In the past 24 hours, many new hot currencies and topics have appeared in the market, and it is very likely that they will be the next opportunity to make money.
Sectors with strong wealth-creating effects are: Ethena (ENA), cross-chain track (W);
The most popular tokens and topics searched by users are: Debank, Lyra, Revolut;
Potential airdrop opportunities include: MEZO, DFLOW;
Data statistics time: May 8, 2024 4: 00 (UTC + 0)
1. Market environment
Yesterday, BTC briefly fell below $63,000 and is now quoted at around $62,500. Market hotspots are scattered and the wealth effect is not significant. The shutdown price of mainstream Bitcoin mining machines is around $60,000. BTC is likely to encounter strong support at $60,000. The daily ETH destruction of the Ethereum network has dropped to the lowest level this year. The number of ETH destroyed the day before yesterday was only 610 ETH. The decline in ETH destruction is mainly due to the recent decline in average Gas fees. Generally, low Gas fees indicate that ETH is relatively undervalued and has room for growth in the future.
In the crypto market, last week, the BTC spot ETF officially opened for trading in Hong Kong. So far, the transaction volume of the first six virtual asset spot ETFs issued in Hong Kong has reached more than 60 million Hong Kong dollars, and the inflow of funds from Asia Pacific is relatively obvious. The US SEC issued a Wells Notice to Robinhood, involving RHCs cryptocurrency listing, cryptocurrency custody and platform operations (RHC activities). The US supervision has become stricter. Yesterday, after two consecutive days of net inflows, the US spot Bitcoin ETF experienced a net outflow of funds, reaching 19 million US dollars. At present, the overall market is still cautious.
2. Wealth-making sector
1) Sector changes: Ethena (ENA)
The main reason is that during the period of low density of the overall altcoin trend, Ethenas protocol fees reached 8.3 million US dollars in the past week, ranking top 1 in the stablecoin protocol, far exceeding the second-ranked MakerDAO. The circulating market value of USDe has also rapidly reached the level of 2 billion US dollars, attracting a certain amount of community attention.
Rising situation: ENA continued to rise from the opening price of about US$0.6 after TGE a few days ago. Currently, it has rebounded significantly as the market has fallen, hovering around US$0.95.
Factors affecting the market outlook:
USDe circulation growth: Currently, USDe’s market value is 2 billion US dollars, and it has reached the fourth place in the stablecoin market value. If USDe’s circulation market value can approach or even exceed the third-ranked DAI, then ENA’s currency price imagination space will be greatly opened up.
The expected yield of Ethena activities and the strength of external cooperation projects: Bybit supports USDe tokens as collateral for derivative transactions, causing Ethenas ENA token to rise nearly 8% recently. Ethenas USDe tokenized yield strategy has attracted more than $2 billion in deposits, and has conducted some reviews on the risks of tokens. At the same time, the second season of Ethena campaign has been launched. Ethena has cooperated with a large number of well-known projects such as Zircuit to add more benefits to USDe staking.
2) Sector changes: cross-chain track (W)
Main reason: As a leading interoperability platform, Wormhole supports large-scale multi-chain applications and bridges. Last week (April 29-May 5), many updates took place in the Wormhole ecosystem. The positive news led to rising prices and high community attention.
Rising situation: W rose 2.5% in the past hour and 5.2% in the past 7 days;
Factors affecting the market outlook:
The subsequent roadmap of W indicates that W has become a native multi-chain token and has completed the second phase of the W release roadmap. This release will bring the first multi-chain governance system MultiGov and W staking governance, which is expected to absorb tokens in the market. If the W staking growth effect is good, the selling pressure in the market will further decrease.
Good news continues to come: JitoSOL, the first liquid staking derivative on Solana, has officially expanded to Arbitrum through Wormhole NTT and has become a native ERC 20 token on Arbitrum. Wormhole announced that its ecosystem plan includes three components: Wormhole Accelerator, Cross-Chain Ecological Fund, and xGrant Program. Among them, Borderless Capital launched a $50 million cross-chain ecological fund to develop the next generation of Web3 applications, and also sponsored Algorand-like hackathons (Algorand Hackathon 2024), where developers participated in the interoperability track to build applications that facilitate blockchain communication and collaboration.
