Top 5 Web3 Tools for Developers for 2024

Grayscale Led the Fight for Bitcoin ETFs; Crypto Market Turbulence

Author

Ishaan Mahajan
January 25, 2024

Welcome to ChainDecoded —Your guide to the world of Web3, Crypto and Blockchain. You will receive one email every Thursday with various news, concepts and facts going on in this week.

Top 5 Web3 Tools for Developers for 2024

Embarking on the journey of web3 smart contract development requires a comprehensive understanding of the evolving tools, platforms, and strategies that shape this dynamic landscape. Top 5 Web3 Tools for Developers for 2024:-

  1. Smart Contract Languages: Solidity and Vyper continue to dominate, with Solidity holding a 94% share in smart contract value. Despite advancements in other languages like Rust and Vyper, Solidity remains the go-to choice. Vyper, despite past challenges, is gaining traction with community-driven improvements, including competitive audits and the possibility of a dedicated course.

  2. Frameworks: Foundry and Hardhat are the top frameworks, with Foundry gaining prominence for its speed, built-in fuzz tests, and deployment enhancements. Foundry's efficiency has made it the preferred choice for new projects, surpassing Hardhat in adoption. Titanoboa, built by the Vyper core team, is emerging as the go-to tool for Vyper enthusiasts.

  3. Smart Contract Essentials: Chainlink and OpenZeppelin Contracts continue to be crucial tools. Chainlink's recent developments, such as CCIP, Data Streams, and Functions, make it integral for oracles and cross-chain dapps. OpenZeppelin v5.0 release and Solady's gas-optimized contracts provide solid alternatives.

  4. Wallets: Web3 wallets are evolving, with innovations like Rivet by Paradigm, offering improved interactions for developers. Metamask introduces snaps for wallet customization, and wallets like Rabby and Trezor 3 showcase significant advancements. Multi-sig wallets, like Safe, are recommended for enhanced security.

  5. Security: CodeHawks' competitive audit platform and Cyfrin Updraft's developer and security course signify significant strides in web3 security. Fuzzing tools like Medusa, Echidna, and Foundry are highlighted as crucial for all web3 projects in 2024, emphasizing the importance of thorough security practices in blockchain development.

👋 Crypto Market Turbulence: Grayscale Outflows and the Emergence of AI Buyers LINK

  • Cryptocurrency markets experience heightened volatility due to large outflows from Grayscale's spot bitcoin ETF.

  • The bitcoin price, previously surging on ETF hype, undergoes a significant decline, causing concerns among traders.

  • Palantir co-founder, Joe Lonsdale, suggests that artificial intelligence (AI) agents could emerge as influential buyers in the crypto market.

  • Lonsdale envisions a future where AI agents coordinate with incentive systems, potentially using cryptocurrencies like bitcoin, ethereum, XRP, or solana.

💡 Bitcoin Surpasses Silver To Become Second Largest ETF Commodity In The US LINK

  • Bitcoin exchange-traded funds (ETFs) in the United States have outpaced silver ETFs, securing the second position in terms of assets under management (AUM) within the commodity ETF space.

  • This milestone highlights Bitcoin's growing acceptance as a mainstream investment, driven by increasing demand from both institutional and retail investors seeking exposure to BTC.

  • In less than a week since going live, spot Bitcoin ETFs have accumulated over $28 billion in AUM, surpassing silver ETFs with ~$11.5 billion.

  • The achievement signifies Bitcoin's maturation within financial markets, gaining credibility and recognition as a formidable investment option, showcasing its rising prominence globally.

What Is Web3 And How Can It Change The World?

Alex Tapscott, an entrepreneur, investor, and author, joins Diane Brady on Forbes Talks to define Web3 by breaking down the differences between Web1 and Web2.

⚡️ Grayscale Led the Fight for Bitcoin ETFs. Now Its Fund Is Bleeding Billions. LINK

  • Grayscale's Bitcoin Trust (GBTC) lost $2.8 billion after the launch of competing spot-bitcoin ETFs, which attracted $4 billion in inflows.

  • GBTC transformed into an ETF and narrowed its discount to near zero, but faces competition from lower-fee funds by BlackRock and Fidelity.

  • Despite a fee cut to 1.5%, GBTC's management fee is criticized as high; FTX's bankruptcy filings show it sold a significant GBTC stake.