Organized by: Mars Finance
Mars Finance Crypto Daily March 26, 2024
1. Today’s news
Solana chain becomes the blockchain with the largest weekly stablecoin transfer volume
Solana has surpassed Ethereum to become the blockchain with the largest weekly stablecoin transfer volume. Data from blockchain analytics platform Artemis shows that Solana’s stablecoin’s weekly transfer volume reached $364.7 billion, surpassing the Ethereum network’s $152.99 billion. The transaction volumes of Tron and BNB Chain were US$101.57 billion and US$22.75 billion respectively.
Polychain Monsters launches Arbitrum Orbit-based L3 game-specific chain via Altlayer
The multi-chain NFT game ecosystem Polychain Monsters launched an L3 game-specific chain based on Arbitrum Orbit through Altlayer, using PMON for transactions. Altlayer provides support from the initial gameplay on the testnet to the launch of the mainnet.
CZ was listed on the "2024 Hurun Global Rich List" with a wealth of 130 billion yuan, ranking 100th
The Hurun Research Institute released the "2024 Hurun Global Rich List" on March 25 (the deadline for wealth calculation is January 15, 2024). Elon Musk, 52, has a net worth of 1.67 trillion yuan ($231 billion). Wealth returns to the throne of the richest man.
Hurun Research Institute writes that cryptocurrencies appear to have moved on since the FTX crash. Although Binance was fined more than $4 billion by the U.S. Department of Justice for money laundering, as interest in cryptocurrencies surged, its former CEO CZ’s wealth grew to 130 billion yuan ($18 billion), ranking No. 1 on the list 100 people. The wealth of Coinbase founder Brian Armstrong and Ripple founder Chris Larsen also increased by 50%, reaching 46 billion yuan ($6.4 billion) and 24.5 billion yuan ($3.4 billion) respectively, ranking 475th and 1024th on the list respectively. .
Osmosis, dYdX and Synthetix are the most actively developed DeFi projects in the past 30 days
Data from crypto intelligence platform Santiment shows that Osmosis, a decentralized exchange built on Cosmos, has become the most actively developed DeFi project in the past 30 days. Santiment said Osmosis had more than 169 commits on GitHub in the past 30 days. Decentralized perpetual exchange dYdX ranked second with 145 submissions, while derivatives liquidity protocol Synthetix ranked third with 116 submissions. Santiment explains that the "Developer Activity" list is collected by aggregating all non-redundant GitHub activities listed in each project's respective records and calculating the average of these values.
Matrixport: Ethereum Dencun upgrade may lead to lower SOL/USDT trading volume
Matrixport's latest report points out that Solana is the main beneficiary of the recent meme coin craze, because issuance and transaction costs on Solana are cheap, while Ethereum's gas fees are still relatively expensive - until the Dencun upgrade. Therefore, this upgrade may result in lower SOL/USDT trading volume.
Bitcoin spot ETF breaks five consecutive days of net outflows, with total net asset value at $58.34 billion
According to SoSoValue data, the total net inflow of Bitcoin spot ETFs yesterday (March 25, Eastern Time) was US$15.7 million, of which: Grayscale ETF GBTC had a single-day net outflow of US$350 million. The current historical net outflow of GBTC is 14.15 billion. US dollars; the Bitcoin spot ETF with the largest single-day net inflow is Fidelity ETF FBTC, with a single-day net inflow of approximately US$261 million. The current total historical net inflow of FBTC reaches US$7.21 billion; followed by BlackRock ETF IBIT has a single-day net inflow of approximately US$35.48 million, and the current total historical net inflow of IBIT reaches US$13.38 billion.
As of press time, the total net asset value of the Bitcoin spot ETF was US$58.34 billion, the ETF net asset ratio (market value as a proportion of the total market value of Bitcoin) reached 4.18%, and the cumulative historical net inflow reached US$11.28 billion.
Ethereum client diversity improves, with non-Geth client market share rising to 34%
With Coinbase recently switching half of its validators to Nethermind, Ethereum’s main execution client Geth’s market share has dropped to 66% from 84% in late January. Reducing reliance on Geth could help address Ethereum’s long-worried centralization risks, with concerns that critical vulnerabilities in execution clients with 66% or more share could prevent the chain from finalizing.
On March 22, Coinbase Cloud revealed that “approximately 50%” of validators switched to Nethermind, boosting the execution client’s share to 22%, according to Client Diversity. Additionally, Besu holds a 10% share of Ethereum validators, while Erigon, also backed by Coinbase, has a 2% share, bringing the total share of the minority clients to around 34%. Lachlan Feeney, founder and CEO of Ethereum infrastructure company Labrys, believes that “we can’t declare victory yet.” Feeney claimed that the method used by Client Diversity to obtain the data was flawed and that Geth needed to "drop it below the 66% threshold before we are confident that an absolute majority of vulnerabilities are unlikely to account for any margin of error." Feeney claims Adding that "real victory" can only be declared if no single client controls more than 33% of the share.
