Compiled by: Mars Finance
Mars Finance Crypto Daily February 26, 2024
1. Today’s News
This week’s unlocking data summary: 24.16 million OP will be unlocked on February 29, and 33.33 million DYDX will be unlocked on March 1
According to Token Unlocks data, this week, tokens such as DYDX, OP and PRIME will have a one-time large-scale unlocking, with a total release value of approximately US$334 million. Among them:
Nym (NYM) will unlock 25 million tokens at 8:00 on February 27, worth approximately $5.36 million, accounting for 3.63% of the circulating supply;
Yield Guild Games (YGG) will unlock 16.69 million tokens at 10:00 on February 27, worth approximately $8.95 million, accounting for 5.57% of the circulating supply;
SingularityNET (AGIX) will unlock 8.97 million tokens at 8:00 on February 28, worth approximately $6.56 million, accounting for 0.71% of the circulating supply;
Echelon Prime (PRIME) will unlock 1.66 million tokens at 8:00 on February 29, worth approximately $20.97 million, accounting for 4.89% of the circulating supply;
Sui (SUI) will unlock 4 million tokens at 8:00 on February 29, worth approximately $6.56 million, accounting for 0.34% of the circulating supply;
Optimism (OP) will unlock 24.16 million tokens at 12:00 on February 29, worth approximately $88.66 million, accounting for 2.52% of the circulating supply;
Manta Network (MANTA) will unlock 1.87 million tokens at 7:59 on March 1, worth approximately $5.58 million, accounting for 0.74% of the circulating supply;
DYDX (dYdX) will unlock 33.33 million tokens at 8:00 on March 1, worth approximately $117 million, accounting for 11.09% of the circulating supply;
ZetaChain (ZETA) will unlock 5.29 million tokens at 8:00 on March 1, worth approximately $12.33 million, accounting for 2.24% of the circulating supply;
NFT sales on the Bitcoin chain exceeded US$20 million in the past 24 hours, ranking first
According to CryptoSlam data, in the past 24 hours, the NFT sales on the Bitcoin chain were approximately US$20.309 million, an increase of 18.41%, ranking first. In addition, the NFT sales on the Ethereum chain were approximately US$17.482 million, ranking second; the NFT sales on the Solana chain were approximately US$8.1545 million, ranking third.
Frax Finance considers introducing a token staker reward mechanism similar to Uniswap
The Frax Finance core team is considering a new proposal to share protocol revenue with its veFXS token stakers. The move would mimic a similar proposal from Uniswap last week. Frax Finance CEO Sam Kazemian revealed that the proposal would recommend sharing a portion of the protocol revenue with veFXS token stakers. FXS is the governance and utility token of the Frax ecosystem. Users who lock up FXS will receive veFXS tokens, retaining their governance and utility rights. These veFXS tokens can be staked on the Ethereum mainnet and Frax Finance's second-layer network Fraxtal. In 2022, the community voted to stop revenue sharing, and now Kazemian said in an interview that it will explore the possibility of reopening the distribution of Frax protocol revenue to veFXS stakers.
8 Bitcoin spot ETFs only increased their holdings by 18,477 BTC last week, while Grayscale reduced its holdings by 9,557 BTC
According to Lookonchain monitoring, the eight Bitcoin spot ETFs only increased their holdings by 18,477 BTC ($951 million) last week, while they increased their holdings by 47,961 BTC ($2.47 billion) from 02-12 to 02-16. Grayscale reduced its holdings by 9,557 BTC ($492 million) last week.
Linekong Interactive Announcement: Mr. Wang Feng transfers all of his Element shares to the company free of charge
Mr. Wang Feng transfers all of his shares in Element to the Company free of charge The board of directors (the “Board”) of Linekong Interactive Group Co., Ltd. (the “Company”, together with its subsidiaries, the “Group”) announces that Mr. Wang Feng, Chairman and Chief Executive Officer of the Group, has transferred all of his shares (35%) in Element R&D and Operations to the Company free of charge (the “Share Transfer”).
Element is the world's leading third-generation Internet technology platform, mainly providing NFT on-chain trading services, including:
1) NFT digital collection trading platform (Element Market), Element Market is the most mainstream GameFi NFT trading platform and the largest blockchain second-layer network NFT trading platform. It provides safe and reliable trading services for gamers, NFT collectors and investors around the world.
2) NFT-as-a-Service technology solution (Element Stack). Element Stack is a multi-chain NFT infrastructure that provides customized NFT solutions to enterprises, creators, and traders, while also providing powerful tools and interfaces so that customers can seamlessly integrate NFT into their business.
The board of directors believes that the third generation of the Internet is booming and Element is a platform that provides high-quality technology and application services in this market. Through this share transfer, the Group obtained 35% of the equity of Element. This move will assist the Group's development in the third-generation Internet field and become an important part of the Group's layout in the third-generation Internet field.
As the Share Transfer (i) is on normal or better commercial terms; and (ii) the applicable percentage ratios in respect of the Share Transfer are less than 5% and the total consideration is less than HK$3,000,000, the Transaction is fully exempted under Chapter 20 of the GEM Listing Rules.
