1. Attention Value-Market Key Points
1. Market conditions
(1) Macro field:
l Trump-related stocks fell before the market opened. Polls showed that 63% of viewers believed that Harris won the first debate.
Trump concept stocks fell across the board before the market opened, with Trump Media Technology Group falling nearly 11% and Phunware falling more than 8%. In addition, Bitcoin fell back below $57,000, and many cryptocurrency concept stocks also fell before the market opened, with MARA Holdings, MicroStrategy, and CleanSpark falling about 3.8%, Riot Platforms, and Coinbase falling more than 2%. Trump has previously turned to publicly support cryptocurrency. Tesla fell more than 1% before the market opened, and Musk has expressed support for Trump and participated in his fundraising activities.
On the news front, the Democratic presidential candidate and Vice President Harris and the Republican presidential candidate and former President Trump held their first televised debate in Philadelphia. The entire debate lasted about 90 minutes, and the two debated on issues such as the US economy, immigration, abortion, the Russian-Ukrainian conflict, and the situation between Palestine and Israel. Subsequently, a real-time poll commissioned by CNN and conducted by SSRS showed that 63% of viewers believed that Harris defeated Trump in the presidential candidate debate on Tuesday.
(2) Web3 field:
Bitcoin price drops as Trump and Harris don’t mention cryptocurrencies in presidential debate
Bitcoin (BTC) fell slightly on Wednesday, down about 1.5% to trade at $56,500. This came after the issue of cryptocurrency regulation was not mentioned during the much-anticipated presidential debate between U.S. Vice President Kamala Harris and former President Donald Trump. The debate, which covered a wide range of topics from abortion rights to the ongoing conflict in Ukraine, left cryptocurrency enthusiasts and investors eager to learn where the candidates stand on digital assets. Now, the ripple effect of Bitcoin's decline has spread to the broader cryptocurrency market.
Ethereum, the second-largest cryptocurrency by market cap, fell 1.2% and is now trading at $2,330. Other popular altcoins also tumbled, with Solana (SOL) and Dogecoin (DOGE) seeing the biggest losses, down 2.5% and 3.2%, respectively, according to Coingecko. Despite the day’s decline, data shows continued institutional interest in cryptocurrencies, with spot Bitcoin exchange-traded funds (ETFs) recording significant net inflows of $117 million.
2. Hot events
Web3 Field:
l The U.S. House Financial Services Committee held a DeFi hearing to discuss positions supporting and opposing cryptocurrencies and DeFi
The U.S. House Financial Services Committee held a hearing on September 10 titled "Decoding DeFi: Analyzing the Future of Decentralized Finance" to explore emerging topics such as tokenization and how blockchain can be used in the financial sector. Congressional representatives heard from five witnesses from both sides to discuss positions for and against cryptocurrencies and DeFi. French Hill, chairman of the Republican subcommittee, said that by replacing intermediaries with self-executing code, decentralized finance can change the structure and governance of current financial markets and transactions. However, cryptocurrency critics such as Democratic Congressman Brad Sherman disagree, claiming that DeFi is mainly used for crime, circumvention of sanctions and tax evasion. Democratic Congressman Maxine Waters mentioned the promotion of fraudulent tokens related to the Trump family DeFi project "World Liberty Financial". Mark Hays, senior policy analyst at the American Financial Reform Organization, described the cryptocurrency and DeFi industries as highly volatile, full of scams and extremely predatory, with investors facing huge financial losses, and believed that current securities laws should apply to DeFi. Amanda Tuminelli, chief legal officer of DeFi Education Fund, said that traditional finance relies on intermediaries, while DeFi is open and anyone with an internet connection can access the DeFi protocol, which is a model of financial inclusion.
l OKX has been the title sponsor of TOKEN2049 Singapore for three consecutive years
As part of the TOKEN2049 Singapore Conference, OKX executives will participate in panels, keynote speeches and fireside conversations during the event, and will invite special guests to appear throughout the event week. On September 10, Web3 technology company OKX announced that it has become the title sponsor of TOKEN2049 Singapore, Asia's top Web3 and crypto industry conference, for three consecutive years. The event will be held at the Marina Bay Sands Convention Center from September 18 to 19.
3. Hot topic narrative
Gas is rising rapidly, with the rate as high as 600 sats/vb, and the FB OTC price is rising. According to the official introduction of the ProtocolCAT project, CAT Protocol is a new UTXO-based Bitcoin token protocol they proposed, called Covenant Attested Token (CAT). The protocol is verified by miners and uses smart contracts to manage token minting and transfer.
However, there is more than one CAT Protocol in the market. According to the information sorted out so far, there are already three related protocols. Each has a lot of followers. The high popularity of ProtocolCAT may be due to its early start, and it is difficult to judge how long the popularity will last.