According to news earlier today, Coinbase Cloud recently posted on the X platform that it has completed initial deployment and currently about 50% of its validators are running on the Nethermind software.
TON Foundation announces the list of 11 selected teams for the TON Accelerator Program
The TON Foundation announced the list of 11 selected teams for the TON Accelerator Program. It received a total of more than 170 applications, from which 11 projects were selected to join the TON Accelerator's nine-week course. The 11 projects selected are:
Nexton: A staking and re-staking center on the TON chain, designed to maximize and optimize users’ benefits.
United Finance: TON on-chain revenue aggregation protocol.
Gatto: An NFT and IAP-enabled game that combines elements of a pet-raising game, a platformer, and a farm simulator.
Moons.so: SocialFi platform built on TON.
MuggleLink: MuggleLink and MugglePay are two different payment products from the same provider. With MugglePay, users can simply integrate crypto payments into their e-commerce stores with no-code integration.
vSelf: A community-as-a-service platform on TON that provides brands with the functionality of Web3 technology.
Bion: Allows users to purchase items using cryptocurrency and earns users cryptocurrency cashback.
EdChess: A gaming platform that integrates Mini Apps and mobile App programs into Telegram.
FireHeadz: A team that creates games on Telegram that leverage unique mechanics to capture and amplify user engagement and focus on integrating Web3 mechanics into games.
Maincard.io: A fantasy management platform for sports and esports designed to promote mass adoption of blockchain in a fun and engaging way.
Kit 42: A feature-rich Telegram app that uses the Telegram User API for maximum efficiency to get detailed analytics on calls, contacts, chats, and channel recordings.
10x Research: Bitcoin is expected to rebound strongly this week, but key support level of $68,000 needs to be watched
10x Research released this week’s market analysis report. The key points are as follows:
1. After two weeks of bearishness, we turned bullish at the weekend, expecting Bitcoin to move higher soon, with the bearish pressure being replaced by new bullish sentiment;
2. The three reversal indicators it focuses on are still bullish and will continue to do so. Bitcoin is expected to start a strong rebound this week. Unless the market (Bitcoin) falls below $68,000, the bullish trend will continue.
SWIFT sets out roadmap to launch CBDC over next 12-24 months
According to market news, SWIFT, the Society for Worldwide Interbank Financial Telecommunications, has formulated a roadmap to launch a global central bank digital currency (CBDC) "interconnection" platform in the next 12-24 months.
Galaxy holds $27M net position in Celestia (TIA)
In its year-end earnings report, Galaxy disclosed a net position in Celestia (TIA) worth $27 million, as well as $41 million worth of locked tokens.
a16z Crypto Crypto Startup Accelerator 2024 Spring Launches This Week, List of 25 Participating Projects Announced
a16z Crypto announces the launch of the Crypto Startup Accelerator (CSX) Spring 2024 Cohort in London this week. Over the course of 10 weeks, 25 promising early-stage startup founders will learn from each other and receive guidance and resources from the a16z Crypto team to accelerate their product-market fit and lay the foundation for long-term growth and success. The following is the list of participating projects in CSX Spring 2024: AminoChain, Collar Networks, Compass Labs, Hungry Cats Studi, Launcher, MagicBlock, NEBRA Labs, Neynar, NodeKit, Nosh, OpenLayer, OpenTrade, Playmint, Roux, Sablier, Scrypted, Spire, Strobe , taralli labs, Tata Bazaar, Tranched, Valyu Network, zkPassport.
TrueFi Launches USD-Based TRI Token for RWA Asset Trading
Decentralized credit protocol TrueFi has announced plans to introduce the Trinity protocol on the Base blockchain, which will use USD-based and collateral-backed TRI tokens to make it easier for users to gain leverage and hedge risk. It is reported that Trinity will be launched on the Optimism Sepolia test network. After the review is completed, initial users will be selected. The upper limit of the TRI minting of the released version is expected to be US$40 million.
Scroll: Plans to release the next protocol upgrade at the end of April, introducing EIP-4844 support, etc.
Scroll released some details about the next protocol upgrade on the X platform, which includes further enhancements to Ethereum compatibility and support for EIP-4844.
First, its engineering team has been working hard to make Scroll Mainnet compatible with Dencun. This includes adding support for EIP-4844 data blobs, with a view to reducing transaction fees by 10x with the help of some additional gas optimizations. Additionally, it targets SHA-256 opcodes to further improve EVM compatibility and allow a wider range of DApps and use cases to be built on top of Scroll. The team is making steady progress on the above, and EIP-4844 support is undergoing a period of review before mainnet deployment. After this period of testing, Scroll may be ready to release this protocol upgrade by the end of April. Officials will provide the community with a clearer timeline in the coming weeks, as well as the exact date when this upgrade will be deployed.
