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Weekly Wrap: Ethereum keeps momentum and Chiliz on the rise

Here’s your weekly crypto updates in under 5 minutes, with a new edition of the BitOasis Weekly Wrap.

Top Story

Ethereum loses gains but keeps the momentum

Unless you’re new in crypto town, you know that the crypto space nowadays is all about Ethereum’s anticipated upgrade, the Merge. After going as high as $2,030 last week, ETH lost some of its gains this week, dropping by over 8% to around $1,730 area.

Despite this negative price movement, Ethereum seems to have an unprecedented community enthusiasm, with many people jumping on its train before the Merge station. Data from Dune Analytics shows that Ethereum assets sent in the ETH 2.0 staking contract are at an all-time high of almost 13.2 million or the equivalent of almost $23.8 billion. This number is higher than the whole market cap of some major tokens, like XRP and Cardano.

On the other hand, people are anticipating an Ethereum-lead era on the horizon. The number of Ethereum Name Service (or ENS, a web domain-like service) addresses created has surged, surpassing 2 million on Wednesday, after crossing the 1.8 million mark two weeks ago. To put things in perspective, it took ENS names 5 years to get to the 1 million mark, then another 1 million names were added only in the last three and half months, says ENS’s Twitter account.


Snacks

Tether hires a top-five accounting firm

Tether Holdings Limited announced on Thursday that last July it officially started working with BDO Italia, the Italian member firm of BDO global, the top five ranked independent public accounting firm. The announcement press release said that this decision represents its promise to deliver considerable transparency for those holding Tether tokens, providing daily updates about issued tokens and reserves, supplemented by monthly assurance opinions.

Nigeria aims for 8 million eNaira users

The eNaira, Nigeria’s central bank digital currency (CBDC), will enter the second phase of its expansion with new technology to grow its user base, as per the central bank governor’s statements at the 2022 eNaira Hackathon. At this phase, Nigeria is aiming to drive more financial inclusion by onboarding the unbanked and underserved users, with a user-base target of 8 million. By next week, a new update will allow users to create eNaira wallets by dialling a four-digit code on their mobile telephones, whether or not they have bank accounts.


Market Moves

Chiliz on the rise

Even with the market-wide drop in prices this week, Chiliz kept heading in the opposite direction. The sports and entertainment project’s token ended the week with an over 30% hike, with its market cap standing at around $1.2 billion. Chiliz has gained momentum by the start of the European football domestic leagues’ seasons, with new teams – like Arsenal – promoting their tokens, in addition to the FIFA World Cup coming closer.

Unus Sed Leo above $5 again

With weekly gains exceeding 7%, Unus Sed Leo managed to move above the $5 mark again, scoring an all-week high of $5.44. Bitfinex’s token has achieved a 71.9% rise in one year, reaching its all-time high of $8.14 last February, and it’s still overperforming the market, supported by the high daily burning rates.


Trending

Meta launches metaverse app in France and Spain

Meta has expanded the services of its flagship metaverse app, Horizon Worlds, to Spain and France. This is the first market expansion of the app, which had been an invite-only service until December 2021, when it was provided for the public in the US and Canadian markets. The app lets users experience a VR world and roam worlds created by other players and experiences developed by companies, and it’s set to launch in more European countries before 2023.

NFL All Day NFTs go live

After the success seen by the NBA Top Shots NFTs collection, Dapper Labs announced the launch of an American football version; NFL All Day. Still in the beta phase, both collections consist of short digitally collectable video clips, varying in rarity, of special moments in the top basketball and American football leagues in the US.


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