment protocol of $200 million.

🔥 It is said that OpenAI does not plan to provide new board seats to external investors. Currently, Sam Altman has re assumed the position of CEO of OpenAI, with Mira Murati as CTO and Greg Brockman as CEO. The company has formed a new initial board of directors, consisting of Bret Taylor, Larry Summers, and Adam D'Angelo. The company will complete the construction of a diversified board and improve its governance structure. Microsoft will join the board as a non voting observer, Ilya no longer serves as a member of the board of directors.

🔥 The US Treasury Department has sanctioned the crypto mixer Sinbad for its involvement with North Korean hackers.

🔥 Sei V2 plans to create parallel EVM.

🔥 The <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> GHO stablecoin has approached complete pegging to the US dollar for the first time since August.
## Regulatory Policies
🔥 The Hong Kong police have issued two notices stating that 66 people have been arrested in the JPEX incident, involving approximately HKD 1.6 billion, and the HOUNAX case has already involved HKD 120 million.

🔥 The US Department of Justice has responded to CZ's travel restriction appeal, prohibiting CZ from traveling to the United Arab Emirates. Prosecutors may seek the legal maximum sentence of ten years.

🔥The judge approved the $1.65 billion settlement protocol between Voyager and FTC.
## Macro Economy
🔥The revised annualized quarterly real GDP rate for Q3 in the United States is 5.2%.

🔥Federal Reserve Governor Waller stated that if inflation reduction continues to progress, interest rates may be lowered in a few months.
## Crypto Market Highlights  
⭐️In the past week, the crypto market has returned to normal market cycle fluctuations, with relatively small overall fluctuations in mainstream currency prices. The impact of the Binance incident is still ongoing, but the US judicial department is currently targeting more individuals in CZ, and the impact on the market has decreased. In addition, there have been multiple project hotspots in the market this week, so overall market confidence is still relatively strong.

⭐️Amidst the relatively volatile market performance this week, the impact of external factors has led to an impressive rise in coin prices caused by the depegging of the USTC, with a nearly 300% increase becoming a hot topic in the market recently.
![](https://gimg2.gateimg.com/image/article/17013955261.png)
(Data Courtesy Of CoinGecko)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17013955412.png)
(Data Courtesy Of TradingView)

The price of BTC broke through a high point of $38,000 this week, marking the first time the currency has returned to this level this year. Currently, the price of the currency remains around $37,800, with slight fluctuations continuing.

Overall, BTC's performance this week was due to the rebound in crypto prices caused by last week's news. External bearish news did not have a significant impact on the crypto market, which also led to a breakthrough in the upward trend of the currency's price. Currently, the key resistance level for BTC prices has reached around $38,200, and the probability of breaking through this level in the following week is relatively high.
### Ether (ETH)
![](https://gimg2.gateimg.com/image/article/17013955533.png)
(Data Courtesy Of TradingView)

The trend of ETH has been more stable this week, and the overall market volatility has limited its impact to a small range of price changes. Although it is not as good as last week's closing price performance, it basically remains within the range of $1,990- $2,080, with a stable and volatile market.

The price of ETH remained above $2,000 for most of this week, with relatively small fluctuations, continuing the relatively stable and volatile trend of the currency in recent times.
## Web3 Project Trend
This week, the total market value of most of the seven types of projects showed a slight increase, but the overall trend is more stable, consistent with the market trend. Although there are hot topics in the project, further stimulation is needed for the market in the short term.

| Project category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 |  0.6% | KCN,AIOZ, ROOT | Layer 1's performance this week was mainly characterized by a slight increase, with the TOP currency generally showing little upward momentum, and the overall trend of the track continued to be stable. |
| Layer 2  | 0.1%  | ZKS, BROCK, METIS | Since last week's pullback, Layer 2 has had relatively small changes in its track projects this week and has performed steadily. |
| DeFi  | 3.0%  | WHITE, TIME, UNIFI | The DeFi sector has maintained strong liquidity this week, with the TOP currency rising rapidly. |
| NFT  | 7.6% | CAVE, OS, XYZ | The NFT market has rebounded overall this week, with top projects once again experiencing a good upward trend. |
| MEME  | 6.7%  | JOE，RISITA，JESUS | MEME coin has performed similarly to the NFT track this week, experiencing a certain recovery, and the rise in TOP projects is not an exaggeration. |
| LSD  | 0.3% | DVT, STINJ,LDOT | There has been almost no indication of an upward trend on the LSD sector this week, and the TOP currency has mainly seen a slight and stable increase. |
| BRC-20  | -3.6% | OHMS,NOOT,MEME |  The BRC-20 track continued to show a downward trend this week, with projects generally lacking impressive performance and the overall market cooling significantly. |

<div class="blog-details-info">
<div>Author:**Charles T.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>