Metamask Faces Backlash
Crypto Giants Set Up Industry Recovery Initiative
Binance has set aside $1 billion USD for its Industry Recovery Initiative (IRI), which will focus on consumer protection and the restoration of the cryptocurrency industry. Following the current intake, the IRI fund now exceeds $2 billion USD in size. Aside from Binance, significant cryptocurrency companies such as Aptos Labs, Jump Crypto, and Polygon Ventures have declared that they will contribute funding to the initiative. Over the next six months, the recovery fund will focus on acquiring distressed crypto debt and protecting a number of smaller firms.
Arbitrum Proves Strong
Despite the considerable market decline, Arbitrum has remained robust, with its daily transaction count increasing as a result of its expanding DeFi ecosystem. Arbitrum has surpassed numerous popular layer 1 blockchains, including Solana and Avalanche, in total value locked due to the growing buzz surrounding DeFi projects such as GMX, Dopex, and Vesta (TVL). Notably, despite the significant reduction in TVL seen by most blockchains, the value locked in Arbitrum’s smart contracts fell by about 10% and is now worth $921.6 million USD.
Fantom Virtual Machine
The FVM (Fantom Virtual Machine), first unveiled by CEO Michael Kong at Consensus 2022, is by far the most anticipated improvement to the Fantom protocol.
The Fantom blockchain will be evolved into a massively scalable Layer-1, with the same fast transaction finality, minimal fees, and atomicity — a single-state ledger — that you are used to. This implies no Layer-2s or subnets that sacrifice decentralization, increase security threats, and complicate the overall user experience.The development of FVM is guided by the notion that the user journey must remain seamless and straightforward, with none of the added difficulties associated with traditional scaling solutions. Furthermore, blockchain infrastructure must keep up with the growing popularity and sophistication of dApps, as well as the ongoing influx of crypto enthusiasts.
— Crypto Price Weekly Recap —
Bitcoin Price Recap
Bitcoin began the week under immediate selling pressure. The 15,600 level was bid, putting an end to BTC’s dissent and providing short-term support. Soon after, momentum shifted in favor of the bulls, and the price rose to the 16,750-resistance level. Later in the week, BTC consolidated around 16,500 and closed +1.07%, despite lower spot volumes.
ETH Price Recap
The week began with more selling on Monday, but sellers were unable to maintain momentum, and the 1,100 level was established as support. The price rose 8.7% between Tuesday’s open and Thursday’s close, indicating a substantial risk reversal for the balance of the week. Despite stagnating over the weekend, ETH is now trading between $1,050 and $1,250 as the market anticipates any further ramifications from the FTX and DCG/Genesis incidents. As market sensitivity continues, further DCG/Genesis news could have a significant influence on price. ETH yielded 4.52%.
BNB Price Recap
BNB began the new week on a high note, starting at $264.22. The sellers drove the price to $249, but they were unable to continue the pace as buyers took over the market and drove BNB to the week’s high of $317. The price consolidated, and BNB ended the week up 16.2%.
FTM Price Recap
FTM began the week bullish, with a weekly opening price of $0.171. The market favored buyers as it made it impossible for sellers to gain control. FTM reached a high of $0.195 throughout the week and closed at $0.186, up 8.23%.
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