Written by: Bitget Research Institute
Summary
The cryptocurrency market remains under pressure today, with SEC Chairman Gary Gensler testifying at a Senate hearing that he expects a spot Ethereum ETF to receive full approval from the agency by the end of the summer.
Sectors with strong wealth-creating effects are: ETH ecological projects, TON ecological tokens;
Hot searched tokens and topics by users are: Daddy, RWA Crypto;
Potential airdrop opportunities include: Zircuit, MYX Finance;
Data statistics time: 4:00, June 14, 2024 (UTC+0)
1. Market environment
Cryptocurrency markets remained under pressure today, extending a correction that began the day before after the Federal Reserve hinted that it expected only one rate cut this year. Ethereum prices quickly sold off after leading gains in the morning, recalibrating back below $3,500, after SEC Chairman Gary Gensler testified at a Senate hearing that he expected a spot Ethereum ETF to receive full approval from the agency by the end of the summer. Markets began to move lower in unison on Wednesday afternoon following the release of the results of the Federal Reserve's policy meeting. The U.S. central bank kept the benchmark federal funds rate range stable at 5.25%-5.50%, but according to the latest forecast of the dot plot, only one 25 basis point rate cut is expected in 2024. Prices are currently betting on the future results of rate cuts.
In terms of projects, Arkham said in a post that the price of CRV fell below the liquidation price of Curve founder Michael Egorov, and all of his 9-digit loan positions in 5 protocols were liquidated. As of today, the price of CRV has risen by more than 20% since the liquidation.
2. Wealth-making sector
1) The sectors that need to be focused on in the future: ETH ecological projects
The main reasons: SEC Chairman Gary Gensler testified at a Senate hearing that a spot Ethereum ETF is expected to receive full approval from the agency by the end of the summer;
Specific currency list:
ETHFI: The documents for this round of Ethereum ETFs indicate that ETFs only allow Ethereum tokens, and do not allow staking. This rule greatly reduces the attractiveness of ETF investors, so the Ethereum re-staking sector will usher in substantial benefits;
LDO: The leading LSD project in the ETH ecosystem, with a TVL of 34.4 billion US dollars and a valuation of less than 2 billion US dollars, is relatively undervalued;
SSV: Ethereum Staking Infrastructure SSV Network is a decentralized staking infrastructure that enables everyone to access decentralized ETH staking simply and scalably. The official website currently shows that the total TVL has exceeded 600 million US dollars, and the staked ETH exceeds 150,000;
2) Sector changes: TON ecosystem tokens (TON, FISH)
The main reason: driven by Telegram's 900 million user base, the TON ecosystem has grown quietly, and its daily active addresses have surpassed Ethereum. At the same time, TON officially announced that it will launch enhanced pools on ston_fi and dedust_io, with rewards exceeding 1.8 million US dollars. Ecological rewards plus user growth make the ecosystem more prosperous.
Increase: TON increased by 4.42% in the past 24 hours, and FISH increased by 7.02% in the past 24 hours;
Factors affecting the market outlook:
Trading activity in the future: Currently, the biggest shortcoming of the Ton ecosystem is that there are fewer active traders than other public chains, and the trading volume is not at the same level as other public chains. If the ecological rewards can stimulate the activity of trading users, both prices and liquidity will continue to rise.
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.
3. User Hot Searches
1) Popular Dapps
Orderly Network
NEAR ecosystem trading protocol Orderly Network tweeted that it will airdrop 10% of the total supply of tokens (100 million) to early users. NEAR traders need to bind their wallets before June 27. Users can now check the airdrop allocation and bind their wallets through the airdrop query website. Orderly is a full-chain derivatives liquidity layer project that integrates full-chain derivatives liquidity and provides liquidity and settlement support for any asset, any public chain, and any product interface.
2）Twitter
Curve
According to Arkham monitoring, Curve founder Michael Egorov was liquidated for $140 million in CRV. Yesterday morning, the price of CRV fell below its liquidation threshold, and all of his hundreds of millions of loan positions in 5 protocols were liquidated. Curve founder Michael Egorov tweeted, "The Curve Finance team and I have been working on the liquidation risk that occurred today. As many people know, all my loans were liquidated, and my position was too large for the market to bear, resulting in $10 million in bad debts. Only the CRV market on lend.curve.fi was affected, and the position in that market was the largest. I have repaid 93% of the bad debts and plan to repay the rest soon." Currently, the Twitter community is still paying attention to it.
3) Google Search & Region
From a global perspective:
Daddy: Yesterday, blockchain data visualization company Bubblemaps tweeted that before Andrew Tate promoted DADDY on X, insiders bought 30% of the total supply of tokens at the time of issuance, which is currently worth more than $45 million. The core hype came from the struggle between Andrew Tate and Ansem, who both issued Daddy tokens in the community. Currently, Twitter has a high level of attention.
From the hot searches in each region:
(1) RWA Crypto was the most popular search term in Asia. The crypto market released FOMC and CPI data at the same time yesterday. Risk aversion sentiment was quite severe in advance and the market was under pressure before the data came out.
(2) In Europe and the United States, people are paying attention to meme token projects, mainly focusing on FLOKI. The market has fallen recently, and MEMECOIN is one of the few places with wealth-creating effects and topics.
(3) The CIS region focuses on a wide range of areas, including projects such as Taiko, Aevo, and Uniswap;
Potential Airdrop Opportunities
Zircuit
Zircuit is a parallel and AI-integrated Layer2 public chain project based on zkRollup. It is invested by Pantera and Dragonfly. The current TVL of the project has exceeded 1.1 billion US dollars. Zircuit's current ecosystem is gradually improving, and it already includes functions such as staking, cross-chain bridges, and browsers. Users can also obtain airdrop qualifications by participating in ecosystem construction and community interaction.
Specific ways to participate: 1) Enter the staking page (https://stake.zircuit.com/) to participate in staking to win points; 2) Participate in node deployment to win points (https://build.zircuit.com/build).
MYX Finance
MYX Finance is a decentralized derivatives exchange based on the MPM model, incubated by D11 Labs. It adopts smart rates and risk hedging mechanisms to ensure protocol stability and provide sustainable high returns.
In November 2023, MYX announced the completion of a $5 million seed round of financing at a valuation of $50 million. This round of financing was led by HongShan (formerly Sequoia China), with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, Lecca Ventures and others.
How to operate: There is not much difference between the user operation level and the general derivatives DEX. The operations that users can perform are trading, providing LP, etc. Currently, the project integrates Linea and Arbitrum, which can appropriately increase the activity on the Linea chain in order to obtain Linea airdrops in the future.
