Welcome the Weekly Web3 Digest from Magnet where crypto’s wild cycles start to take shape. Congress just kicked off a regulatory revolution, Ethereum ETFs are exploding, Coinbase is revamping Base for the next wave of builders, and Pudgy’s Abstract Chain is going live with user-first Web3. Meanwhile, meme coins are spiking on celebrity headlines, and ancient Bitcoin whales are stirring. Institutions are here. Retail is watching. Web3 is entering a new phase.
In a pivotal week for digital assets, Congress passed the GENIUS Act — the first-ever federal law regulating stablecoins — and advanced two more critical bills: the CLARITY Act (defining crypto market structure) and the Anti-CBDC Surveillance State Act (limiting state-issued digital currency without congressional approval). The GENIUS Act, now signed into law by President Trump, mandates 1:1 reserves, monthly audits, and full AML/KYC compliance. While the other two bills await Senate review, this trifecta of legislation signals a historic turning point: bringing structure, legitimacy, and clear boundaries to crypto in the U.S.
New Ethereum spot ETFs have stormed onto the scene, with ETHA alone surpassing $10 billion in assets under management in record time. These inflows solidify Ethereum’s role as an institutional asset, expanding the narrative beyond Bitcoin and reinforcing ETH’s dominance in DeFi, staking, and programmable finance. It’s not just retail anymore: institutions are betting big on Ethereum’s future.
Trump Media & Technology Group (TMTG), the parent of Truth Social, stunned the market by acquiring $2 billion worth of Bitcoin as a core treasury asset. BTC now accounts for nearly two-thirds of its liquid holdings, alongside another $300 million in crypto options. The firm is also teasing a token and crypto platform rollout, signaling a bold leap into Web3 from one of the most politically-charged tech companies.
Coinbase revealed its ambitious roadmap for Base, its Ethereum L2. The plan? Supercharged interoperability, broader developer support, and smoother scaling infrastructure. As the L2 wars heat up, Coinbase is positioning Base not just as an on-chain playground, but as a core pillar of multi-chain Web3 growth.
The team behind Pudgy Penguins launched Abstract Chain, a next-gen Ethereum Layer‑2 built on zkSync and EigenDA. Focused on user-friendly onboarding (think email and social login), Abstract is gunning for mass adoption beyond the crypto-native crowd. With 120+ projects already live — spanning GameFi, NFTs, and social tools, Abstract is shaping up to be one of the most accessible L2s to date.
HULK & OZZY Tokens Skyrocket 122,000% After Headlines. The deaths of Hulk Hogan and Ozzy Osbourne triggered a shocking surge in related memecoins, with HULK up 122,000% and OZZY jumping 16,800%. These parabolic moves, fueled entirely by social media emotion and speculative frenzy, are a reminder that memecoins run on narrative, not fundamentals. Blink and it’s over.
🧲 The crypto market is solidifying, capital is flowing, and innovation is hitting critical mass. If you're serious about building or investing in Web3, staying ahead of these shifts isn’t optional — it’s essential. Stay informed, stay adaptive, and stay plugged in.
