In the past 24 hours, the market has seen several new popular coins and topics emerge, which could potentially be the next wealth creation opportunity.
The strong wealth creation sectors are Ethena (ENA) and the cross-chain track (W).
The trending tokens and topics among users are Debank, Lyra, and Revolut.
There are potential airdrop opportunities with MEZO and DFLOW.
Data statistics as of May 8, 2024, 4:00 (UTC+0).
I. Market Environment
Yesterday, BTC briefly fell below $63,000 and is currently priced around $62,500. The market hotspots are scattered, and the wealth effect is not significant. The shutdown price for mainstream Bitcoin mining machines is around $60,000, which is expected to provide strong support for BTC. The daily ETH burn on the Ethereum network has dropped to its lowest level this year, with only 610 ETH burned the day before. The decrease in ETH burn is mainly due to the recent decrease in average gas fees. A lower gas fee indicates that ETH is relatively undervalued and has room for future growth.
In the cryptocurrency market, last week BTC spot ETF started trading in Hong Kong. As of now, the trading volume of the first batch of virtual asset spot ETFs issued in Hong Kong has exceeded 60 million Hong Kong dollars, indicating significant capital inflow in the Asia-Pacific region. The US SEC has issued a “Wells Notice” to Robinhood, which involves RHC’s cryptocurrency listing, cryptocurrency custody, and platform operation. Regulatory measures in the US have become stricter. After two consecutive days of net inflows, the US Bitcoin spot ETF experienced net outflows of $19 million yesterday, indicating an overall cautious market sentiment.
II. Wealth Creation Sectors
1) Sector Movement: Ethena (ENA)
Main Reasons: During the overall bearish trend, Ethena had a protocol fee of $8.3 million in the past week, ranking first among stablecoin protocols, far surpassing the second-ranking MakerDAO. The circulating market value of USDe has also rapidly reached $2 billion, attracting significant community attention.
Price Increase: ENA has been steadily rising since its TGE a few days ago, starting at around $0.6 and currently hovering around $0.95, showing significant rebound despite the overall market decline.
Factors Influencing Future Market:
– Growth of USDe circulating supply: The current market value of USDe is $2 billion, ranking fourth among stablecoins. If the circulating market value of USDe can approach or even surpass the third-ranking DAI, it will greatly expand the price potential of ENA.
– Expected yield from Ethena activities and strength of external collaboration projects: Bybit’s support for USDe as collateral for derivative trading has led to a nearly 8% increase in Ethena’s ENA token. Ethena’s USDe tokenization strategy has attracted deposits of over $2 billion and conducted some risk assessments on the token. In addition, the second season of the Ethena campaign has started, and Ethena has collaborated with well-known projects such as Zircuit, adding more weight to the pledge of USDe.
2) Sector Movement: Cross-Chain Track (W)
Main Reasons: As a leading interoperability platform, Wormhole provides support for large-scale multi-chain applications and bridging. Last week (April 29th – May 5th), Wormhole had many updates in its ecosystem, leading to price increases and high community attention.
Price Increase: W has increased by 2.5% in the past hour and 5.2% in the past 7 days.
Factors Influencing Future Market:
– Future roadmap of W: W is becoming a native multi-chain token and has completed the second phase of its roadmap. This release will bring the first multi-chain governance system, MultiGov, and W staking governance, which is expected to attract more tokens from the market. If the staking of W has good growth results, the selling pressure in the market will further decrease.
– Continuous positive news: JitoSOL, the first liquidity staking derivative on Solana, has officially expanded to Arbitrum through Wormhole NTT and has become a native ERC-20 token on Arbitrum. Wormhole announced its ecosystem plan, which includes Wormhole Accelerator, Cross-Chain Ecosystem Fund, and xGrant Program. Borderless Capital has launched a $50 million cross-chain ecosystem fund for developing next-generation Web3 applications and is also sponsoring the Algorand Hackathon 2024 to encourage developers to build applications that facilitate blockchain communication and collaboration.
