Bitget Research Institute: The Fed has released certain expectations of interest rate cuts, and the upcoming Cancun upgrade makes ETH a high-certainty opportunity
In the past 24 hours, many new popular currencies and topics have emerged in the market. Perhaps they are the next opportunity to make wealth.
Summary
In the past 24 hours, Bitcoin has continued to consolidate in the price range of $64,000-68,000, and the price of ETH has continued to rise steadily above $3,900. in:
The sectors with strong wealth creation effects are: parallel EVM, Layer 2, and storage small-market capitalization projects;
The most popular tokens and topics searched by users are: BODEN, SOL, Wormhole, Jupiter and other Solana ecological projects;
Potential airdrop opportunities include: Marginfi, io.net;
As the price of Bitcoin enters the consolidation stage, as the Cancun upgrade time approaches, the hot spots pursued by funds are gradually shifting from the Bitcoin ecosystem to the ETH ecosystem, and trading opportunities are on the ETH, EVM chain sectors (SEI, NEON), and Layer 2 sectors. (such as OP, ARB, STRK) are all high certainty opportunities. At the same time, Pantera Capital is raising funds from large investors to purchase discounted Solana tokens from FTX Estate. Investors can also consider deploying Solana and its ecological tokens (such as RAY, PYTH, SILLY).
Data statistics time: 4:00 on March 8, 2024 (UTC+ 0)
1. Market environment
In the past 24 hours, the price of BTC has continued to fluctuate between US$64,000 and US$68,000, and the price of ETH has continued to rise steadily above US$3,900. Since the Cancun upgrade will be carried out on March 13, when L2 transaction data will be separated from EVM by the introduction of Blob transactions, the Gas fees required for digital asset transactions on the Ethereum Layer 2 network will be significantly reduced, and the reduction may reach 14 times. . As time approaches, the hot spots pursued by funds gradually shift from the Bitcoin ecosystem to the EVM chain (such as SEI) and various layer 2 projects (such as OP, ARB).
In terms of macro markets, Federal Reserve Chairman Powell stated at a Senate hearing that he is not far away from having confidence in cutting interest rates. If inflation meets expectations, interest rates can and will begin to be cut this year. The three major U.S. stock indexes collectively closed higher on Thursday, with the Nasdaq hitting a new intraday record high. Popular technology stocks generally rose, and the macro environment had a positive impact on the cryptocurrency market environment.
2. Wealth creation sector
1) Sector changes: Parallel EVM (SEI, NEON)
The main reasons: First, the Ethereum Cancun upgrade will be carried out on March 13. At that time, the Cancun upgrade will reduce the cost of EVM projects; second, Coinbase International Exchange (Coinbase International Exchange) and Coinbase Advanced will increase their support for SEI. Renewal of futures contracts is supported.
Rise: SEI rose 16.12% in the past 24 hours, NEON rose 18.31% in the past 24 hours.
Factors affecting the market outlook:
Major product release: Currently, the SEI parallel EVM test network has been upgraded to version v2. In the new version, Ethereum-based applications can be deployed on the network without any changes. The Sei parallel EVM mainnet is expected to be released in the first half of 2024.
It is necessary to pay attention to whether the parallel EVM route will be adopted by more projects: the reason why the parallel EVM sector is important is that it significantly improves the throughput and performance of the network by solving the problem of traditional EVM processing transactions in sequence. If more projects such as Neon and Scroll adopt parallel EVM, the currency price of the entire sector will have further room to rise.
2) Sector changes: Storage sector (AIOZ, AR, TFT)
The main reason: Solana ecological DePIN protocol io.net announced the completion of a US$30 million Series A financing, led by Hack VC, and its valuation has reached US$1 billion. The DePIN base layer uses supply chain cloud services such as GPUs or mobilizes hardware equipment across the entire network. constitute an infrastructure network. This has also opened up the market value ceiling of related storage projects, so some of these small-market value storage projects have received financial attention.
Rise: AIOZ rose 41.4% in 24 hours, AR rose 4.69% in 24 hours, and rose 39.82% in the past week.
Factors affecting the market outlook:
Pay attention to the development of DePIN+AI: Shared cloud storage services will generate strong demand in large model training, distributed machine learning, data storage verification mining, distributed reasoning, etc. Storage, as a part of DePIN, will gain its status as a basic service in the future with the further development of DePIN+AI.
Pay attention to the expansion of sector concepts: The cloud computing industry is a very challenging industry, especially for customers who require complex real-time rendering or streaming GPU infrastructure, and the development and use costs are high. If more decentralized computing power projects such as io.net, AIOZ and TFT emerge, the application scenarios of the storage sector will increase. Through the combination of decentralized cloud storage + cloud computing, the price ceiling of the storage sector can be opened.
3) The following sectors need to be focused on: Solana ecological tokens (RAY, PYTH, SILLY)
The main reason: Pantera Capital is raising funds from large investors to purchase discounted Solana tokens from FTX Estate, according to Bloomberg. Mechanism Capital co-founder Andrew Kang posted that the new funds will purchase a large number of SOL tokens on the chain. The Solana ecosystem may see greater opportunities for growth in the future.
Specific currency list:
RAY: Raydium is the first AMM and liquidity provider built on the Solana chain. Its core product is the Raydium DEX platform, which is equivalent to Uniswap on ETH.
PYTH: Pyth Network is an oracle project based on the Solana public chain. With more than 190,000 pledgers, it is an important infrastructure project in the Solana ecosystem.
