According to the August 2022 issue of CryptoCompare’s Digital Asset Management Review, Ethereum investment products outpaced Bitcoin products in August, with Ether-based products increasing by 2.36% to $6.81bn AUM in August, whilst Bitcoin products declined 7.16% to $17.4bn AUM. 

Compound (COMP), one of the leading decentralized finance (DeFi) lending protocols, suffered a critical failure after a bug was discovered in the code that caused transactions for both suppliers and borrowers of Ethereum’s native token, Ether, to revert. This bug has effectively halted the trading of Compound Ether (cETH).

OpenSea, the largest NFT marketplace by volume, has announced that it will be integrating layer two scaling solution Polygon into its Seaport protocol implementation. OpenSea announced that it would be moving from its Wyvern protocol to Seaport in June. Seaport is an open-source marketplace protocol audited by Web3 security firms OpenZeppelin and Trail of Bits.

Top stories in the Crypto Roundup today:

• Ethereum Products Grow in August As Bitcoin Products Dip
• Compound Token’s Market Frozen After Code Bug Kills Price Feed
• OpenSea Adds Polygon Support To Seaport Protocol

Ethereum Products Grow in August As Bitcoin Products Dip

According to the August 2022 issue of CryptoCompare’s Digital Asset Management Review, Ethereum investment products outpaced Bitcoin products in August, with Ether-based products increasing by 2.36% to $6.81bn AUM in August, whilst Bitcoin products declined 7.16% to $17.4bn AUM. 

Notably, Grayscale’s Bitcoin Trust (GBTC) experienced lesser volume than its Ethereum counterpart, the first this has happened since the fund's inception. GBTC experienced a 24.4% drop in average daily volume, while the Ether trust saw its volume rise 23.2%.

Since the end of July 2022, the total AUM across all digital asset investment products have fallen, something which can largely be attributed to the decline in Grayscale’s GBTC product, which accounts for $13.4bn (53.4%) of total crypto AUM.

The shift in narrative and momentum gain for Ether-based products can largely be attributed to the upcoming Merge upgrade for Ethereum, which is currently the leading narrative within the digital asset ecosystem.

In August, Ether-based products also outpaced Bitcoin in terms of weekly flows, with the second largest digital asset by market capitalization recording the largest average weekly inflows with $6.4m, while Bitcoin products averaged outflows of $14.9m.

Compound Token’s Market Frozen After Code Bug Kills Price Feed

Compound (COMP), one of the leading decentralized finance (DeFi) lending protocols, suffered a critical failure after a bug was discovered in the code that caused transactions for both suppliers and borrowers of Ethereum’s native token, Ether, to revert. This bug has effectively halted the trading of Compound Ether (cETH).

When a user interacts and deposits Ether into the Compound protocol, they are rewarded with cETH, a token that represents their lending stake on the platform. cETH was initially launched in 2020, and was one of the first yield farming tokens.

The Compound team has said that the code in the proposal, which was attempting to update the price feed, was audited by three separate teams before it was implemented. A fix will be rolled out in the next code proposal, but will take seven days to go into effect.

“All users should still be able to add collateral, even Ether collateral. The interface is currently not loading, due to this price discrepancy, but will be operational again shortly,” Compound tweeted.

OpenSea Adds Polygon Support To Seaport Protocol

OpenSea, the largest NFT marketplace by volume, has announced that it will be integrating layer two scaling solution Polygon into its Seaport protocol implementation. OpenSea announced that it would be moving from its Wyvern protocol to Seaport in June. Seaport is an open-source marketplace protocol audited by Web3 security firms OpenZeppelin and Trail of Bits.

“Starting today, we will begin using Seaport for all new listings and offers on Polygon!” OpenSea tweeted. “We’re excited to start using Seaport across multiple blockchains to improve the experience for everyone on OpenSea.” 

OpenSea’s transition to Seaport comes in a bid to avoid high Ethereum gas fees, which have become barriers for some users. It also removes the need for new users to pay an account setup fee. Overall, OpenSea’s shift to Seaport will reportedly save users $460 million in total fees per year.“

After several months of observing Seaport’s impact and collecting valuable feedback, we’re excited to introduce Polygon support,” OpenSea said in a blog post. “In the coming months, we will be adding support for Klaytn and other EVM-compatible chains as well."

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