Bitget Research Institute: Ethereum completes Cancun upgrade, Solana ecosystem rises across the board

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.

The market performance was relatively calm yesterday, with Bitcoin maintaining fluctuations around US$73,000. The Ethereum Cancun upgrade has been completed, Layer 2 network transaction fees have been greatly reduced, and some Layer 2 projects have seen positive realizations. The Solana ecology is generally rising, and the Solana ecology MEME token WIF has an outstanding growth rate, which is expected to drive the MEME sector to continue to reach new heights.

• The sectors with strong wealth creation effects are: Solana Ecosystem and MEME sector;

• The most popular tokens and topics searched by users are: SSV, AEVO, FLOKI and other MEME sector tokens;

• Potential airdrop opportunities include: Myshell, Zeta Markets;

Data statistics time: 4:00 on March 14, 2024 (UTC+ 0)

1. Market environment

The overall and core CPI of the United States in February both exceeded expectations. Despite this, the enthusiasm of the crypto market remains undiminished. According to BTC ETF data statistics on March 13, the net inflow in a single day was US$1 billion, and the inflow trend was accelerating. In terms of currency prices, Bitcoin remains volatile around US$73,000. Block transactions in the options market are frequent and trading remains active.

Yesterday, Ethereum completed the Cancun upgrade. After the Cancun upgrade, STRK saw a slight increase. Since OP and ARB did not complete the upgrade at the first time, and there was no decrease in transaction fees, market expectations were disappointed, causing market funds to shift to Solana. . As of now, the OP has completed the access and the ARB is in progress.

2. Wealth creation sector

1) Sector changes: Solana ecology (SOL, WIF, JUP)

main reason:

• The performance of the Cancun upgrade was not as good as expected at the first time, and market funds turned to the Solana ecosystem, betting on SOL and the leaders of various tracks in the Solana ecosystem;

• The price of SOL is still 57% away from the all-time high. Compared with ETH, which is 22% away from the all-time high, the market generally considers it to be more cost-effective;

• The well-known MEME coin WIF community on Solana jointly raised US$670,000 for advertising in the new landmark MSG Sphere (giant spherical LED venue) in Las Vegas, USA. Affected by the news, WIF rose 30.6% in a single day.

Rise: SOL rose 10.6%, WIF rose 30.6%, JUP rose 16.8%;

Factors affecting the market outlook:

• Solana ecosystem TVL and capital inflows: Whether the Solana ecosystem can continue to rise depends on the ecosystems capital inflows and the increase in TVL of each project. The increase in the currency price of SOL will directly feed back to the leading projects in various tracks in its ecosystem. Therefore, as long as the current market believes that SOL is still cost-effective at the current price, there will be greater potential returns in deploying SOL and its leading ecological projects such as JUP and RAY. ;

• The impact of news events on MEME: The explosive power of MEME in the Solana ecosystem is generally strong, mainly due to the low transaction fees of the Solana ecosystem. For subsequent MEME trends, investors need to keep up with the progress of each project and well-known KOLs such as Musk’s orders. In terms of underlying assets, investors can pay attention to WIF, BONK, and SILLY.

2) Sector changes: MEME sector (PEPE, DOGE, BONK)

main reason:

• Well-known KOLs have begun calling for orders. For example, Musk recently contacted and tweeted mentioning PEPE and DOGE;

• The market has stabilized and funds are rotating into sectors for speculation. MEME has a simple image and is easy to get out of the circle, and the consensus among retail investors is strong;

Rise: PEPE increased by 13.3%, DOGE increased by 10.2%, and BONK increased by 11.4%;

Factors affecting the market outlook:

• MEME currency has been greatly affected by the markets rising trend. If the market can continue to maintain its relay status in the market outlook, there is a high probability that MEME currency will continue to maintain excess returns. If there is a correction in the market, MEME currency may experience a substantial retracement. ;

• KOL orders, promotion of the projects own events and the launch of centralized exchanges are all key factors affecting the rise of MEME currency. It is recommended that investors always keep track of the tweets of core members of the project team, the promotion and news updates of KOL, and the centralized exchange Keep an eye on currency listing news.

3) The following sectors need to be focused on: DA sector (TIA, NEAR)

The main reason: After the upgrade of Ethereum Cancun, the DA fees of Layer 2 projects have been reduced. However, according to the current performance, the overall DA fee of Ethereum is still higher than that of third-party DA solutions. Therefore, the market may gradually pay attention to the third party DA solution in the future. Three-party DA solution.

Specific currency list:

• TIA: The leading target of modular blockchain and DA sector. Currently, many public chains such as Manta use Celestia as the DA layer, and the cost is significantly reduced;

• NEAR: This project contains a variety of recent hot concepts, among which NEAR, as the DA layer, is still one of its core functions and deserves investors attention;

3. User hot searches

1) Popular Dapps

Entangle (TokenNGL):

Cross-chain DeFi protocol Entangle is the first cross-chain protocol to utilize synthetic derivatives to synergize liquidity and liquidity value in L1 and L2 ecosystems. Entangle completed a $4 million seed and private financing round in 2024, led by Big Brain Holdings. Launched on Bybit on March 13, Entangles token NGL has actual token utility and broadness. It can serve as a transfer agents principal or infrastructure provider for staking and other functions. It is currently very popular in the community. The actual number of airdrops for this project is relatively large, and the current currency circulation market value is 37 million U.S. dollars. Compared with the leading projects on this track, there is still some room for future growth.

