Weekly Market Index

Last week’s crypto market prices were flat at -0.97%. Volume decreased by -13.31%, while volatility increased by +14.02%.

Chart of the Week

zkSync is a Type 4 ZK rollup that utilises cryptographic validity proofs to provide scalable and low-cost transactions on Ethereum. Amongst the ZK rollups, zkSync Era has the highest TVL, totalling US$664 million. zkSync has also recently launched ZK Stack, which allows chains built on top of it to be composable via native bridges, allowing them to unify into an ecosystem of ‘hyperchains’.

Read our research report on ZK Rollups, including a deep dive on the four types of zkEVMs and their advantages and disadvantages: The Development of ZK Rollups.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) were down at -1.8% and -4.3%, respectively, in the past seven days. Other selected top-cap tokens also mostly fell, with the exception of SOL and AVAX which were up by +9.1% and +1.3%, respectively.

Key categories were down in the past seven days.

News Highlights

• Hong Kong sets up a task force for Web3 development, and aims to develop Hong Kong into a Web3 hub. The task force is chaired by Financial Secretary Paul Chan and comprises 15 non-official members from relevant sectors as well as key government officials.

• The Monetary Authority of Singapore (MAS) has announced that crypto firms would need to keep customer assets in a trust by the end of the year. This will help to mitigate the risk of loss of customers’ assets, as well as facilitate the recovery of customers’ assets in the event of a service provider’s insolvency.

• The U.S. added 209,000 jobs in June, slightly missing expectations for 230,000. Meanwhile, the unemployment rate dipped to 3.6% in June versus 3.7% in May and against expectations for 3.7%.

Recent Research Reports

• The Development of ZK Rollups: Zero-knowledge rollups (ZK rollups) are still in their nascent stage. However, as the technology evolves, various methods to achieve compatibility with the Ethereum Virtual Machine (EVM) have emerged.

• Layer-0: Infrastructure for Customised Blockchains: Layer-0 protocols are the infrastructure that customised Layer-1 blockchains can be built on. We explore notable projects like Cosmos, Polkadot, Avalanche, LayerZero, and zkLink.

• Alpha Navigator: Quest for Alpha [June 2023]: Asset classes finished the first half of 2023 strongly, with crypto in the lead. Decelerating US inflation readings could ease market concerns for the time being, while BTC options implied volatilities remain muted.

Recent University Articles

• Bitcoin NFTs - How the Ordinals Protocol Works: Learn all about what the Bitcoin Ordinals protocol is and how it works — from satoshis to inscriptions to NFTs.

• What Is Sharding? Sharding can improve transaction speed and scalability. Learn what the term means and how sharding works.

• Bitcoin Scalability: Challenges and Solutions: This article explores the various challenges associated with Bitcoin’s scalability problem, with potential solutions while maintaining network security.

Catalyst Calendar

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