Bitget Research Institute: The crypto market continues to pull back, and leading projects in each sector have opportunities for phased rebounds

In the past 24 hours, many new popular currencies and topics have emerged in the market, and it is very likely that they are the next opportunity to make wealth.

• The sectors with strong wealth creation effects are: public chain sector, RWA track

• The most popular tokens and topics searched by users are: Enders Gate, Taiko, Mantra, Polyhedra

• Potential airdrop opportunities include: Kelp DAO, Zeta Market

Data statistics time: 4:00 on March 20, 2024 (UTC+ 0)

1. Market environment

In the past 24 hours, the Bitcoin spot ETF had a net outflow of US$326 million. The crypto market continued to correct, and BTC fluctuated downwards, gradually approaching the US$60,000 mark. Grayscale said it expects to lower fees on the Grayscale Bitcoin Spot ETF in the coming months. At the same time, on March 19, the US SEC stated that the Ethereum spot ETF application may be postponed on May 23. The overall crypto market is relatively risk-averse. After the price of Bitcoin stabilizes, you can consider building some high-quality altcoins on dips.

Elsewhere, as CPI inflation rebounded slightly in February, the Federal Reserve needs the support of more data to be more confident in cutting interest rates. An interest rate cut in June currently seems difficult. U.S. stocks were mixed, with slightly weak gains. Although the market has shown a correction trend after the price of BTC hit a new high, MEME currency has dominated the FOMO sentiment of the entire market. In addition to bringing about the wealth effect of the SOL ecosystem, the phenomenon of attention feedback can be observed. For example, Solana public chain has also boosted the value of other public chains (FTM, APT, SUI). This correlation may be used as a reference dimension for investors.

2. Wealth creation sector

1) Sector changes: public chain sector (FTM, APT, SUI)

The main reason: The DEX transaction volume on the Solana chain exceeded US$3.6 billion, second only to Ethereum. Affected by its wealth effect, when the popularity of memecoin fell back, other L1 public chains began to make up for the increase, and market funds began to pay attention. The phenomenon of feeding back to the head public chain.

Rise: FTM, APT, and SUI increased by 13%, 12%, and 11% respectively;

Factors affecting the market outlook:

• FTM’s Technology Upgrade: Fantom Sonic is an update aimed at improving network scalability, designed to strengthen the Fantom blockchain by increasing transactions per second (TPS), reducing storage costs, and maintaining near-second time to finalization (TTF) performance. The update is expected to drive Fantom’s expansion throughout the remainder of 2024 and will also help increase developer and user participation in the network, driving the token upwards.

• Advantages of the high-performance Move system: The APT and SUI of the Move system are mainly driven by SOL. The Move language has the advantages of high scalability, good programmability, fast speed and low cost. The ecosystem is booming and hot projects are emerging. At the same time, APT and SUI teams have solid technical capabilities and good investment backgrounds. APT will unlock $400 million in tokens on April 12, while SUI will not unlock large-scale tokens in the next two months. The current prices of the two are on the verge of further upward breakthroughs. In the trend.

2) Sector changes: RWA track leader (ONDO)

The main reason: On March 19, BlackRock invested US$100 million to establish a digital liquidity fund supported by Ethereum and began to tokenize assets, which is beneficial to the RWA project. The RWA project can make higher APY products for Web3 users, and TVL in the future Will continue to improve.

Rise: ONDO rose 32% + in 24 hours;

Factors affecting the market outlook:

• BlackRock Bet on Ondo RWA U.S. Treasury Bonds: As the blue-chip RWA asset of the future, Ondo Finance has tokenized BlackRock iShares ETFs as short-term U.S. Treasury bond funds and has innovated in stablecoin-backed cash equivalents.

• Information impact: Ondo’s official website has published an ecosystem directory, disclosing its partners in liquidity, custody and other key areas. Among them, asset management trust companies include Morgan Stanley, BlackRock, Ankura Trust, Clear Street Among traditional financial giants including NAV Consulting, ONDO was the first to rise due to the news from BlackRock. In the future, we will continue to pay attention to the dynamics of traditional institutions. The two are closely related.

3) The following sectors need to be focused on: BTC L2 sector (CKB, STX)

The main reason: When BTC rebounded after falling to 62,000 last night, CKB and STX took the lead in bucking the trend and rising, breaking through the low consolidation period. In addition, some project party activities and meetings were favorable, and they are expected to usher in a new round of rise.

Specific currency list:

• CKB: The team originates from the well-known public chain Nervos CKB, and has been deeply involved in the PoW mechanism. The Bitcoin layer asset issuance protocol RGB++ has released a roadmap and plans to go online at the end of March. It will be good for CKB at that time. You need to pay attention in the near future and you can build a position on dips.

• STX: The ecology of Stacks is currently developing gradually, and the overall track TVL continues to break through. It is expected that the Nakamoto upgrade will be launched around April 15th, and the performance will be greatly enhanced. It is also a good BTC L2 target that can be used to build a position on dips in the near future.

