每周编辑精选 Weekly Editor's Picks（0302-0308）
Weekly Editors Picks is a functional column of Odaily. In addition to covering a large amount of real-time information every week, it also publishes a lot of high-quality in-depth analysis content, but they may be hidden in the information flow and hot news and pass you by.
Therefore, our editorial department will select some high-quality articles worth spending time to read and collect from the content published in the past 7 days every Saturday. From the perspectives of data analysis, industry judgment, opinion output, etc., we will provide those in the encryption world with You bring new inspiration.
Next, come and read with us:
invest
Interpretation of on-chain data: Bitcoin is approaching a new high, where are we in the cycle?
Bitcoin has entered a bull market, but we are in the early stages. Increasing retail investors have not yet entered the market on a large scale, and this time, before their FOMO, institutions bought Bitcoin in large quantities.
Altcoins are expected to have a major correction after Summer - there were 6 corrections of more than 30% in the last bull market cycle.
Financing data has dropped to freezing point, is the encryption market out of touch with Bitcoin?
Announced financing amounts fell to 2020 lows as ETF funding disrupted the pace of project announcements. Instead of ETF funds flowing into the crypto industry (especially altcoins on the market), they will be cashed into US dollars, so there will be no altcoin bull market this round.
Crypto market sentiment is feverish, what will be the next hot narrative?
The airdrop opportunities recommended by Ignas include: Ethena, FlashTrade, Nostra, and Merlin Chain.
Protocols that issue tokens are becoming complacent. They believe that the longer they hold points, the more users and TVL they will gain. But the more tokens are issued in the market, the less cash people have to buy their crapcoins, and timing the market is crucial. You need to track the price movements of new tokens to determine the market demand for them.
Currently, the market is sending mixed signals. With each new hot coin, the amount of money invested and user attention is diluted. At some point, we will reach a stage where the amount of money entering the market will not be enough to sustain the number of tokens being issued in the market, and at that point we will face a severe crash.
The main categories that facilitate token issuance are RaaS and Restaking.
The rise of modular blockchain narrative, settlement layer projects may have higher value
The settlement layer is the most valuable because of the currency premium. The execution layer is more valuable than the DA+ consensus layer, because the latter provides homogeneous services with fierce competition, and the cost (and the revenue of the DA+ consensus layer) will tend to 0. Execution layers can build network effects faster and consolidate them with large-scale liquidity; they are also closer to users and do not compete on fees.
The order of value accumulation in the modular stack: Settlement > Execution > DA + Consensus.
Take stock of 8 low-market capitalization projects worthy of attention
The author recommends the anti-front-running protocol Shutter ($Shu), the AI project Monai on Monad ($MONAI), the collaboration tool Balance AI ($BAI), the AI model and computing power market EMC Protocol ($EMC), and the privacy-focused L1 zKML ($ZMKL), decentralized AI project Tao Accounting System ($TAS), DePIN project Wicrypt ($WNT), RWA e-commerce platform MBD Financials ($MBD).
Airdrop opportunities and interactive guide
An article sorting out 40 potential projects that have not issued coins yet
Inventory of 36 potential airdrop projects and interaction strategies in the Solana ecosystem
Ethereum and Scaling
Salus Insights: Before upgrading Cancun, several security checks must be seen by project developers
Eclipse Mainnet is Ethereums first universal L2 built around SVM. It combines the best parts of the modular stack and aims to become the fastest and universal Layer 2 of Ethereum driven by SVM. The project architecture uses Ethereum as the settlement layer and is used for the official embedded verification bridge; Celestia is used as the data availability layer; RISC Zero is used to generate zero-knowledge fraud proofs; and finally Solanas SVM is implemented as a modular Layer 2 project as a whole .
The Eclipse testnet is currently online, and the mainnet is planned to be released in Q1 2024.
Cross-chain
From the perspective of the track, funds have not yet rotated into this sector. At the same time, large funds in North America are doing the work, with development space of hundreds of billions of dollars in projects. At the same time, Axelar is also in the big track of cosmos. Axelar is the cosmos ecology and EVM chain. The liquidity portal will directly benefit from the explosion of the cosmos ecosystem. Axelar (AXL) has significant advantages in technology, ecological applications, and token value capture methods. It is currently the cross-chain protocol and development solution that best meets market needs.
Judging from the timing of the layout, Axelar (AXL) has just been listed on Binance and has completed a round of market wash. At the same time, the consensus has not been fully established. On the eve of Wormhole/LayerZero’s currency issuance, it is a very good position opening range.
The exit strategy can be based on the currency issuance trend of the market or Wormhole, taking profits in batches; or based on the gas burning indicator of Axelar (AXL) as one of the basis for the trading strategy.
DeFi
When will DeFi Summer 2.0 arrive? An Institutional DeFi Strategy Playbook
How institutions deploy new layer one (L1) and layer two (L2) platforms varies, depending largely on their risk tolerance. Funds seeking higher risk may explore new branches or strands that offer high incentives, in contrast to more conservative institutions that tend to choose lower but stable interest rates that typically exceed Treasury yields but are less than 10% . Such institutions typically deploy on mainnet using well-tested protocols to achieve market-beating yields, favoring capital preservation over aggressive growth.
In todays DeFi environment, institutions that are already participating tend to allocate at least 10% of their portfolios to cryptocurrencies. New institutions just starting out in cryptocurrency investing may allocate around 1% to 2%, typically holding only Bitcoin due to its volatility. Blue-chip DeFi tokens are considered more reasonably priced and have less frenzy than newer, more speculative tokens. This stability, while perhaps less exciting for retail players, aligns well with institutional preferences for predictability and manageable risk.
