⬇️ 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

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.

🌍 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)