Monday Gwei | May Week 3

From the average gas fee, to ETH burned, Monday Gwei covers it all.

This week,

  • Top Ethereum News
  • Top Layer 2 Solution
  • Funding
  • ETH stats that matter

Monday Gwei is a weekly account of what is happening in the Ethereum ecosystem.

Top Ethereum News

  • Regulatory Developments: The creation of ‘CultureCoin’ emerges in response to a regulatory crackdown, highlighting the community’s resilience and adaptability.
  • Infrastructure Security: Post a $10M hack, the resurrection of the Bitcoin bridge XLink is underway, marking significant strides in cross-chain security.
  • Legal Challenges: Dolce & Gabbana faces a class-action lawsuit related to delays in NFT deliveries, underscoring the legal complexities emerging in digital asset markets.
  • Security Measures: In response to a hack, Alex Labs successfully freezes $3.9M of exploited funds, showcasing effective crisis management in blockchain security.

Top Layer 2 Solution

  • TVL: Arbitrum dominates with a TVL of $2.8 billion, showing the highest asset commitment among Layer 2 platforms.
  • UAW: With 2.9 million unique active wallets, Arbitrum showcases the largest user base, emphasizing its widespread acceptance.
  • Fees: Base takes the lead in fees collected, amassing $974.8K, which highlights its cost-effective model and user engagement.

Funding

  • Polymarket Secures Major Funding: With a $45M raise, Polymarket is set to expand its prediction market platforms significantly.
  • Anomaly’s Development Funding: Anomaly raises $1.45M to further its technology innovations within the blockchain space.

Source: Coingecko


This week’s Ethereum price chart shows a pattern of initial decline, a sharp recovery mid-week, and ends with a slight dip, hovering around $3.1K. The trading volume remains robust, reflecting sustained investor activity.

ETH stats that matter

  • Gas Fees: Ethereum’s low gas fees continue, marked at $2.3, facilitating increased network interactions.
  • ETH Burned: With $13.3M worth of ETH burned, the network’s robust activity is evident.
  • Revenue: Ethereum maintains strong economic health with $19.3M in revenue.

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