SILLY: Silly Dragon is a character that appears in the Solana ecosystem and was officially launched by Solana co-founder Anatoly Yakovenko during Halloween 2023. Currently, the median number of meme coins in the Solana ecology is not many that have been promoted by Anatoly.
3. User hot searches
1. Popular Dapps
Wormhole：
The cross-chain protocol Wormhole opened the airdrop inquiry yesterday. The snapshot of the activity on the airdrop price chain was at 23:59 on February 6, 2024 (UTC). The total supply of token W is 10 billion, with an initial circulation of 18%. The airdrop will Allocating 6.17% (617,305,000) of W tokens, a total of 397,704 wallet addresses received airdrops, including protocol interactive users, Mad Lads holders and other NFT communities, Discord users, Monad communities, and the top 10,000 Pyth pledgers are eligible. Users need to pay attention to identifying the correct links to prevent phishing websites. It is recommended to check the air investment qualifications on the official website.
2.Twitter
Parallel Finance (not issued yet):
The full-chain Layer 2 network has received US$30 million in investments from Sequoia, Polychain, Founders Fund, etc. The project announced that its test network has opened early qualifications, and users can participate in the test network to earn points as rewards. The project originally issued PARA tokens based on Polkadot and has been delisted, and new tokens will be issued in the future. Based on this, the current opportunities for participation from the perspective of users are mainly: participating in the test network for token staking and interaction to obtain a variety of benefits. The benefits include: ETH pledge APR, re-pledge APR, EigenLayer points, Liquid re-pledge token points, Parallel Diamonds, Extra Parallel and Partner Bonuses. The above opportunities have a high probability of obtaining airdrops of project tokens.
3.Google Search
From a global perspective:
Solana meme coin $BODEN is highly discussed:
Meme coins Doland Tremp and Jeo Boden related to the US election on Solana have reached new highs. Among them, $BODEN has a trading volume of 14 million US dollars in the past 24 hours. It was officially promoted by Phantom and discussed by some big V, with a market value of up to 35 million US dollars. The token turned down after rebounding to test the previous high. There is often greater resistance at this position, and it is not recommended to chase higher.
Judging from hot searches in each region:
(1) The English and European regions show enthusiasm for searching for the topics of Solana ecological projects SOL, Wormhole, and Jupiter:
Solanas public chain token SOL continues to hit new highs in this bull market. The ecological project Wormhole opens airdrop inquiries, and the lending protocol Kamino announces the airdrop time. At the same time, the ecological core liquidity protocol Jupiter announced the launch of the first round of Launchpad, and its token JUP increased by 26% in 24 hours. , which greatly stimulates the ecological wealth effect and the activity of funds. The market is generally optimistic that SOL will continue to rise in the future. For users with high risk appetite, it will be a good choice to deploy Solana and its core ecological projects at dips.
(2) The Asian region shows its attention to the derivatives project AEVO:
AEVO is a decentralized derivatives exchange that provides derivatives transactions such as perpetual contracts, options, and Pre-Launch token futures. It uses order books and margin models. The platforms 24-hour trading volume reaches an astonishing US$3.1 billion. The project has carried out mining activities on Binance launchpool. Its original token Ribbon (RBN) can convert its RBN into AEVO at an exchange rate of 1:1. At the same time, a 2-month lock-in period is required. Users who want to arbitrage RBN need to Be aware of the risks.
4. Potential airdrop opportunities
Marginfi - Solana lending protocol in the points mining stage
As Kamino, the second-placed player in the Solana lending protocol, announced that it would convert the points generated from mining into token airdrops in April, TVL soared to 20%, surpassing Marginfi, which originally ranked first. Marginfi has not yet announced the launch time of the token, and is still conducting loan points mining. Users can still obtain points expected to be airdropped in the future by depositing and borrowing funds.
As of now, Marginfi’s TVL is US$660 million, and its investment background is from Solana Ventures, Multicoin, Pantera, Sino and other institutions;
The specific participation method is: after entering the official website, link the wallet, select the corresponding deposit or borrow token, perform the operation, and you can receive point rewards in real time. Currently, it supports the lending of Solana, BTC, USDC, USDT, JUP and other tokens.
IO.net - a decentralized computing network for computing power mining
IO.net is a decentralized computing network based on the AI+Depin concept of the Solana ecosystem, allowing machine learning engineers to access distributed cloud clusters at a much lower cost than centralized services. It launched the first phase of the points reward program on March 1, which will last until April 28, and rewards points based on the GPU users provide to the network.
IO.net recently announced the completion of a $30 million Series A round of financing at a $1 billion valuation, led by Hack VC, with participation from Multicoin Capital, 6th Man Ventures, M 13, Delphi Digital, Solana Labs, Aptos Labs, Foresight Ventures, etc. , with a very high-quality background.
The specific participation method is: users need to link their GPU computing power to the IO.net platform through the network, keep the network open and obtain points rewards. Ordinary computers with certain computing power can also contribute.
Bitget Research Institute focuses on focusing on on-chain data and mining value assets. Through real-time monitoring of on-chain data and regional hot searches, it explores cutting-edge value investments and provides institutional-level insights for crypto world enthusiasts. So far, it has provided Bitget global users with early value assets in many popular sectors such as [Arbitrum Ecosystem], [AI Ecosystem], and [SHIB Ecosystem], and created better wealth for Bitget global users through in-depth data-driven research. effect.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
