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⬇️ August Was Ethereum's Worst Month Since 2022

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Ethereum posted its worst monthly performance since FTX’s spectacular failure in 2022. The price of ETH tumbled 22% in August as spot Ether ETFs failed to meet expectations.

Arbitrum’s long-awaited Stylus upgrade is live on mainnet. Arbitrum’s ecosystem now supports WebAssembly-compatible programming languages following the upgrade.

Crypto markets dropped, with analysts predicting a bearish September. ETH dipped 3%, while SOL and DOT fell 1.5%.

Plus, Matter Labs is culling its workforce by 16%, Aave and Sky overcome differences for a revenue sharing agreement, Anemoy launches DeFi Yield Fund, and CryptoKitties Eggs surge.

✍️ In today’s newsletter:

  • ETH holders suffer violent August downturn
  • Arbitrum launches Stylus on mainnet
  • Matter Labs reveals significant layoffs
  • Aave and Sky team up to promote USDS adoption
  • Anemoy launches delta-neutral DeFi fund
  • New CryptoKitties NFTs rally 30x
  • Crypto dips as stocks swoon

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️📉 Ethereum Clocks Worst Month in Over Two Years

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The price of ETH fell 22% during August, marking Ethereum’s worst monthly performance since FTX’s failure wrought havoc on crypto in mid-2022. Analysts attribute the bearishness to spot Ether ETFs failing to live up to their hype and declining activity on the Ethereum mainnet.

🚢 Arbitrum Ships Stylus Upgrade

Arbitrum's Stylus upgrade is live on mainnet, introducing support for WebAssembly-compatible programming languages across Arbitrum’s ecosystem. The project said Stylus will help onboard developers and unlock new dApps that were previously inconceivable to build.

🔥 Matter Labs Lays Off Staff for the First Time Since Inception

Matter Labs, the development team behind ZKsync, is letting go of 24 employees. Alex Gluchowski, the CEO and co-founder of Matter Labs, said the layoffs resulted from company-wide reevaluation following ZKsync’s Elastic Chain launch.

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🤝 Aave and Sky Set Differences Aside For USDS Incentives Proposal

Aave and Sky are aligning on a proposal to incentivize the adoption of Sky’s upcoming USDS stablecoin launch on Aave and evenly share revenue from the market. The projects have previously clashed over a revenue-sharing deal between SparkLend and Aave in addition to Sky’s hasty adoption of USDe.

🚀 CryptoKitties’ ‘Eggs’ Soar 30x as NFT Community Calls for a Comeback

Eggs, a new NFT collection from the veteran CryptoKitties team, rocketed by 3,650% after hitting the open market. The tokens were minted at 0.008 ETH each and have since surged to 0.3 ETH a piece.

💼 Web3 And TradFi Collide Through Anemoy’s DeFi Yield Fund

Anemoy, a web3 asset issuer, unveiled a new fund offering exposure to multiple delta-neutral DeFi strategies. Shares in the fund are issued as digital tokens on Centrifuge Chain, Ethereum, and Layer 2 networks.

📉Bitcoin Price Drops to Kick Off Historically Bearish September

Cryptocurrency markets start the month in the red as analysts predict a bearish trend for September based on historical patterns. Bitcoin dipped 1% to trade at $58,100, while Ether fell 3% to $2,450. Polkadot (DOT) and Solana (SOL) slipped 1.5%.

🌍 ELSEWHERE

  • FBI says North Korean hackers are 'aggressively targeting' crypto employees (The Block)
  • Ripple Will Soon Add Ethereum Compatible Smart Contracts to XRP Ledger (CoinDesk)
  • Bitcoin Hashrate Records New ATH Surpassing 740 EH/s (Bitcoin Magazine)
  • 6 Stablecoins That Are Driving the Sector’s Two-Year High in Market Capitalization (Unchained)

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