Snapshot 165

Bitcoin dominance hits new high, Solana on track to outpace Ethereum, and Crypto.com becomes top USD supporting exchange

Hello Snapshotters,

This week, the newly launched Ether ETFs broke their outflows streak. Meanwhile, Solana is on track to outpace Ethereum on DEX volume, and Bitcoin dominance reached its highest level since 2021.

With much activity in the market, we have also not been idle. In July, Crypto.com Exchange emerged as the top USD supporting exchange, and is now leading the market in this category with a 38% share of spot trade volume.

More details below.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 

Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

🥇 Top USD Support Crypto Exchange

In July, Crypto.com Exchange emerged as the top USD supporting exchange, and is now leading the market of cryptocurrency exchanges with USD support for spot trade volumes with a 38% share. In addition, open interest on its derivatives market is approaching $1 billion, up around four times from January.

🇦🇪 Crypto.com Partners With Abu Dhabi Combat Club

In our latest strategic partnership across sports and entertainment, this week Crypto.com announced its partnership with Abu Dhabi Combat Club (ADCC) and its upcoming ADCC Submission Fighting World Championship, the most prestigious submission grappling event in the world, taking place in Las Vegas in August.

📈 BTC Dominance Hits New High

Bitcoin dominance, the measure of Bitcoin’s market cap compared to the total crypto market cap, reached a high of 52.7% last week — its highest level since April 2021. 

↗️ Solana Outpaces Ethereum

Solana’s DEX ecosystem may be outpacing Ethereum’s in trading activity. This surge in Solana’s volume is accompanied by a steep increase in weekly active addresses. However, there is a possibility of artificially inflated numbers, as some protocols offer volume incentives.

🚘 DMV Car Titles on Chain

California’s Department of Motor Vehicles (DMV) has digitized 42 million car titles on the Avalanche blockchain to detect fraud and smoothen the title transfer process. This will allow California residents to claim their vehicle titles through a mobile app.

What’s Ahead

Jersey City to Invest in Bitcoin

The municipal pension plan of Jersey City will soon invest in Bitcoin ETFs, according to a social media post from Mayor Steven Fulop. It is in the process of updating paperwork with the U.S. SEC to allocate a portion of the fund in the ETFs.

Number of the Week

Chart of the Week

Nine U.S. spot Ethereum ETFs commenced trading on July 23. The ETFs saw a net inflow of $107 million on the first day but experienced net outflows in the remaining three days of the week. 

In comparison, U.S. spot Bitcoin ETFs had a net inflow of $655 million on the first trading day and $1.3 billion in the first four trading days, according to data from Farside Investors.

Crypto Trivia

What is wash trading?

A) A form of money laundering

B) Increasing the number of transactions to improve blockchain security

C) Executing both buy and sell orders for the same asset

Find the correct answer at the end of this newsletter.

NFT Spotlight

Driven by the enchanting spirit of its cherished mascot, Flaky the rabbit, and infused with the dynamic artistry of anime, Crypto.com’s latest NFT drop, ‘Project Ishin’, transcends boundaries to pioneer a new era in storytelling, embracing both the digital realm of Web3 and the tangible landscape of the physical world.

Dropping on August 7, the collection consists of 2,000 Seals, who were hidden by the Ishin Elders of ancient times decades ago, waiting for the community to decide how to unleash their powers.

The IshinVerse collection includes NFTs, airdrops, tokenomics, GameFi, branded merchandise, manga, and anime. The journey is long, legends are forged, the vision is bright. 🐰⛩️🔥

Aspirations thrive amid the ever-shifting tides of innovation. Other Ishin collections abound, and there’s a roadmap, too.

Product Picks

Brand-New Items Are Coming to the Rewards Store!

We’re pleased to share that we’ll be adding a whole array of exclusive items from the AFL, Los Angeles Lakers, UFC, F1, Philadelphia 76ers, and more! From signed merchandise to unique experiences, now is your chance to redeem them on the Rewards Store. Simply complete Missions to earn diamonds. Check it out now. 

Crypto.com App Elevates the Profit and Loss Dashboard With New Features

We have taken the Profit and Loss dashboard to the next level by introducing detailed portfolio insights. Start analyzing your PnL with more ease and in greater detail with new features like live PnL, balance charts, and more. For more details, visit the blog here. 

Fund Your Crypto Purchases With PayPal

Crypto.com App has added PayPal as a payment method! With the integration of an established, global, and widely used digital payment partner, Crypto.com App users in the U.S. can now seamlessly connect PayPal to Crypto.com and purchase over 350 cryptocurrencies within a few taps. Try it now.

Crypto.com App New Token Listings

Layer3 (L3)

Layer3 is a protocol that creates a market for attention, utilizing a unique identity and incentives infrastructure across primarily EVM-compatible chains.

Render (RENDER)

The Render Network is a blockchain-based, high-performance distributed GPU rendering network that enables users to contribute unused GPU power and have an opportunity to monetize otherwise idle GPUs.

Crypto Level Up

Protocols like LayerZero were designed specifically to facilitate communication among blockchains, offering secure cross-chain transactions and interoperability between them.

What Is LayerZero?

LayerZero is a blockchain protocol designed to enable seamless and secure cross-chain transactions. It currently connects over 70 mainnet blockchains, including Ethereum and Polygon.

How Does LayerZero Work?

It approaches cross-chain interoperability by using oracles, relayers, and Ultra Light Nodes (ULNs).
Find out more about LayerZero, the protocol promoting interoperability.

CryptoIRL

“This is Freedom,” writes @Dags0x, with the Crypto.com Icy White Visa Card and two trays’ worth of delectable food.

Hashtag #CryptoIRL with your Crypto.‌com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

Crypto Platform Falls Prey to Social Engineering

Crypto security breaches have been on the rise this year, costing the industry over $500 million in losses this quarter. On June 22, $2 million in cryptocurrencies was stolen from CoinStats wallets, forcing the platform to temporarily halt its services.

The cause? A social engineering attack — where an employee was tricked into downloading malicious software that allowed a hacker to gain access to and drain the wallets.

Here’s how to protect yourself:

1. For businesses: Conduct social engineering tests to assess if employees will be tricked.

2. For employees: Enable spam filters and refrain from clicking suspicious links and files.

3. For users: Enable multi-factor authentication to make account breaches more difficult.

Crypto Trivia Answer

C) Executing both buy and sell orders for the same asset

This is often done to drive an asset’s value by artificially pumping its trading volume.

That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.