Degen Base announced that it will expand the airdrop share for PYTH stakers to 12%
Degen Base, a sustainable DEX project of Base Ecosystem, announced on the X platform that it will expand the token airdrop share for PYTH stakers from 8% to 12%. Earlier news, Degen Base announced that it would airdrop tokens to PYTH stakers, and the official airdrop query page is now online.
Avalanche will activate the Durango upgrade on the mainnet in the early morning of March 7
Patrick O'Grady, engineering director of Ava Labs, recently stated on the X platform that the Avalanche interoperability era began at 0:00 on March 7th, Beijing time, and the production code (AvalancheGo@v1.11.0) of the proposed Durango upgrade has been released. If there is enough staking to support Durango, it will be activated on the mainnet at 0:00 on March 7th, Beijing time. In addition, Avalanche Korea officially released an announcement today confirming that the activation time of the Durango upgrade is expected to be 0:00 on March 7th, Beijing time. It is reported that the Durango upgrade will introduce Avalanche Warp Messaging to the C chain, realize local cross-chain communication for each EVM chain in the Avalanche ecosystem, and establish standards for the use of AWM by future virtual machines (VMs).
Analysis: Worldcoin faces value bubble risk, hidden issuance may trigger price peak fall
DeFi researcher @DefiSquared's latest analysis points out that Worldcoin (WLD) currently has a FDV of $90 billion, surpassing OpenAI's own valuation, which is mainly driven by its extremely low circulation and narrative/meme status. However, this situation may change soon. According to analysis, most buyers at the current price are unaware that new "hidden" emissions have begun to increase exponentially. In the coming weeks, Worldcoin will distribute more than 10 million WLD directly to retail wallets (about $92 million at current prices) and will continue to distribute at a higher rate every two weeks. Compared to the July VC/insider unlock date that many investors are concerned about, the circulating supply of WLD is actually increasing steadily every week.
In addition, the Worldcoin Foundation has full control over the unlocked Foundation Treasury liquidity, and it is possible to trade over-the-counter (OTC) at the current overvalued price. Worldcoin's co-founder said in August last year that the original intention of the market-making agreement was to "prevent the price from skyrocketing to something like $10", so the Foundation may intervene at any time to suppress price fluctuations, which may form a permanent top in an instant. WLD's current market value has reached $1.4 billion, far exceeding the previous market value of $2 million, and unlike the public expectation that there will be no unlocking before July, WLD's circulating supply will expand rapidly every week. Therefore, buying at this stage may mean that the risk of entering the market at historical highs is extremely high, and this risk increases over time. As a reminder, based on previous bull market data, about 97% of the top 200 alternative coins eventually fell by 90% or more, and WLD, as a meme coin with a higher valuation than OpenAI, will be no exception. While @DefiSquared believes this is a once-in-a-generation shorting opportunity, he stressed that such coins tend to push prices above people's expectations and still have a high probability of rising before forming a permanent top. Most people may not have the patience, margin or willpower to stay short when it rises first. But at the very least, holding spot is extremely risky given that the situation here can change quickly.
Linekong Interactive's share price rose by more than 80% to HK$0.425
According to market data, the share price of Linekong Interactive has increased by 82.40% since the opening of today, temporarily reporting HK$0.425. The current total market value of Linekong Interactive is HK$156.4 million, and the transaction volume today is HK$1.128 million.
Earlier today, Wang Feng, CEO of Linekong Group and founder of NFT trading market Element, said on his social platform that he had officially notified the Hong Kong Stock Exchange to transfer all his shares in Element to Hong Kong listed company Linekong Interactive Group Co., Ltd. free of charge, making Element part of the listed company's high-quality assets. One of the strategic priorities of Linekong Interactive Group and its affiliated companies in the future is to go all out to enter the crypto market.
2. Selected articles
A complete analysis of HashKey Capital’s 2024 Web3 investment track
HashKey Capital is an active Crypto VC that is dedicated to analyzing and sorting out the various tracks of Web3 and sharing its internal judgment and understanding of future tracks. They predict that the future track will be permissionless and the MEV supply chain will also change. OFA order flow auctions will rise in 2023, and high-value transactions will flow to OFA. The valuation level of the DA track has risen, and Ethereum is the safest but most expensive to issue DA.
Ethereum Cancun upgrade is imminent, what impact will it have on the market?
On March 13, Ethereum will undergo a Dencun upgrade to improve the performance of the existing L2. The upgrade includes 9 EIPs, the most important of which is EIP 4844, which lays the foundation for future sharding. The upgrade will also reduce the trust assumptions of staking pools and re-staking arrangements, which is of great significance to Ethereum, $ETH, and related networks and tokens. EIP 4788 will enhance the security and efficiency of re-staking and reduce the need for oracle networks for LST providers. EIP 4844 will reduce rollup storage fees, support blob transactions, and have forward compatibility. The upgrade may have a significant impact on the price of ETH and related L2 tokens.
