November 29, 2024
With the hot market, there are still some active projects coming out recently. Let's talk about a few of them to feel the development of cryptocurrency. The first is Sol's local dog issuance platform, Pump.fun. According to reports, the private market trading platform SecondLane listed the equity of memecoin issuance protocol Pump.fun with a total market value of US$1.5 billion, and listed 1% of Pump.fun's equity at a price of US$15 million. As a platform protocol, Pump.fun is undoubtedly one of the most successful projects this year. Both local dogs and golden dogs have continuously contributed to Pump.fun's handling fees.
Another platform protocol that you may not pay much attention to is an on-chain exchange that integrates spot and contract trading. It occupies the first position in the derivatives trading market. It just happened to issue a coin today, which is HyperLiquid. After the coin issuance, HPYE's total market value is 4 billion and its circulating market value is 1.3 billion. By comparison, UNI's current total market value is 12.6 billion and JUP's total market value is 11.5 billion, which shows that this platform protocol, which has not been listed on the mainstream CEX, has been recognized by the market. HPYE's direct competitors are dYdX, Drift, etc., but from my personal experience, HyperLiquid is currently the best in depth, liquidity and trading experience. It is worth noting that HyperLiquid is the L1 public chain of EVM. Another point that needs to be criticized is that HPYE's airdrop needs to be signed in advance, and there is no prompt in the user interface, which causes many people to miss the airdrop.
Also, Aave seems to be working on a DeFi protocol on Ethereum recently. I have not participated in this and have not learned about it, but in any case, new products built around DeFi are constantly pouring into the market, including the sofa I mentioned earlier, which has also recently made new structured products. I say this to tell you that the development of the blockchain world has never stopped. Even if there is hype and speculation at a certain stage, and there are things like meme madness that seem to be unfavorable to the positive development of the currency circle, the overall trend is upward.
In terms of market conditions, Ethereum has a resistance of 3600. After breaking through, the next resistance is 4000. I said yesterday that the reason why it did not break through is because Bitcoin is taking a break, so it is reasonable to adjust. At present, the general direction is still digesting the recent gains, but due to the recent gains and wealth effect, more and more funds are entering the market, and any bull market will have at least a few months of inertial growth, so after the adjustment is in place, it will continue to rise.
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