In the past 24 hours, the market has seen several new popular cryptocurrencies and topics that could potentially be the next opportunities for wealth creation.
The strong sectors for wealth creation are the Ton ecosystem token and the DeFi sector.
The trending tokens and topics among users are UXUY and Space Nation.
There are potential airdrop opportunities with Grass and Movement.
Data was recorded on May 10th, 2024, at 4:00 UTC.
I. Market Environment
As the cryptocurrency market continued its downward trend throughout the week, Bitcoin fell below $61,000 on Thursday but started to rebound on Friday. As of 4:00 UTC on May 10th, the price of Bitcoin has rebounded above $62,800.
In terms of trading volume, according to DeFiLlama data, the trading volume on the Solana chain’s decentralized exchange (DEX) reached $1.314 billion yesterday, surpassing the $1.297 billion trading volume on Ethereum’s DEX.
In terms of ETFs, the outflow trend continued, with Bitcoin spot ETFs experiencing a net outflow of $11 million yesterday. However, there was a net inflow of $14 million into the Belld IBIT and other spot ETFs, except for Grayscale’s GBTC, which saw a net outflow of $43 million. The outflow from Grayscale has been decreasing as its management size decreases.
II. Wealth Creation Sectors
1) Ton Ecosystem Token (TON, FISH, GRAM, NOT)
Main Reason: Binance’s new coin mining launched the 54th project, using BNB and FDUSD to mine Notcoin (NOT). The Ton ecosystem has short-term positive news.
Price Increase: TON, FISH, and GRAM tokens increased by 8.62%, 22.1%, and 17.03% respectively in the past 24 hours.
Factors influencing the future market:
NOT’s future price performance: With the positive news of NOT’s listing on Binance, the pre-market trading price has risen significantly, increasing by 68.77% in the past 24 hours. Bitget will also launch notcoin in the pre-market today, allowing users to anticipate and wait for the opening.
Future support for the Ton ecosystem from Pantera: Dan Morehead, the founder of Pantera Capital, mentioned on social media that Pantera recently made the largest investment in the TON blockchain project, which has increased the attention on the Ton ecosystem. If support for the project, such as fundraising and product launches, can be implemented in a timely manner, the prosperity of the Ton ecosystem will come faster.
2) DeFi Sector (VRTX, LBR)
Main Reason: Vertex Edge has implemented a new fee structure and will increase the staking rewards for $VRTX to earn cross-chain fees. The increased revenue from VRTX has stimulated the token price. Additionally, LBR’s price has started to recover and increase after whales sold off the tokens.
Price Increase: VRTX and LBR have increased by 65.51% and 30.61% respectively in the past 24 hours.
Factors influencing the future market:
Future market trends: Trading DeFi projects rely heavily on on-chain trading activity. When the market is rising or experiencing high volatility, both traders and trading volume increase. However, if the market experiences a downturn, trading volume relative to the project’s total business volume will decrease. DeFi project token prices will also be affected by the decrease in business volume.
New projects in the DeFi sector continue to emerge, and these projects have high valuations. The available funds in the market for investment may be limited. Investors should pay attention to the current competitive landscape and focus on leading projects, as the hype around other projects that have already launched or have stalled in development will dissipate quickly.
3) Key sectors to watch: SocialFi sector
Main Reason: Base has achieved great success in the SocialFi field, with several top cryptocurrency-based social applications built on Base. 46% of transactions related to SocialFi occur on the Base chain. Additionally, socialfi projects like Friend and Degen have brought significant wealth creation effects. DEGEN, in particular, achieved a market capitalization of $1 billion within three months of its launch.
Specific project list:
Friend: Friend.tech is a decentralized social platform built on the second-layer network Base, launched by Coinbase. It allows users to monetize their Web2 identity through strong integration with Twitter. In this product, each user can be tokenized, and their influence can be directly priced by the market. The project has already launched its token, with a daily trading volume exceeding $21 million.
Degen: After the launch of the Degen channel on Farcaster, the project launched its token. Its main function is to allow users to reward high-quality content creators with Degen. The decentralized social protocol Farcaster has generated total revenue exceeding $1.2 million and has over 300,000 users. Both projects complement each other and are among the most anticipated projects on the Base chain.