Institutions are primarily interested in market-neutral strategies in DeFi.
A key catalyst for DeFi Summer 2.0 may be a shift in market conditions, centered around growing demand for financial services within DeFi.
Ondo Finances main business is to tokenize high-quality assets such as U.S. Treasury bonds and money market funds within a compliance framework to facilitate users investment and transactions on the blockchain; it ranks third in the TVL of the RWA track.
The $ONDO token was unlocked for circulation in January 2024, and has experienced a large increase since its listing; however, apart from being used for DAO governance, the token has no other actual use cases, and its future use scenarios are unclear. About 80% of $ONDO tokens are still in the hands of project parties, the distribution mechanism is still unclear, and there is a large risk of centralization.
Interest-bearing Stable Coin USDY Deposit Portfolio
Performance of Tokenized U.S. Bond Fund OUSG
The tokenized money market fund OMMF currently has an APY of approximately 4.73%.
Its competitors include Franklin Templeton, Mountain Protocol, etc.
NFT
A look at 13 NFTs with potential airdrop returns
AI×Web3
IOSG Ventures: GPU supply crisis, the way for start-up AI companies to break through
The number of underutilized GPUs available to meet todays tight supply needs.
The DePIN model is suitable for scenarios where the incentive layer promotes cloud computing participation and then ultimately coordinates the computing tasks for inference or training.
For the demand side, the computational cost is lower because the supply side provides incentives. When choosing a Web3 cloud, there may be delays, service levels, or instability. The DePIN model has the potential to solve the GPU availability problem, but the fragmented model will not make the situation better. For situations where demand is growing exponentially, fragmented supply is the same as no supply. Market convergence is inevitable given the number of new market players.
A brief discussion on AI+DePIN: Why is this bull market dominated by rising waves?
There is a high probability that AI+DePIN will take over the role of the previous round of DeFi Summer and become the main value narrative of this round of bull market. This is an opportunity for traditional old DeFi to reshape and reshuffle: some high-performance chains come to the fore, which in turn spawns the emergence of some killer applications; DeFi can stick to the Intent-centric narrative.
Coinbase: Is Crypto x AI a “mirage”?
One of the most important trends in the field of artificial intelligence (related to crypto-AI products) is the continuation of the culture surrounding the open source model. The second trend is the increasing quality and cost-effectiveness of smaller models. The third trend is that existing platforms with strong user lock-in or specific business problems can disproportionately benefit from AI integration.
The long-term success of decentralized computing (and storage) faces stiff competition from centralized cloud providers and must be analyzed in the context of broader business and regulatory requirements.
Hot Topics of the Week
In the past week, BTC surpassed 69,000 USDTnew high, then quicklycallback，ARK InvestContinue to underweight Coinbase and Robinhood stocks,Bitcoin Spot ETFOn March 5, trading volume reached US$10 billion, setting a new single-day trading volume record.USDT market capitalizationexceeded US$100 billion and continued to hit new highs.GrayscaleLaunched the first crypto pledge fund GDIF, including nine assets including SOL, APT, TIA, and DOT.FTX Liquidation Claims Websiteonline;
In addition, in terms of policy and macro market, the U.S. SEC postponedBlackRock Spot Ethereum ETFResolved that the Hong Kong Monetary Authority announced the wholesale levelCentral Bank Digital Currency (wCBDC) EnsembleThe project supports the development of Hong Kong’s tokenization market,British law enforcement agenciesFrom the end of April, crypto assets related to illegal activities can be frozen without formal legal procedures.South KoreaThe Personal Information Commission plans to investigate Worldcoin’s iris information collection practices;
In terms of opinions and voices,1 0x Research: No major macro events affecting Bitcoin market liquidity are expected to occur,Michael Saylor: Bitcoin spot ETF has triggered a decade of institutional “gold rush”,JPMorgan: Bitcoin has surpassed gold in investor portfolios on a volatility-adjusted basis,Matrixport: After the launch of Bitcoin ETF, meme currency trading volume on Upbit soared to $16 billion,LD Capital: BTC is about to start the main rising wave market, and the counterfeit market has not yet started. Bitwise: Catalyzed by multiple positive factors,EthereumIt could rise to $10,000 this year.VitalikCommented on the DePIN track old wine in new bottles and mentioned StorJ,MulticoinFounder talks about leading investment in Zama: ZKP is the past, the future belongs to FHE (Fully Homomorphic Encryption);
In terms of institutions, large companies and leading projects,MicroStrategyPlans to issue $600 million in convertible senior notes to continue to increase its holdings of Bitcoin,BlackRockFiled with SEC to add Bitcoin ETF exposure to its Strategic Income Opportunities Fund,Alchemy: NFT Checkout will complete integration with Visa this year, and Pantera may raise funds for its fund, seekingBuy up to $250 million in SOL tokens from FTX Estate, Binance Futures launchesFutures NEXTPlatform, users who accurately predict the listed currency can receive rewards, and Binance lists Dogwifhat (WIF), Wormhole announces its native tokenW airdropAllocation details,Fetch.aiLaunched Fetch Compute, a US$100 million infrastructure investment project, a cross-chain DeFi protocolEntangle: Announcing token economics, 3% of tokens will be used for airdrops,EOSCEO tweets “Let it burn. EOS: 2”…well, another week of ups and downs.
Attached is the Weekly Editors Picks seriesportal。
See you next time~