4. Potential Catalyst
Multicoin's Investment Theory for Drift
An executive summary of our investment philosophy for DRIFT is as follows:
1. Multicoin believes that the most successful derivatives DEX needs to be built on L1, which issues other assets on the chain. We believe that application chain derivatives DEX will not win because they will never be as efficient as centralized exchanges (CEX) and cannot be combined with other programs and assets on general chains. They cannot benefit from the ecosystem flywheel that exists on general L1.
2. Drift has a unique exchange structure that enables three types of liquidity provision: Dynamic AMM (DAMM), Decentralized Central Limit Order Book (DLOB), and Just-in-Time (JIT). We have previously written about the trade-offs in the derivatives DEX design space and believe that Drift has chosen the right trade-offs.
3. Drift’s core metric (total derivatives, spot, and swaps volume) grew by about 50x year-over-year, while the protocol’s market share in the derivatives DEX space grew by about 10x during this period.
4. The Drift team is relentless in launching new products and features. In addition to the derivatives DEX, they are also building a capital-efficient DeFi platform that is not limited to synthetic trading. We believe that Drift can become a DeFi "super app" because it is able to cross-sell trading products to users.
5. Solana adoption is growing extremely rapidly, and we are witnessing a long-term growth trend for all Solana DeFi applications. Drift will benefit disproportionately from the significant growth of the ecosystem.
Multicoin believes that the Drift protocol is poised to grow further as users and liquidity continue to migrate to Drift and Solana. Additionally, we believe that people in developing countries around the world want synthetic access to every asset, and DeFi derivatives are their most innovative and inclusive product.
2. Attention Value-Hot Projects
1. Social media hot spots
Ethereum is a decentralized, open-source public blockchain platform with smart contract functions. With the continuous development of Ethereum 2.0 and Layer2, it has become one of the most widely used blockchains. In July this year, the Ethereum spot ETF was officially approved for listing and trading. Although $ETH has fallen sharply in recent days due to reduced income and whale withdrawal, the market is still mainly optimistic due to its low inflation rate and strong development capabilities.
Key projects:
· NEURO
$NEIRO is an emerging meme coin. Its prototype is a Shiba Inu named Kabosu adopted by a Japanese kindergarten teacher Atsuko Sato. After Kabosu's death, Atsuko Sato posted on the X platform that she had adopted a Shiba Inu named "ねいろ". At that time, Trump was attending a speech at the Bitcoin Conference. Shiba Inu suddenly appeared at this time. The creator seized the hot spot and named the token $Neiro after the English translation of "ねいろ". Almost at the same time, the capitalized $NEIRO also appeared. Later, the $NEIRO token issued on Ethereum was accused of a large number of insider trading, causing its market value to fall. In September, OKX and Binance successively launched $NEIRO contracts. Driven by the exchanges, $NEIRO quickly soared by more than 6 times, and the competing product $Neiro also began to die.
2. Smart money builds a position
Smart money holdings
Source: ChainEDGE, Dot Labs
Project Introduction:
1. HUSBY(@HusbyApp /X)
HUSBY is a new project launched this week. It is a biogas mining project that uses biogas energy and advanced artificial intelligence technology. Its mission is to provide cost-effective and environmentally friendly solutions for cryptocurrency mining to ensure sustainability and profitability. The price rose by about 20% in 3 days after its launch and is currently priced at around $0.06.
2. FWOG(@solfwog /X)
$FWOG is a meme token based on the Solana chain. It is based on the frog theme and continues the animal style of well-known frog-themed tokens such as PEPE and Bome. In terms of painting style, it combines well-known animation IPs such as (Dragon Ball). Not only does it not have the trouble of tokens with the same name, but the artist also always maintains originality. After two Rugs, the project's market value still jumped to 99 million US dollars within a month. In the case of the overall market decline in August, it still showed strong vitality. The current number of holders has exceeded 13,000.
Smart money flows in
Source: ChainEDGE, Dot Labs
Project Introduction:
1. VIEW(@ethervista /X)
Ethervista is a new decentralized exchange protocol that aims to address the shortcomings of the existing AMM model, short-term token price speculation and insufficient incentives for liquidity providers. On September 1, the Ethervista platform token $VISTA was launched, with an opening price of only around $0.036, and then rose all the way to break through $32, and now fell back to around $16. On September 9, the project announced on the social platform X that it will soon launch the VISTA application, which will allow users to create tokens and view the works of other creators. The current market value of $VISTA has exceeded 16 million US dollars.
2. RBT(@RibbitOnSolana /X)
$RBT is a frog-themed meme coin based on the Ethereum blockchain. The issuance of Ribbit follows the principles of fairness and transparency, with no pre-mining, ICO or private sales, which puts all users on an equal footing when acquiring $RBT.
3. Attention Value-Sector Rotation
1. Hot topics
Source: Dune, Dot Labs
Source: Dune, Dot Labs
2. Inside the sector
Source: Dune, Dot Labs