2）Twitter

SSV Network (Token SSV):

Ethereum Staking Infrastructure SSV Network is a decentralized staking infrastructure that enables simple and scalable access to decentralized ETH staking for everyone. At present, the official website shows that the total TVL has exceeded 600 million US dollars, and the pledged ETH exceeds 150,000. As the infrastructure of LSD, it has also begun to connect to Eigenlayer’s infrastructure for Restake. In the future, there will be further benefits for the project side. TVL may It will further break through new highs. The token is currently performing well, with a single-week increase of more than 38.5%. Secondary trading of this token can be considered at low points.

3) Google Search Region

From a global perspective:

（1）Ether.Fi：

Ether.Fi is a liquidity re-pledge protocol on Ethereum. Ether.Fi allows participants to retain control of their keys while staking with a proxy Deposits into Ether.Fi automatically re-stake with Eigenlayer. The project previously announced the completion of $27 million in financing led by Bullish and CoinFund, with BitMEX founder Arthur Hayes also participating in the investment. Ether.Fi has had a lot of good news recently. It has been listed on Binance LaunchPool. It is currently in the mining stage and has been confirmed to be listed on Binance. It has received high attention from users and is now participating in the mining of ETHFI and subsequent secondary market transactions of tokens.

Judging from hot searches in each region:

(1) The English area, European area, and African area mainly focus on the MEME sector:

Recently, MEME projects in the Solana ecosystem have emerged one after another, and the currency price trend is very strong. At the same time, meme coins represented by PEPE, WIF, and FLOKI have successively refreshed ATH, among which:

• The United States in the English region has shown particular focus on the MEME token FLOKI, and Poland in the European region has also paid more attention to the token. FLOKI has increased by 121.9% in the past week, becoming a key MEME worthy of attention in the new cycle. ;

• The African region as a whole has a high interest in PEPE, with an increase of more than 15% in the past 24 hours, which has reached a historical high, and the market value ranking has reached 34th;

(2) All regions continue to pay attention to the trends after the launch of AEVO tokens, and have high search enthusiasm for them:

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 trading volume during the platform activities exceeded 120 billion US dollars. Aevo opened airdrop applications yesterday, and 9,758 addresses completed airdrop applications, totaling 11.18 million tokens. However, there were many negative comments on the projects airdrop application on Twitter, and AEVOs anti-witch rules were criticized A large number of users reported that the real transaction address did not receive the corresponding airdrop, and there was a certain amount of negative sentiment in social media. The current price of AEVO is 2.99, which has increased by 13% in the past 24 hours.

4. Potential airdrop opportunities

Myshell

MyShell is a Web3-enabled artificial intelligence platform that allows users to create personalized chatbots called Shells. It has currently migrated its platform to opBNB, utilizing Optimisms OP Stack or Optimistic rollups technology. The project currently has a large user base and the official website has a clear airdrop plan, so you can participate early.

The project background has good fundamentals. It previously completed a seed round of financing of US$5.6 million at a valuation of US$57 million, with participation from INCE Capital, Hashkey Capital, Folius Ventures, SevenX Ventures, OP Crypto, etc. At the same time, it is the sixth incubation camp project of Binance Labs.

Specific ways to participate in the airdrop: users can choose to register an account on the official website and exchange for shell points by completing daily tasks. Specific tasks include creating a Telegram robot, etc. Subsequent airdrop rewards will be based on shell points. It is currently in the seventh season and points can be exchanged for tokens, so you can still participate.

Zeta Markets

Zeta Markets is a DeFi derivatives platform based on the Solana ecosystem, providing liquid derivatives transactions for individuals and institutions. Currently, a complete project roadmap is released, and the Token Z airdrop plan and future token governance rules are announced. Zeta will continue to iterate its products in the future, release features such as Zeta V3 level multi-collateral support, and will also provide a second round of airdrops for token mortgage users and implement voting custody.

Zeta Markets has received investments from Electric Capital, Jump Crypto and Wintermute. Its vision is to create a new user-friendly on-chain contract trading platform through the stability and security of the Solana network. The Zeta-score project is still in progress, and users with Z-score will have the opportunity to claim the token Z airdrop.

Specific participation methods: Zeta Markets has an official points system. Users obtain Z-Score based on their trading activities on Zeta. Users will receive 1 Z-SCORE point for every US$1 traded. In addition, the 24-hour profit and loss ranking will also determine the reward multiplier. This is currently the second season of Z-Score.

Original link: https://www.bitget.com/zh-CN/research/articles/12560603806597

[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.