Foresight Ventures Weekly Brief: The market is waiting for recovery, and the L2 ecology is thriving
Market View:
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Currency liquidity has tightened. The Bank of Japan raised interest rates in disguise, and short-term global liquidity remains tight. The Federal Reserve said last week that as long as US inflation remains high, it may accelerate interest rate hikes in 23 years and may maintain high interest rates for a longer period of time. The continued contraction of funds may trigger a black swan event in the market, which also provides an excuse for the Fed to cut interest rates. The U.S. stock market continued to fall, and the encryption market has been relatively strong in the past two weeks.
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2. The whole market
The top 100 gainers by market capitalization:
The crypto market has generally fallen this week, with BTC falling by 2%. The main highlight of the on-chain market recently is that L2, arbitrum and optimisim are more active than the main network, and the development of zk ecology is slightly delayed. Over the past two months, 60% of all Ethereum transactions occurred on L2.
BLD: Up 70% recently. BLD is a smart contract development platform based on the Cosmos ecology, and its main selling point is that it can use the javascript language. BLD is a coinlist with a public offering of 80 million US dollars, and the team comes from Google and Microsoft. The disadvantage is that the market value is slightly larger, and it will be unlocked in January next year.
3. BTC market
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1) Data on the chain
The long-term trend indicator MVRV-ZScore is based on the total market cost and reflects the overall profitability of the market. When the indicator is greater than 6, it is the top interval; when the indicator is less than 2, it is the bottom interval. MVRV fell below the key level 1 and holders were overall in the red. The current indicator is -0.24, which is in the green bottom buying range.
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2) Futures market
Futures funding rate: this week, the rate is the main one, the market sentiment is bullish, and ETH is stronger than BTC. The fee rate is 0.05-0.1%, and the long leverage is more, which is the short-term top of the market; the fee rate is -0.1-0%, and the short leverage is more, which is the short-term bottom of the market.
Futures long-short ratio: 1.9. The sentiment among retail investors is bullish. The long-short ratio data fluctuates greatly, and the reference significance has been weakened.
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The market has been quiet and unmoved this week, and the trading volume of the whole market has fallen back to the level of the last bear market in 2019. The crypto market cap will start 2022 at $2.2 trillion and end the year at less than $1 trillion. This round of bear market BTC fell below the previous bull market high in June 2017 for the first time in history, and the top 10 cryptocurrencies by market value fell by more than 80% on average. The market is quietly waiting for the boots of the last drop to hit the ground.
market data:
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The overall TVL changed little this week, and it still maintained a downward trend. This week, it decreased by 0.86 B, or 2.16%, which was slightly lower than the decline in BTC and ETH. bigger trend.
2. Proportion of public chain
This week, the proportion of each chain has basically leveled off, and there has been no major change in each chain. In the last round of bull market, due to the influence of a hundred flowers blooming, the proportion of ETH chain has been gradually declining. Since Terra burst in May 21, there has been a After a substantial increase, due to the impact of Tron's growth momentum, there was a slow decline again. It began to increase in mid-July. Up to now, the proportion has increased by 4%, and the living space of each chain has gradually decreased.
1) ETH lock-up volume:
2) BSC locked position status:
3) Tron locked-up volume:
4) Avalanche lock-up volume:
5) Polygon lock-up volume:
6) Arbitrum lock-up volume:
7) Optimism lock-up volume:
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This week, there was a slight increase in gas on the chain. There was no surge in gas on the chain, and there was a lack of hotspots. The current average transfer fee on the chain is about 0.91, and the average transaction fee on uniswap is about 3.1. The average transaction fee on Opensea is about $1.2. Through the gas consumption on the chain, we can see that there have been two new big consumers recently, Voitz and Blur. Voitz is an AMM protocol for interest rate swaps, which supports fixed-rate and floating-rate exchanges of stablecoins on AAVE and Compound, and also supports ETH pledge Lido and Rocket's interest rate swaps have added some new innovations to Uniswap's LP injection; Blur is currently the hottest ETH chain aggregation NFT market. According to Gas consumption calculations, the current transaction volume is about one-third of Opensea.
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5. Changes in NFT market data
NFT-500 Market Cap:
Weekly active projects:
The total value of the NFT market has been growing slowly recently. Judging from the number of active projects, it has been growing steadily for four consecutive weeks. More and more projects will issue Tokens after issuing NFTs as a standard configuration for projects. Although the market is cold at this time, but in the next In a cycle, there may be a situation where NFT grows before Token. Judging from the recent transaction situation, there is an ASCII Birds. Although the transaction displayed is extremely active and the transaction volume is huge, but from the perspective of the mainstream transaction market, it may be the project party’s self-refreshing behavior, and there is no transaction on Opensea. Pudgy Penguins, a veteran blue-chip project, experienced a double surge in transaction volume and number of transactions within this week, and its floor price doubled in a short period of time to 6.5 ETH.
The latest financing of the project
Disclaimer: All Foresight Ventures articles are not intended as investment advice. Investment is risky, please assess your personal risk tolerance and make investment decisions prudently.
Disclaimer: All Foresight Ventures articles are not intended as investment advice. Investment is risky, please assess your personal risk tolerance and make investment decisions prudently.
Foresight Ventures backs innovative and disruptive Web 3 projects. We believe that the future of innovation will be defined by crypto. As early investors, we want to participate in the growth of the project and provide extensive support from our ecosystem.
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