3. User hot searches

1) Popular Dapps

Enders Gate (not issued yet):

Linea and Layer 3 launched the Web3 game mission Linea Park on February 20. Users can discover and participate in leading projects in Linea Park and earn Linea LXP at the same time. One of the participating projects is Enders Gate, a Web3 trading card game that allows players to trade and battle using a custom deck of 30 NFT digital cards. Since Enders Gate has not issued tokens yet, users can currently participate in the test play of the game and earn potential Linea airdrops while also earning Enders Gate token airdrops.

2）Twitter

Taiko (the token has not been issued yet):

Taiko is a decentralized Ethereum equivalent of ZK-EVM and universal ZK-Rollup, allowing dApps to be easily deployed to L2 and inherit the security of Ethereum. A total of 22 million US dollars has been raised, with participation from Sequoia China, Generative Ventures, GSR, etc. The market has strong expectations for Taiko’s airdrop. Since the Taiko mainnet is expected to be launched at the end of the first quarter of 2024, Taiko’s interaction is approaching the end of the quarter. Rising, there are only ten days left before Taiko goes online on the mainnet. You can take this opportunity to interact.

3) Google Search Region

From a global perspective:

(1) Mantra (OM): Mantra yesterday announced the completion of US$11 million in financing, led by Shorooq Partners. The new funds will be used to help MANTRA achieve three key goals: build compliant infrastructure, provide support for developers, and expand RWA Tokenization project scope. Mantra has made frequent moves since it switched to the Atom ecosystem. Since it shifted its focus to RWA and developed a public chain in the Atom ecosystem, the price of Mantra tokens has risen rapidly. For airdrop users, Mantra currently opens an incentive test network and airdrops OM tokens to participating users.

(2) Polyhedra (ZK): Polyhedra is a zk underlying technology service provider led by Binance Labs and Polychain Capital. The zero-knowledge proof cross-chain bridge it launched has become the most widely cited zkp cross-chain bridge. Yesterday, the token airdrop zk was opened for application, but because the airdrop value is too low, most of them are 5-40, the airdrop value is around 15-120 US dollars, and the airdrop tokens are applied for on ETH, the application cost is too high. Many users gave up on receiving it. This airdrop caused dissatisfaction in the community. The dissatisfaction of the community may lead to less retail buying of the project in the near future, so you can stay cautious and pay attention.

Judging from hot searches in each region:

(1) Asia generally pays more attention to Aevo:

Aevo has been very active recently. Since the currency price continued to fall after the currency was issued, this phenomenon caused a small-scale discussion in the community. Compared with negative information, Aevo product updates and other related information attract more attention. First, Paul Veradittakit, managing partner of Pantera Capital, posted that Pantera has recently invested in Aevo, and then Aevo announced the launch of contract transactions for the recently popular slerf. Its continued activity has also attracted continued attention from users.

(2) Some items appear on hot searches in many different regions and countries:

Bitcoin has gained traction in almost all regions. As the price of Bitcoin continues to fall below $62,000, the cumulative decline has exceeded 16%. According to data from Farside Investors, the overall net outflow of Bitcoin spot ETFs reached US$326 million. Coupled with the latest inflation data in the United States, the reluctance of central bank officials to commit to cutting interest rates has further dampened market sentiment. And Bloomberg ETF analyst James Seyffart said that the Ethereum spot ETF may be rejected in the May 23 round, further exacerbating market panic and causing users to worry that Bitcoin may continue to fall.

4. Potential airdrop opportunities

Kelp DAO - re-staking protocol, high potential airdrop value

Kelp DAO is currently building an LRT solution on EigenLayer. Its re-pledge token is rsETH. The LST currently supported includes ETHx (Stader), sfrxETH (Frax) and stETH (Lido). According to DefiLlama data, Kelp DAO TVL is now $617 million.

Kelp DAO has launched Kelp Miles incentives. Kelp Miles are used to track users’ contributions to Kelp and are used to determine future reward distribution proportions. Kelp Miles depends on the users LST re-staking amount and the number of days of staking. This project is also known as the leading unissued currency project in Restaking, and it is estimated that the currency will be issued in Q2.

Specific participation methods: (1) Link the wallet to Kelp DAO; (2) Prepare ETHx (Stader), sfrxETH (Frax) and stETH (Lido) or ETH investment; (3) Hold the converted rsETH and accumulate points.

Zeta Market——Solana ecological Dex project with high financing amount and large potential airdrop value

Zeta Markets is a DeFi futures and options trading platform that allows users to effectively hedge the risk of crypto market volatility and extreme events. At present, the project has completed a strategic round of financing of US$8.5 million, led by Jump Capital.

Zeta Markets second season points event started on January 10th. Their point system is simple: for every $1 increase in the number of takers, the Z points will increase by 1. The higher you rank on the profit rankings, the greater the points multiplier you get, which is very attractive to professional traders.

Specific participation methods: (1) Link wallet Zeta Market; (2) Deposit USDC; (3) Select assets for taker contract transactions, and points will be accumulated for each transaction.

Original link: https://www.bitget.com/zh-CN/research/articles/12560603806872

[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.