III. User Trends
1) Popular Dapp
UXUY:
UXUY, the next-generation decentralized multi-chain trading platform incubated by Binance Labs, has completed a $7 million pre-Series A funding round. It received investments from institutions in Asia, North America, and Europe, including Binance Labs, JDI Ventures, NGC Ventures, Metalpha, and GSR. The total funding for UXUY has exceeded $10 million. This round of funding will be used for the construction of Bitcoin’s ecosystem infrastructure, aiming to promote efficient and low-cost transactions of assets such as Taproot Assets, Ordinals BRC-20, and Runes on the Lightning Network.
2) Twitter
Space Nation:
Space Nation is the developer of AAA space epic-themed Web3 MMORPG. It was created by senior Blizzard game developers, experienced MMORPG developers, renowned Hollywood producers, and Oscar-winning director Roland Emmerich. Space Nation Inc. has received strong support from partners and venture capital firms, with a total investment of up to $50 million in the game’s development. Well-known investors such as Chain Hill Capital, Foresight Ventures, Lighthouse Capital, and SevenX Ventures have invested in the project. Yesterday, OKX Web3 and Space Nation launched a limited edition collaborative spaceship NFT called “White X- Pioneer Edition.” There are only 1,155 of these NFTs, and they feature unique design elements from OKX, attracting high attention from the community.
3) Google Search by Region
Global Perspective:
Notcoin (NOT): Notcoin is a Telegram-based game where users earn in-game tokens by clicking on the coin image. It is similar to the concept of “Tap to Earn.” Before the Notcoin Token Generation Event (TGE), “vouchers” were used to represent the Notcoin currency in the game, and they can be exchanged for $NOT after the TGE. The project has its pre-market trading platform: https://getgems.io/notcoin. Data shows that 640,000 users currently hold NOT pre-market tokens. It has been confirmed that it will be listed on Binance Launchpool and OKX.
Regional Trends:
(1) Asia: The focus of attention in various regions of Asia yesterday was mainly on RWA Crypto. The RWA sector currently includes U.S. bond products, which are seen as a long-term asset type that can hedge the current risk market due to the continuous signals from the Federal Reserve to maintain high interest rates. Recently, HashKey Group joined the Hong Kong Monetary Authority’s Ensemble project architecture working group. HashKey Group will integrate its practices in virtual asset custody, trading, digital payments, STO technology solutions, and the tokenization of RWA assets to provide comprehensive Web3 new financial infrastructure support for the tokenization of financial assets such as bank deposits and green bonds. It has gained some popularity in the Asia-Pacific region.
(2) Africa, CIS, and English-speaking regions: There are no significant hotspots in these regions. The regional trends show a relatively scattered pattern. BTC, ETH, and Solana frequently appear in the hot searches, and some users are interested in themes such as AI and Meme. The overall market shows a divergence in themes.
IV. Potential Airdrop Opportunities
Grass:
Grass is the flagship product launched by Wynd Network. It allows users to profit from the internet by selling unused network resources. For individuals, it will appear as a network extension that is downloaded, retained, and forgotten. It will work behind the scenes to help others access public network data in exchange for payments in the protocol’s native token. Grass focuses on converting public network data into AI datasets, making it easier for open-source AI projects to access public network data.
Wynd Network has completed a $3.5 million seed funding round, led by Polychain Capital and Tribe Capital. Other participants include Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik. Wynd’s total funding has reached $4.5 million.
How to participate: After registering as a user on the Grass official website and installing the web plugin, wait for the connection to be completed. Click on the opendashboard to enter your control panel, where you can see your connection status. You can contribute your bandwidth by leaving it running, and in the control panel, you can see your daily passive income from contributing bandwidth and the network status.
Movement:
The blockchain development team Movement Labs was established in 2022 and previously completed a $3.4 million seed funding round in September 2023. In addition to the flagship product Movement L2, Movement Labs is also launching Move Stack, an execution layer framework compatible with rollup frameworks such as Optimism, Polygon, and Arbitrum.
Recently, Movement Labs completed a $38 million Series A funding round, led by Polychain Capital, with participation from Hack VC, Foresight Ventures, Placeholder, and many other well-known institutions.
How to participate: Visit the Movement zealy task page (note: social tasks have time periods and continuously updated tasks) to interact with DEX and complete a few test transactions. Stay tuned for further actions on the official website.