In addition, the team is also working on implementing advanced DA compression and adding support for Ethereum's EIP-1559 fee mechanism. Both features will be available on the Scroll mainnet at the end of May, shortly after the next protocol upgrade. deploy.
Core Scientific CEO: Adjusting the company's balance sheet to prepare for the purchase of mining machines after the Bitcoin halving
Adam Sullivan, CEO of crypto miner Core Scientific, said the company is adjusting its balance sheet to prepare for the purchase of mining machines after the halving. Core Scientific expects that the Bitcoin “halving” will leave some mining companies in trouble and unable to afford some existing orders, so Core Scientific may purchase mining machines from these companies.
Solana DeFi TVL reaches $4.43 billion, a new 23-month high
According to market data, on March 25, DeFi TVL on Solana reached $4.43 billion, setting a new high in 23 months.
2. Selected articles
21Shares Report: How will the fourth Bitcoin halving be different?
Bitcoin ETFs have attracted more than $10 billion in inflows, with holdings exceeding 400,000, exceeding the annual supply. Bitcoin holdings fell and exchange balances hit a five-year low. Bitcoin prices hit record highs, but whales holding more than 1,000 bitcoins remain confident. The Bitcoin halving cycle has less impact on the market, and ETF inflows bring new demand.
Monad Lianchuang: After Cancun, what is the performance bottleneck of Rollup?
Monad co-founder Keone Hon published a long article introducing the reasons for the high performance and transaction fees of Rollup, discussing bottlenecks and improvement directions. Blob data structures improve Ethereum data availability, but transaction fees are high due to gas limitations and execution bottlenecks. To solve the problem, state access and update costs need to be improved. State access and updates in Rollup are the most expensive, and MonadDb solves this problem. Layer 2 is still centralized and needs to accelerate state access. The Ethereum mainnet still relies on a single sequencer, which requires optimizing the algorithm and reducing gas costs.
Grayscale: Where are we in the bull market? What are the two key drivers?
The Bitcoin bull run has been driven by a variety of technical drivers, such as ETF inflows, stablecoin inflows, and increased on-chain liquidity. The bull market may continue, but ETF flows and macroeconomic indicators need to be watched. Bitcoin prices soar, and traditional investment managers begin analyzing meme coins. Spot Bitcoin ETF inflows and on-chain liquidity increase, and stablecoin inflows mean more funds are available for trading. NUPL and MVRV Z-Score indicators show that the market still has upside potential, but retail investor sentiment is subdued. The bull market may be affected by the participation of retail investors and institutions, but new buyer behavior still needs to be cautious. The approval of Bitcoin ETF may attract more traditional investors, and there is still huge potential in the market. Investors should keep a long-term view and Bitcoin remains in a strong position as an asset class.
Exclusive Interview with Wormhole Foundation COO: How it grew from a hackathon project to a $2.5 billion unicorn in 3 years
Wormhole is a cross-chain protocol with a valuation of US$2.5 billion. It issues token W and airdrops it to past users. The protocol connects more than 30 blockchains and is used by thousands of developers every day. The team is committed to applying zk technology to the platform and working with Monad to contribute to ecological construction. Wormhole is developing a zk-like client, working with application and blockchain developers, and launching cross-chain ecological funds and funding programs. Crypto market sentiment is high and Wormhole is focused on its goals, releasing new products and improving existing ones.
3. Project Interpretation
Who is "top dog"? Taking stock of the seven most expensive Meme NFTs in history
A photo of Achi the Shiba Inu wearing a beanie sold for $4.3 million, becoming the most expensive meme NFT in history. Over the years, many well-known meme NFTs, such as Doge and Pepe the Frog, have been auctioned for millions of dollars. Not only are these NFTs part of internet culture, they have also become an important part of the crypto world. Recently, an NFT representing an early YouTube video "Charlie Bite My Finger" sold for $761,000. Many famous meme creators have also begun auctioning their works as NFTs, marking the rise of meme NFTs as an asset class.
Four projects that deserve the attention of the Lumao Party in the near future: Xterio, Tabi, QnA3.AI, DMAIL
Multiple projects airdropped tokens, sparking community enthusiasm for high returns. Odaily Planet Daily recommends 4 projects that are loud and worth participating in. Xterio is a Web3 gaming platform invested by Binance Labs and will jointly hold points activities with multiple projects. Tabi is a test network for the modular game Layer 1. You can earn rewards and points by completing tasks.
From $13 billion valuation to market correction: OpenSea’s future strategy, just adapting to the game or reinventing the rules?