3) Key Sectors to Pay Attention to in the Future: AI Sector
Main Reasons: The AI sector in the primary market is relatively active, with decentralized computing platforms like io.net launching tokens and preparing for coin launches, attracting high market attention. There are rumors that OpenAI may announce its ChatGPT search product on May 9th, competing with Google, which will bring external attention and funds to the crypto AI sector.
Specific Coin List:
– ARKM: Arkham is a blockchain analytics platform that utilizes artificial intelligence for blockchain and on-chain data analysis.
– NEAR: Recently, many AI projects in the NEAR ecosystem have been raising funds, and NEAR aims to become a future AI hub.
– RNDR: As an infrastructure project in the AI sector, RNDR is not only involved in AI but has also established a presence in the Solana ecosystem and other fields. Additionally, as Apple’s VR partner, RNDR undoubtedly has significant market potential. The market will also react to any news regarding Apple’s future VR devices.
III. User Hot Searches
1) Popular Dapps
Lyra: The options protocol Lyra released a blog post announcing LDX, its new utility token. The first round of LDX airdrops rewards traders and liquidity providers through a point system, with LDX being distributed to users proportionally over four weeks. The airdrop will last for at least three rounds, or 12 weeks. Users can earn points through trading, yield, and referrals. The snapshot has already ended, and users can participate in the airdrop based on the performance of LDX in the secondary market.
2) Twitter
Debank: Debank tweeted “Are you ready?” with a photo, hinting at an upcoming airdrop snapshot. Due to the anticipation of the airdrop and the incomplete disclosure of its rules, there has been a rapid increase in community discussions.
3) Google Search by Region
Global Perspective:
Revolut: Revolut is a digital bank based in the UK with over 40 million customers worldwide. Revolut is also one of the first banks to provide cryptocurrency trading services through its independent trading platform. Recently, its cryptocurrency trading platform, Revolut X, has been opened to professional cryptocurrency traders. Additionally, Revolut has launched a new product called “Revolut Ramp” in collaboration with MetaMask, which allows users to directly deposit funds from their Revolut accounts into their MetaMask wallets. This product has gradually formed a CEFI+DEFI business loop. However, it is currently only open to professional traders, so the actual target audience is limited.
Regional Hot Searches:
Yesterday, there were significant differences in hot searches in different regions. However, Asia and the CIS region still maintain a considerable search interest in RWA. In Europe, Africa, and the Middle East, there are some differences in searches for meme tokens. Europe has seen the emergence of meme tokens with dog-related totems like Floki and Shib, while Africa and the Middle East have shown multiple searches for Pepe.
IV. Potential Airdrop Opportunities
MEZO:
Mezo is a BTC Layer 2 project that focuses on the BTC ecosystem, helping BTC holders with on-chain transfers and wealth management, driving the development of the BTC DeFi system. Mezo recently announced the completion of a $21 million financing round, with investment from top industry institutions such as Pantera Capital, Hack VC, and Multicoin Capital. The official has publicly announced the BTC asset pledging plan and introduced a referral mechanism. There is a strong expectation for project airdrops, and it is currently in the early stages of operation.
Specific Participation Methods:
1) Visit the project’s official website and find an invite code on Discord.
2) Enter the invite code and link it to the Unisat wallet.
3) Deposit BTC.
DFLOW:
DFlow is a decentralized order flow marketplace designed to support order flow from various L1 chains and Rollups. It has received $7.5 million in funding from well-known institutions such as Framework, Coinbase, Wintermute, and Multicoin. The project has a simple interaction process, and users can earn points by depositing on the Solana chain. If there is an airdrop in the future, these points are expected to be an important basis for distribution. The 0th season of DFlow has ended, and the pre-season of the first stage is now starting. The pre-season is a warm-up for the DFlow mainnet, which will be available for use in late May.
Specific Participation Method:
Create an account on the DFLOW official website, and a Solana wallet address with an exportable private key will be generated. Deposit at least $5 worth of supported tokens (SOL, jitoSOL, USDT, USDC, etc.) into the wallet, and the project will provide XP points based on the amount and time of the deposit. Additionally, inviting friends to deposit into DFLOW will earn extra points.
Original Article Link: https://www.bitget.com/zh-CN/research/articles/12560603809293
[Disclaimer] The market carries risks, and investments should be cautious. 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.
