As the cryptocurrency market continued its downward trend throughout the week, Bitcoin fell below $61,000 on Thursday before starting to rebound on Friday. The price of Bitcoin has now rebounded to above $62,800.

Yesterday, the transaction volume of Solana's on-chain DEX reached US$1.314 billion, surpassing the US$1.297 billion transaction volume of Ethereum's on-chain DEX.

ETFs continued to see outflows, with Bitcoin spot ETFs seeing a net outflow of US$11 million yesterday, of which BlackRock IBIT saw a net inflow of US$14 million and Grayscale GBTC saw a net outflow of US$43 million. What is different from before is that this week, except for Grayscale, other spot ETFs have maintained net inflows, and the impact of Grayscale's outflows has also decreased as its management scale continues to decline.

Sector changes: Ton ecosystem tokens (TON, FISH, GRAM, NOT)

Yesterday we were still talking about paying attention to the TON ecosystem. In the evening, Binance launched the 54th project of new coin mining, using BNB and FDUSD to mine Notcoin (NOT). There is good news for the TON ecosystem in the short term.

(Yesterday's article)

TON, FISH, and GRAM token prices rose by 8.62%, 22.1%, and 17.03% respectively in 24 hours

Factors affecting the market outlook:

NOT's post-market price performance: With the positive news of NOT's listing on Binance, the pre-market trading price has risen sharply, up 68.77% in 24 hours. Bitget will also launch the notcoin pre-market today, and users can ambush in advance and wait for the opening.

Pantera's support for the TON ecosystem in the future: Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made the largest investment in Telegram's TON blockchain project in the history of the fund, which has increased the attention on the TON ecosystem. If support such as project financing and product launch can be implemented in a timely manner, the prosperity of the TON ecosystem will come faster.

DeFi sector (VRTX, LBR)

Vertex Edge has implemented a new fee structure and will begin to increase the staking rewards for $VRTX to earn cross-chain fees. As the returns on VRTX have been greatly improved, the token price has received positive news to stimulate the rise. At the same time, after the LBR whale sold the token, the price of LBR began to recover and the on-chain price began to rise.

VRTX and LBR increased by 65.51% and 30.61% in the past 24 hours;

Factors Affecting the Market Outlook

Future market: Trading DeFi projects are more dependent on the popularity of on-chain transactions. When the market is rising or in a market with high volatility, the number of traders and trading volume will increase at the same time. If the market falls, the relative trading volume will shrink. The price of DeFi project tokens will also be affected by the decline in the total volume of project business.

New projects are constantly emerging in the DeFi track, and the valuations of these new projects are relatively high, so the funds available in the market may be limited. We should keep an eye on the current competitive landscape and lock in leading projects. The enthusiasm of most other projects that have already issued tokens or stagnated in development will dissipate quickly.

The following sectors need to be paid attention to: SocialFi sector

Base has achieved great success in the field of SocialFi, and many top cryptocurrency-based social applications are built on Base. 46% of SocialFi-related transactions occur on the Base chain. At the same time, socialfi projects such as Friend and Degen have also brought a lot of wealth effects. DEGEN has completed the myth of wealth creation by reaching a market value of 1 billion US dollars within three months of issuing the coin.

Friend: Friend.tech is a decentralized social platform built on the second-layer network Base chain launched by Coinbase. It obtains the user's Web2 identity through a strong binding with Twitter and achieves the possibility of profit based on this identity. Because in this product, each user can be tokenized, the user's influence can be directly priced by the market. The project has already issued tokens, and the daily trading volume exceeds 21 million US dollars.

Degen: After the launch of the Degen channel on Farcaster, this project issued tokens, the main function of which is to allow users to use Degen to reward high-quality content creators. The total revenue of the decentralized social protocol Farcaster has exceeded 1.2 million US dollars, and the number of users has exceeded 300,000. The two complement each other and are one of the most eye-catching projects on the Base chain.

Later, I will bring you analysis of leading projects in other tracks. If you are interested, you can click to follow. I will also organize some cutting-edge consulting and project reviews from time to time. Welcome all like-minded people in the cryptocurrency circle to explore together. If you have any questions, you can comment and ask questions