OpenSea is the leading NFT market platform with a valuation of $13 billion. Maintain its leading position through strategies such as acquiring gems. The CEO expressed openness to potential acquisitions and reiterated the importance of brand value and user trust. OpenSea arranges game live broadcasts and cooperates with luxury brands to develop customized NFT projects, demonstrating its innovation and cooperation capabilities. Launch a new NFT market protocol to reduce transaction costs and accelerate technological innovation and ecological development. Collaborating with the Coachella Music Festival to launch an NFT series based on the Avalanche chain to demonstrate leadership. Discuss the development of customized NFT projects with a number of luxury brands to expand high-end market applications. Facing new challenges, we need to find new directions and cooperation models.
New Bitcoin Whale: BlackRock
BlackRock launched BUIDL, the first tokenized fund on Ethereum, triggering a boom in the RWA track. As the world's largest asset management company, BlackRock has become interested in the encryption industry and blockchain technology a few years ago. After signing a regulatory sharing agreement with a well-known platform, BlackRock successfully applied for 11 Bitcoin spot ETFs, improving the compliance and investability of digital assets. BlackRock is also working with crypto industry organizations to actively promote the issuance of Bitcoin ETFs and plans to launch an ETF holding Ethereum. BlackRock believes that cryptocurrencies will bring new opportunities for growth, efficiency and inclusion to the financial industry.
Review of the Solana Memecoin craze driven by BOME and SLERF
Solana Memecoin is a high-profile cryptocurrency designed to permanently preserve meme content on the blockchain. Among them, SLERF and BOME are highly sought-after projects that provide creative tools and decentralized storage, giving meme creators the opportunity to permanently retain their works. Although SLERF encountered challenges during the pre-sale phase, through innovative marketing strategies, it managed to attract a lot of attention and dominate the market. The rise of Solana Memecoin demonstrates a unique blend of crypto innovation and industry passion.
DEGEN and AERO hit record highs one after another. Is the Base season really coming this time?
Within the Ethereum ecosystem, Base TVL exceeded US$2.5 billion, a record high. The price of DEGEN on the Farcaster protocol has soared, with an increase of 376% on the 7th, and it is connected to the social video application Drakula. Base Ecosystem also has DeFi project token AERO, which rose 93% on the 7th and received investment led by Coinbase Ventures. There are more voices discussing Base on social media, and the market is looking forward to whether Base can usher in a boom. Jesse Pollak, the head of Base, is active on Twitter and Warpcst, posting about ecological progress. The popularity of Base has driven the market sentiment of new and old projects in the ecosystem, and it seems to be really different this time.
4. Investment and Financing
No-code ecosystem GraphLinq completes strategic round of financing, DWF Labs participated in the investment
No-code ecosystem GraphLinq announced on the X platform that it has completed a strategic round of financing, with DWF Labs participating in the investment. The specific amount has not yet been disclosed. DWF Labs will serve as GraphLinq’s primary liquidity provider on various CEX and DEX and provide support for OTC trading. The new funds will be used to enhance the liquidity of the GLQ token, optimize its seamless supply in the global market, and Bring tangible benefits to market participants.
Bitcoin’s native DA layer project Nubit completed a $3 million Pre-Seed round of financing, with participation from OKX Ventres and others
Bitcoin’s native DA layer project Nubit completed a $3 million Pre-Seed round of financing, with participation from OKX Ventures, dao5, Primitive Ventures and others.
It is reported that Nubit collaborated with BRC-20 creator Domo to develop the Modular Indexer, which allows users to self-verify the validity of data at low cost, thus ensuring the integrity and trust of the entire ecosystem. This development is a key step towards a decentralized future for the Bitcoin ecosystem and is reinforced by Nubit’s collaborations with projects such as Babylon, Merlin Chain and BounceBit.
In addition, Nubit has advanced its Pre-Alpha testnet process and plans to launch the mainnet later this year.
According to previous news in January, Nubit completed angel round financing, with Bounce Brand co-founders and domo participating in the investment, but the amount of financing was not disclosed.
MyPrize completed two rounds of financing totaling US$13 million, with a valuation of US$140 million
MyPrize has raised two rounds of funding totaling $13 million, bringing its pre-launch valuation to $140 million. Its first round of funding, $5 million, closed last October, and its second round, $8 million, closed this month.
The two rounds of financing were led by Dragonfly and Boxcars Ventures respectively, with participation from a16z Scout, Mechanism Capital, Arrington Capital, Breed VC, JST Capital, 2 Punks Capital and others. Angel investors including Luca Netz of Pudgy Penguins, Peter Smith of Blockchain.com, Jeff Feng of Sei Labs, Steve Rosenthal and Spencer Noon of Jack Entertainment participated in the round.