Crypto VC Funding Soars to $2.7 Billion in Q2 Despite Decline in Deals
Amidst a backdrop of cautious optimism, the crypto startup ecosystem witnessed a modest yet notable increase in venture capital influx, reaching $2.7 billion in the second quarter of 2024. This 2.5% uptick, as reported by Pitchbook, comes despite a 12.5% drop in the number of executed deals. Such a dichotomy hints at a growing confidence among institutional investors, suggesting that the market’s undercurrents may be steering towards long-term stability.

Pitchbook’s August 9th report elucidates this trend, highlighting a resurgence in positive investor sentiment. This resurgence, barring any significant market disruptions, could pave the way for a sustained acceleration in both the volume and velocity of investments throughout the remainder of the year.

Tron Network Outpaces Ethereum in Revenue Over the Last 90 Days
In a remarkable shift, the Tron network has surpassed Ethereum in revenue generation over the past quarter, amassing approximately $435 million in fees compared to Ethereum’s $364 million, according to Token Terminal data. Tron’s founder, Justin Sun, underscored this achievement, noting that Tron’s protocol revenue has outpaced Ethereum’s by a staggering 50% over the last 30 days.

Sun’s forward-looking statements suggest that if this trajectory persists, Tron could potentially exceed $2 billion in revenue by year’s end, solidifying its position as the most profitable blockchain on the globe.

Also, read- Parfin Secures $10M Series A Funding to Accelerate Blockchain Expansion and Global Reach

ZK-Powered DEX Raises $10 Million and Unveils Mainnet
Vessel, a burgeoning force in the DeFi realm, has successfully secured $10 million in seed funding with the ambition of crafting a robust layer-3 solution, leveraging zero-knowledge (ZK) technology. This initiative aims to tackle critical issues such as liquidity fragmentation and cross-chain compatibility, which have long plagued the DeFi sector.

The delicate balance between efficiency and transparency remains a formidable challenge within the crypto trading industry. While centralized exchanges offer rapid transactions, they often sacrifice transparency, raising concerns about security and trust. Conversely, decentralized exchanges (DEXs), with their emphasis on visibility and accountability, frequently endure sluggish processes that clash with the swift tempo of the crypto market.

Coinbase Challenges SEC’s Exchange Definition Proposal
Coinbase has once again voiced its concerns to the United States Securities and Exchange Commission (SEC), this time critiquing the agency’s proposed revisions to the definitions of a national securities exchange. This marks Coinbase’s third formal response, focusing particularly on the SEC’s cost-benefit analysis.

Coinbase’s chief legal officer, Paul Grewal, argues that the SEC’s analysis is founded on flawed premises and lacks the requisite data to make informed decisions. Grewal contends that the SEC should withdraw its current proposal and return to the drawing board, conducting a thorough investigation before proceeding further.

Ethereum Supply Surges Beyond 120 Million ETH Amid Staking Boom
Ethereum, the decentralized open-source blockchain, has reached a significant milestone with its total Ether (ETH) supply surpassing 120 million. This surge is attributed to the increasing popularity of staking and restaking within its proof-of-stake consensus framework.

According to Ultrasound.money, Ethereum’s supply has swelled to approximately 120.28 million ETH, with 77,091 ETH being issued over the last 30 days. This development underscores Ethereum’s growing influence and its solidifying role in the broader blockchain ecosystem.

DeFi Market Overview
The DeFi market continues to navigate through turbulent waters, with most of the top 100 cryptocurrencies by market capitalization ending the week in the red for a second consecutive time. Notably, Solana-based memecoin Dogwifhat (WIF) plummeted over 20%, marking it as the biggest loser of the week, followed closely by the Brett (BRETT) token, which saw a near 17% decline.

As the DeFi landscape evolves, these fluctuations underscore the volatile nature of the market, reminding investors of the inherent risks and opportunities within this dynamic sector.