• NFTs accounted for 28% of the ETH gas usage in January, according to CryptoSlate analysts.
• The second, third, and fourth largest share of gas usage was 8%, 8%, and 6%, respectively, for Defi, ERC20, and stablecoins.
• The categories used to analyze gas usage included Vanilla, ERC20, Stablecoins, DeFi, Bridges, NFTs, MEV Bots, and others.

The Ethereum (ETH) network continues to grow and is becoming increasingly popular among users around the world. As such, CryptoSlate analysts have taken a closer look at the gas usage shares of different transaction categories on the ETH network, and the results show that the Non-Fungible Token (NFT) category accounted for 28% of the total gas usage in the first month of the year.

The analysis divided all transactions on the Ethereum network into eight categories – Vanilla, ERC20, Stablecoins, DeFi, Bridges, NFTs, MEV Bots, and others. The Vanilla category includes pure ETH transfers between Externally Owned Accounts (EOAs) issued without calling any contracts, while the ERC20 class counts all transactions that call ERC20 contracts, excluding stablecoin transactions. Stablecoins, meanwhile, represent all fungible tokens that have their value pegged to an off-chain asset either by the issuer or by an algorithm. This category includes over 150 stablecoins, such as Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and DAI (DAI).

The Defi category covers all on-chain financial instruments and protocols implemented as smart contracts. Decentralized exchanges (DEXs) also fall under this category and more than 90 Defi protocols are represented. The Bridges category includes all transactions that pass through the ETH network from other chains, while the MEV Bots category includes all transactions that exploit front-running to make a profit.

NFTs, however, accounted for the largest share of gas usage by far, with 28%. The Defi, ERC20, and stablecoins categories occupy the second, third, and fourth largest share of gas usage with 8%, 8%, and 6%, respectively. The other categories such as Bridges, MEV Bots, and others made up a combined total of less than 1%.

Overall, the analysis shows that NFTs are the most actively used transaction type on the Ethereum network. This is likely due to the increasing popularity of the DeFi and NFT markets in recent months, with Ethereum being the most popular platform for these activities. With more users entering the space and taking advantage of the Ethereum network’s capabilities, it is likely that the gas usage associated with NFTs will continue to increase in the future.

• The cryptocurrency market cap lost $26.3 billion in the last 24 hours, bringing the total market cap to $965.18 billion.
• Bitcoin and Ethereum’s market cap decreased by 2.21% and 3.55% respectively.
• Bitcoin fell below $21,000 following the FUD spread by the U.S. Department of Justice’s enforcement action.

The cryptocurrency market has seen a sharp decline in the last 24 hours, with a net outflow of $26.3 billion bringing the total market cap to $965.18 billion. This is 2.64% lower than the market cap of $991.48 billion recorded at the start of the reporting period.

The top two cryptocurrencies, Bitcoin and Ethereum, have been hit hardest by this decline. Bitcoin’s market cap declined by 2.21% to $400.19 billion, while Ethereum’s market cap decreased by 3.55% to $186.29 billion. Other top 10 cryptocurrencies, such as Shiba Inu, Solana, and Dogecoin, recorded losses of 10.18%, 7.18%, and 6.65% respectively.

The market caps of Tether (USDT) and USD Coin (USDC) marginally declined to $66.48 billion and $43.11 billion respectively, while the market cap of BinanceUSD (BUSD) rose to $16.31 billion.

The biggest mover in the last 24 hours was Bitcoin. It fell 2.26% to trade at $20,743 as of 07:00 ET, and its market dominance jumped to 41.4% from 41.2%. Bitcoin’s decline below $21,000 was largely due to FUD spread by the U.S. Department of Justice’s enforcement action. Reports suggest that traders were scared that the DoJ was „honing in on something more drastic“ than the action taken against Bitzlato.

Overall, the crypto market has experienced a rapid decline in the last 24 hours, with Bitcoin and Ethereum being the worst hit. The market should be monitored closely in the coming days to see if the decline continues or if the market can recover.

• Indian-based crypto exchange WazirX has published its Proof-of-Reserves (PoR) report, which shows it holds about $285 million worth of crypto assets.
• WazirX currently holds about 6.09 trillion SHIB tokens worth approximately $54.6 million, 1,356 Bitcoin worth about $23.6 million and 20,056 Ethereum valued at $26.6 million.
• About 90% of users‘ assets (worth $259.15 million) are held in wallets at Binance, while the remaining 10% ($26.54 million) are stored in hot and warm wallets.

Indian-based crypto exchange WazirX has recently published its Proof-of-Reserves (PoR) report, providing greater transparency into the exchange’s holdings and reserves. According to the report, WazirX holds a total of $285.7 million worth of crypto assets, with about 4,229 assets listed for trading.

Among these 4,229 listed assets, WazirX currently holds about 6.09 trillion SHIB tokens worth approximately $54.6 million, which accounts for 19.13% of total holdings. Additionally, it holds about 1,356 Bitcoin worth about $23.6 million and 20,056 Ethereum valued at $26.6 million.

In regards to users‘ assets, WazirX noted that about 90% of users‘ assets (worth $259.15 million) are held in wallets at Binance, while the remaining 10% ($26.54 million) are stored in hot and warm wallets. This ensures that WazirX has sufficient reserve funds to meet users‘ withdrawal demands at any time, as it has more than 1:1 reserve holdings of users‘ assets.