Bitcoin Layer 2 Chaos Is Actually a Good Thing
The definition of Bitcoin Layer 2 has sparked controversy in the community, with investors and community members disagreeing on its definition. Bitcoin Magazine's definition has been questioned, with investors and community members believing that it only represents the magazine's views and cannot represent the official definition. There are many Bitcoin Layer 2 schemes at present, among which those involving ZK technology are particularly popular, but have also sparked controversy. Vitalik founded Ethereum in the chaotic Layer 2 track. Chaos is not a trap, but a prelude to constructive development. The crypto industry is conducting in-depth discussions on Bitcoin Layer 2. This chaos shows that the industry is reflecting on possible problems and creating a more favorable development environment for projects with real potential. Chaos also means that all industry participants are reflecting on their roles and responsibilities, which is a necessary condition for the industry's progress. The chaos of the Bitcoin ecosystem will also be a path to a higher level of development.
3. Project Interpretation
New wealth code? Check out 118 early-stage opportunities on Blast that you can’t miss
Blast, an automatic interest-generating Layer2 network, announced the results of the BIG BANG ecological application competition, screening out a total of 118 potential projects covering multiple sectors.
Starknet TVL exceeds $1.4 billion. Is it a real value or just a temporary trend?
Recently, Starknet has continued to occupy the market hotspot and has received support and pursuit from many institutions and users. As of February 23, L2BEAT data showed that Starknet TVL exceeded 1.4 billion US dollars, setting a new record high, and is now reported at 1.48 billion US dollars, with a 7-day increase of 705.42%. Is it value strength or temporary popularity?
Chief Narrative Officer Arthur Hayes Project Selection, Can Krav Achieve Viral Growth?
Arthur Hayes believes that narrative is more important than technology, and shared several successful narratives, such as GMX, Pendle, etc. Odaily Planet Daily analyzed the derivative Quanto launched by Krav Trade, a BTC contract exchange based on altcoins, which supports transactions on 7 chains with a liquidity of 1.56 million US dollars. The market has high expectations for BTC, providing Krav with a huge demand group and solid trading demand. However, Krav faces challenges such as attracting users, complex promotion, and underlying asset risks, and marketing capabilities are crucial. Arthur Hayes's viral growth expectations still need to be observed.
IV. Investment and Financing
Token asset fintech company Open Asset completes approximately $1.7 million in seed round financing, with Hana Ventures and others participating
Open Asset, a token asset fintech company, announced the completion of a seed round of financing of approximately US$1.7 million, with participation from Hana Ventures, Korea Investment Partners and Mashup Ventures. Open Asset plans to use the new financing to recruit outstanding talents in business development, sales, service planning, front-end development and other fields. It is reported that Open Asset is promoting solutions that enable financial institutions to easily and effectively adopt blockchain and trade token assets.
Smart contract wallet Clave completes $1.6 million Pre-seed round of financing, led by Matter Labs
Clave, a smart contract wallet platform based on account abstraction, announced the completion of a $1.6 million Pre-seed round of financing, led by Matter Labs, with participation from LambdaClass, Safe (formerly Gnosis Safe), and Mirana Ventures.
Clave said it will change the way users interact with the blockchain through transaction simulators such as "intentions", session key modules and security modules. The new funds will be used to accelerate the development of zkSync software. Clave also stated that it will push the Ethereum community to activate EIP-7212 after ETHDenver.
Crypto entertainment platform Shuffle completes $2.5 million in financing, with Karatage, Parc Capital and others participating
Crypto entertainment platform Shuffle announced on the social platform that it has completed a $2.5 million financing round, with participation from angel investors including Karatage, Cypher Capital, Sunforge (Robbie and James Ferguson), ODA Capital, Web3 Wizards, UpsideDAO, Parc Capital, Baboon VC, and Andrew Kang of Mechanism Capital and Tristan Yver of Backpack.
Last week, Shuffle announced key details of the ERC-20 token SHFL distribution plan, with a total supply of 1 billion and an initial supply of 71,126,984.56 SHFL. Token generation and airdrop activities are expected to be carried out in the first week of March.
Multi-chain wallet Nest Wallet completes financing of over 3.6 million US dollars, with participation from Inception Capital and others
Multi-chain wallet Nest Wallet announced that it has completed over US$3.6 million in financing, with participation from Inception Capital, Orange DAO, Ascensive AssetsSnack Clube, gumi Cryptos Capital, INCE Capital, as well as YouTube co-founder Steve Chen, Twitch co-founder Kevin Lin, and The Sandbox co-founder Sebastien Borget.
It is reported that the wallet is similar to Robinhood. It has been integrated with DexScreener and Birdeye and joined the Blast ecosystem. It supports key and biometric signatures on mobile devices. However, earlier this year, its co-founder Bill Lou lost $125,000 (52 stETH) in a fake LFG phishing scam.
DePIN infrastructure MXC completes $10 million financing, led by JDI
DePIN infrastructure MXC (Meta x Connect) announced the completion of a $10 million strategic investment, led by JDI Ventures, a DePIN-focused investment fund under blockchain hardware manufacturer JDI Global.
Founded in Berlin, Germany in 2017, the MXC team is committed to the development of the DePIN space and launched the Layer3 zkEVM solution on Arbitrum with the vision of becoming the DePIN infrastructure for the Ethereum ecosystem.
