Author: TechFlow
Yesterday's market dynamics
SpaceX successfully recovers Starship for the first time
SpaceX successfully used the "chopstick" robotic arm on the launch tower to clamp the first-stage super-heavy rocket during the fifth Starship test flight, completing an important goal of this launch mission. More than 2 minutes after the Starship was launched, the first-stage super-heavy rocket separated from the Starship and began to return. More than 6 minutes after the Starship was launched, the first stage was successfully clamped by the "chopstick" robotic arm on the launch tower. This is the first time SpaceX has attempted to recover the first stage of the Starship. Next, the second stage of the Starship will continue to fly and prepare for a controlled splashdown in the Indian Ocean.
Data: ARB, AXS, EIGEN and other tokens are scheduled to be unlocked this week, of which ARB unlocked value is about 49.4 million US dollars
Token Unlocks data shows that ARB, AXS, and EIGEN tokens will be unlocked in large amounts next week, including:
Arbitrum (ARB) will unlock approximately 92.65 million tokens at 9:00 pm Beijing time on October 16, accounting for 2.56% of the current circulation and worth approximately US$49.4 million;
Axie Infinity (AXS) will unlock approximately 9.25 million tokens at 9:10 pm Beijing time on October 14, accounting for 6.08% of the current circulation and worth approximately US$43.1 million;
Eigenlayer (EIGEN) will unlock approximately 11.22 million tokens at 3:00 a.m. Beijing time on October 16, accounting for 6.01% of the current circulation and worth approximately US$43.9 million;
Starknet (STRK) will unlock approximately 64 million tokens at 8:00 am Beijing time on October 15, accounting for 3.30% of the current circulation and worth approximately US$26 million.
Taiko (TAIKO) will unlock about 12 million tokens at 8:00 am Beijing time on October 14, accounting for 14.99% of the current circulation and worth about 18.7 million US dollars;
ApeCoin (APE) will unlock about 15.6 million tokens at 8:30 pm Beijing time on October 17, accounting for 2.31% of the current circulation and worth about US$11.2 million;
Searches for "Bitcoin" fell to the lowest level this year, while searches for "Memecoin" surged
According to Cointelegragh, Google searches for the term "Bitcoin" hit a one-year low in the week of October 12, 2024. With a standard of 100, global interest in the search term fell to just 33 by the end of the week. Meanwhile, searches for "memecoin" were 77% in the same period, but have not yet broken through the all-time high of 100 set in late October 2023. However, Ki Young Ju, CEO and founder of CryptoQuant, believes that as market interest in these digital assets remains high, memecoin searches will return to their previous all-time highs by the end of October 2024.
Memecoin 30-day holder growth ranking: SPX6900, SIGMA, GIGA lead
On October 14, according to data provided by MEME KOL Murad, SPX6900 led the 30-day holder growth rate, followed by SIGMA and GIGA. The specific data are as follows:
SPX6900: Ranked first with a growth rate of 399.47% and 24,691 new holders.
SIGMA: ranked second with a growth rate of 138.50% and 7,126 new holders.
GIGA: Ranked third with a growth rate of 70.36% and 9,202 new holders.
SUI surpasses TON to become the best performing public chain token in 2024
According to trader ToreroRomero's monitoring, SUI surpassed TON to become the public chain token with the best price performance since the beginning of 2024.
The ranking of the world's most suitable countries and regions for cryptocurrency business in 2024 is released, with Dubai, Switzerland and South Korea ranking in the top three
According to Socialcapitalmarkets, the ranking of the world's most suitable countries and regions for cryptocurrency business in 2024 has been released. The top ten are: Dubai, Switzerland, South Korea, Singapore, the United States, Estonia, Italy, Russia, Germany, and Brazil.
It is reported that Dubai scored highest in regulatory clarity, exemption from capital gains tax, preferential corporate tax (9%) and affordable licensing fees, making it a top cryptocurrency destination; Switzerland has 900 registered cryptocurrency companies and offers a preferential capital gains tax of 7.8% for long-term investors, playing a key role in the global cryptocurrency field.
Mysten Labs CEO: Sui's gaming device SuiPlay0X1 is a "software game" rather than a hardware product
Evan Cheng, co-founder and CEO of Sui blockchain development company Mysten Labs, said in an interview in May that cryptocurrency’s “ChatGPT moment” could come at any time. In a recent Mainnet Conference interview, Cheng reiterated that moment has not yet arrived, but it is still not far away. As for how Cheng plans to let Sui lead this breakthrough, he believes that his blockchain has the best potential to achieve this breakthrough by catering to “disruptive developers” and conducting extensive experiments.
One notable upcoming experiment from Sui is the SuiPlay0X1 handheld gaming device, which is now available for pre-order and scheduled to launch in 2025. While some may view the device as a hardware-level play, similar to Solana’s Web3 phone, Cheng sees the device as a software product rather than a hardware product. “This is a gaming device that can play all Windows games,” Cheng said. “It’s better than other devices because of the deep software integration and OS integration. Even for existing Web3 gamers, it’s a much better product because of the software. The hardware is almost like a commodity, and the software experience is where the magic is and that’s what wins.”
Sui Ecosystem Lending Protocol Scallop Total Transaction Volume Reaches $100 Million
According to official news, the total transaction volume of Sui's ecological lending protocol Scallop has reached 100 million US dollars. Scallop Swap can compare transaction prices with 4 different aggregators, and the transaction fee is zero. The official is currently carrying out a trading activity with a prize pool of about 15,000 US dollars. Earlier news, in order to celebrate the launch of native USDC on Sui, Scallop will launch a zero loan rate and exchange (Swap) activity.
AC: L2 as an application chain is illogical for developers, and the infrastructure and compliance costs are seriously underestimated
Sonic Labs CTO Andre Cronje wrote that L2 as an application chain is illogical for developers:
There is little infrastructure support for deployment (e.g. stablecoins, oracles, institutional custody, etc.);
There were no foundations or labs to help;
Centralized architecture is vulnerable to attacks;
Decentralize liquidity and force it to pass through cross-chain bridges;
Lack of user and developer community;
Spend your time dealing with the above issues, not with applications and users;
Eliminate network effects;
Still requires long transaction confirmation times (some vendors are reluctant to work with them);
Developed alone (no collaborative team).
Lisk also severely underestimated the cost of infrastructure and compliance (browsers, hosting, exchanges, oracles, bridges, toolkits, IDEs, on/off ramps, native distribution and integrations, regulation, compliance). $14 million will be spent in 2024 alone, much of which is recurring costs.
Market dynamics
Recommended Reading
Sui Ecosystem in Numbers: The Number of Transactions Exceeded 100 Million in a Short Period of Time. Are Social Networking and Gaming the Underlying Factors Behind the Surge in DeFi?
In-depth study of cross-chain bridges: From a “router” for on-chain capital to a new economic engine for value capture
CGV founder Steve: Taking the "lost thirty years" as a lesson, Japan's Web3 industry development should be careful to avoid "form without substance"
The current status of stablecoins, L2, cross-chain bridges and staking: USDe market value reaches $1.56 billion, Base TVL exceeds $2 billion
The non-transactional nature of cryptocurrencies composes the melody for exploring the way out for Web3