The move to publish its PoR report comes in the wake of the FTX collapse, as several other crypto exchanges including Binance, Kraken, and OKX have moved to increase their transparency by publishing their proof-of-reserve reports. WazirX’s publication of its PoR report is an indication of its commitment to providing a high level of transparency to its users, while also ensuring the safety of their assets.

Overall, the PoR report from WazirX illustrates the exchange’s commitment to transparency and providing a safe, secure trading experience for its users. It is likely that other exchanges will follow suit and publish their own reports in the near future.

• Celsius has requested an expedited hearing for a motion to extend the deadline for submitting proofs of claim and grant related relief.
• The hearing will be held remotely via Zoom for Government on Jan. 10, at 11:00 am ET.
• Parties that wish to appear at the hearing must make an electronic appearance through the court’s website by 4:00pm ET on Jan. 9.

Celsius Network LLC and its affiliated debtors recently filed a motion on Dec. 30, 2022 to extend the Bar Date — the deadline for all customers to file a claim. This is due to the roughly $53 million spent on ‘administration expenses’ through the bankruptcy case, which sparked concerns from customers of the cryptocurrency platform. To allow customers to have the opportunity to recover their funds held in Celsius, an expedited hearing has been requested for the motion to extend the deadline for submitting proofs of claim and related relief.

The hearing will take place remotely via Zoom for Government on Jan. 10, at 11:00 am ET. It is important for all parties that wish to appear at the hearing to make an electronic appearance through the court’s website by 4:00pm ET on Jan. 9. The filing of the motion has caused a wave of emotions amongst users, some of whom expressed concern in the thread announcement. Fears included funds being wasted and “lawyers procrastinating for profit.”

The purpose of the motion is to give customers a chance to recover their funds held in Celsius, and it is important for those affected to be aware of this opportunity. The platform is providing users with a chance to have their claims heard and considered, although it is important to remember that cases like these can take a long time to be resolved. With this extension filed, customers can now wait longer before they are given the opportunity to recover their funds held in Celsius. In the meantime, customers are encouraged to stay informed and updated on any news regarding the motion and the hearing so that they can be sure their rights are being protected.

• Crypto startups raised $660 million in VC funding in December 2022, a decrease of 82.5% from December 2021.
• Infrastructure crypto firms received the largest share of funding in December 2022, at about 22%.
• Haun Ventures secured the highest funding of $1.5 billion in 2022.

The cryptocurrency and blockchain space saw a dramatic decrease in venture capital investments in December 2022. According to a report by Wu Blockchain, crypto startups raised $660 million in VC funding in December 2022, a steep decline of 82.5% from December 2021 ($3.76 billion). The number of crypto VC public investment projects in December 2022 was 50, a significant decrease of 68% compared to the 154 projects seen in December 2021.

This marked the lowest amount of venture capital investments in cryptocurrency and blockchain projects in the last two years, highlighting the current bearish sentiment in the space. Infrastructure crypto firms received the largest share of funding in December 2022 at about 22%, followed by CeFi and DeFi sectors at 8% and 18% respectively, and NFT and GameFi at 16%.

Aztec Network was the most funded crypto firm in December 2022, with a total of $100 million in funding. Aztec Network is a Layer 2 privacy solution using ZK Rollup, and is followed by Fleek protocol at $25 million, and Web3 startup Nillion at $20 million.

The highest VC funding for a crypto firm in 2022 was secured by Haun Ventures with $1.5 billion. Huobi Global took second place with $1 billion in funding, and Flow ecosystem came in third with $750 million in funding. Although venture capital investments in blockchain startups reached a record high of $25.2 billion in 2021, the dramatic decrease in December 2022 serves as a reminder of the volatile nature of the space.

• Sam Bankman-Fried, the founder of FTX, pleaded not guilty to the eight charges filed against him in the US District Court on Jan. 3
• The court granted SBF’s plea, giving him more time to assess the evidence against him
• The US District Court set a trial date for Oct. 2, 2023, following promises by US prosecutors that they would produce all evidence within four weeks

On January 3rd, 2023, Sam Bankman-Fried, the founder of FTX, appeared in the New York US District Court to plead not guilty to the eight charges filed against him. The court heard arguments from both sides and ultimately granted SBF’s plea, considering the threats his parents have received since FTX collapsed.

Judge Lewis Kaplan, who presided over the hearing, set a trial date for October 2nd, 2023, and also granted Bankman-Fried more time to assess the evidence prosecutors have against him. As part of the plea agreement, the US District Court stipulated that US prosecutors must produce all evidence within four weeks.

In addition to pleading not guilty, SBF was also granted bail for a record $250 million bond. As part of the bail conditions, he must be monitored constantly, undergo regular mental health checks, surrender his passport, and can’t move out of the Northern District of California. Furthermore, SBF has requested the court to allow him to travel to the United Kingdom and Israel while awaiting trial.

Overall, Bankman-Fried’s plea of not guilty to the eight charges filed against him in the US District Court is a big step forward in his defense. It gives him more time to assess the evidence prosecutors have and also allows him to travel to the United Kingdom and Israel while awaiting trial. With the trial date set for October 2nd, 2023, the future of Bankman-Fried and FTX remains uncertain.