3) Sectors that need to be focused on in the future: AI sector
Main reasons: The primary market of the AI sector is relatively active. Decentralized computing power platforms such as io.net have launched points and are about to issue coins. The market is paying close attention to this. Investors can keep an eye on information such as the primary valuation of io.net. There are also market rumors that OpenAI may announce its ChatGPT search product on May 9 to compete with Google, which will bring a certain amount of off-market attention and funds to the encrypted AI track.
Specific currency list:
ARKM: Arkham is a blockchain analytics platform that uses artificial intelligence to analyze blockchains and on-chain data;
NEAR: Recently, many AI projects in the NEAR ecosystem have been raising funds, and NEAR is expected to become the AI hub of the future.
RNDR: As the underlying infrastructure of the AI track, RNDR is not only involved in the AI field, but also has in-depth layouts in multiple tracks such as the Solana ecosystem. In addition, as Apples VR partner, RNDR undoubtedly has huge market potential. The market will also have a hype response to the dynamics of Apples subsequent VR devices.
3. User Hot Searches
1) Popular Dapps
Lyra: The options protocol Lyra published a blog post stating that LDX is Lyras new utility token. The first round of LDX airdrop rewards traders and liquidity providers, using a points system to distribute LDX to users in proportion over 4 weeks. The airdrop will last for at least 3 rounds, or 12 weeks. Users can earn points through trading, yield, and invitations. The snapshot has ended, and users can participate in the airdrop activity based on the performance of LDX in the secondary market in the future.
2) Twitter
Debank: debank tweeted Are you ready? with a camera photo, possibly hinting at an upcoming airdrop snapshot. Due to the expectation of an airdrop and the fact that its airdrop rules have not yet been fully disclosed, the community discussion has quickly heated up in a short period of time.
3) Google Search Region
From a global perspective:
Revolut: Revolut is a digital bank in the UK with more than 40 million customers worldwide. Revolut is also one of the first banks to establish an independent trading platform to provide cryptocurrency trading for customers. Recently, its cryptocurrency trading platform revolut x has been opened to professional cryptocurrency traders. Considering that its new product Revolut Ramp launched in conjunction with MetaMask can directly use Revolut accounts to recharge its MetaMask wallet, the product has gradually formed a CEFI+DEFI business closed loop. Since it is currently only open to professional traders, the actual audience is relatively small.
From the hot searches in each region:
Yesterday, the hot searches in various regions showed great differences, but Asia and CIS regions still maintained considerable search enthusiasm for RWA.
There are also some differences in the search for meme tokens in Europe, America and Africa. In Europe, meme tokens with dog totems such as floki and shib have appeared, while in Africa and the Middle East, pepe has appeared in hot searches many times.
4. Potential Airdrop Opportunities
MEZO
Mezo is a BTC Layer 2 project that focuses on the BTC ecosystem, helping BTC holders to transfer and manage money on the chain, and driving the development of the BTC DeFi system. Mezo recently announced the completion of a $21 million financing round, with participating institutions including Pantera Capital, Hack VC, Multicoin Capital and other leading institutions in the industry.
The official has already disclosed its BTC asset pledge plan and introduced a referral mechanism. There are strong expectations for the projects airdrops and it is currently in the initial stages of early operations.
Specific participation methods: 1) Visit the project official website and find the invite code in Discord; 2) Enter the invite code and link the unisat wallet; 3) Deposit BTC.
DFLOW
DFlow is a decentralized order flow market designed to support order flows from various L1 chains and Rollups. It has received US$7.5 million in financing from well-known institutions such as Framework, Coinbase, Wintermute, and Multicoin.
The project is simple to interact with. You can earn points by depositing on the Solana chain. If there are airdrops in the future, it is expected that the points will become an important basis for issuing airdrops. DFlow Season 0 has ended and the first phase of the preseason is now starting! The preseason is a warm-up for the DFlow mainnet in late May. The DFlow mainnet means that the DFlow application and protocol will be available.
The specific way to participate is: create an account on the DFLOW official website, which will generate a Solana wallet address from which you can export your private key, and deposit at least $5 worth of DFLOW-supported tokens (SOL, jitoSOL, USDT, USDC, etc.) into the wallet. The project will give XP points based on the amount and time of deposit. In addition, you will get extra points by inviting friends to deposit money into DFLOW.
Original link: https://www.bitget.com/zh-CN/research/articles/12560603809293
【Disclaimer】The market is risky, so be cautious when investing. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions in this article are suitable for their specific circumstances. Investing based on this information is at your own risk.
