summary

The relatively ideal macro data did not bring a positive impact to the cryptocurrency market. This week, two attempts to return to above $60,000 have failed. The short-term round price pressure is relatively large, including:

  • The sectors with strong wealth creation effect are: BTC inscription sector, Bitget platform currency

  • The most popular tokens and topics among users are: Bridge, Solana, mbappe;

  • Potential airdrop opportunities include: Kamino, Bedrock;

Data statistics time: 4:00, August 30, 2024 (UTC+0)

1. Market environment

U.S. jobless claims and gross domestic product (GDP) data were largely in line with expectations, with U.S. jobless claims coming in slightly below forecasts. The data had little impact on market expectations for future financial policy changes, with the latest estimates from CME Group's FedWatch tool showing markets continue to bet on a 0.25% rate cut by the Federal Reserve in September.

The relatively ideal macro data did not bring a positive impact to the cryptocurrency market. After breaking through $61,000, the price of Bitcoin turned downward and is currently hovering around $59,000. This week, it has failed to return to above $60,000 twice in a row. The short-term round price pressure is relatively large. Currently, Bitget, Binance and Bybit have all posted on Twitter hinting at the launch of new liquidity staking tokens, but the price of SOL has not risen due to this good news.

2. Wealth-making sector

1) The sector that needs to be focused on in the future: BTC inscription sector

main reason:

  • BRC-20 on Fractal will be activated at block height 21,000 on the Fractal mainnet; PizzaSwap on Fractal (formerly known as Fractal Swap) will be launched on the testnet this week; once PizzaSwap goes live, officials will begin testing an embedded mini-asset bridge, allowing users to transfer BTC and other assets between Bitcoin and Fractal.

Factors affecting the market outlook:

  • The BTC ecosystem is still in a relatively weak narrative. Whether Unisat and other Bitcoin inscription tracks can release new benefits, whether the products can have new iterations to attract market attention, and whether Babylon's narrative can be recognized by the market will determine the future trend of BTC inscriptions.

2) The sectors that need to be focused on in the future: Bitget platform coins (BGB, BWB)

main reason:

  • Bitget has been making a lot of moves recently. The official Twitter account of Bitget announced that it will launch "BGSOL" soon.

  • Bitget is about to launch the Launchpool project Counterfire Economic Coin (CEC), with a total reward pool of 11.54 million CEC. The staking opening time is from 14:00 on August 30 to 14:00 on September 9 (UTC+8).

  • The recently launched DOGS token has a daily trading volume of over $145 million on Bitget, accounting for 18.16% of the trading volume among all CEXs, second only to Binance.

Specific currency list:

  • BGB: Bitget platform currency, which will be upgrading its smart contract in the near future. In the future, BGB will be deeply integrated into the development of DeFi, DEX, Gamefi and other applications. The potential demand for BGB may surge in the future, so it is recommended to pay close attention to it.

  • BWB: Bitget Wallet token, with a total market value of only US$500 million. The wallet track has good growth potential in the future and is suitable for long-term holders.

3. User Hot Searches

1) Popular Dapps

Bridge

The stablecoin payment network Bridge, founded by former Coinbase and Square employees, has raised $58 million in funding, with participation from Sequoia Capital, Ribbit, Index and Haun Ventures. Bridge is building a stablecoin-based payment platform that provides services such as cross-border payments and foreign currency exchange.

2）Twitter

Solana ：

Yesterday, Bybit announced the upcoming launch of bbSOL, an exchange-backed liquid staking token on the Solana chain. By staking Solana (SOL) on Bybit Web3, users will receive bbSOL tokens, unlocking more earnings opportunities in Bybit's CEX and Web3 products. This news is currently gaining some attention on Twitter.

3) Google Search & Region

From a global perspective:

$mbappe：

French football superstar Mbappe X's account was hacked and released the token MBAPPE. The tweet has been deleted. The market value of MBAPPE tokens surged to tens of millions in a few minutes and then quickly returned to zero. A user bought 2 SOL (about 286 US dollars) and sold it at a high point for a profit of about 1,398 SOL (about 200,000 US dollars).

From the hot searches in each region:

(1) Asia and Africa: The attention is relatively scattered, with more searches for FLOKI, Solana, and XRP, indicating that users in this region are more concerned about mainstream public chains and top meme tokens. At the same time, crypto prices have topped the search lists in various regions several times, and market investors are paying more attention to the price of Bitcoin and the future trend of the industry.

(2) English area: The market paid close attention to the gambling games such as crypto casino and lucky block casino which was newly released yesterday.

Potential Airdrop Opportunities

Chimney

The Kamino S2 campaign has ended, and a total of 350 million KMNO will be distributed to Kamino users in mid-August. The relevant rewards will be fully unlocked and automatically staked when collected. Users can unstake without a cool-down period, and the allocation check URL is app.kamino.finance.

Kamino's TVL has just surpassed Marinade, becoming the second-ranked DeFi protocol and the first-ranked Lending protocol in the Solana ecosystem. Users can deposit their SOL, JitoSOL and other LST, USDC, USDT and other tokens supported by Kamino to obtain a certain APY and Kamino points.

Bedrock

Bedrock is a multi-asset liquidity re-pledge protocol that started with the institutional-grade liquidity re-pledge token uniETH on EigenLayer, and later expanded to the first and largest liquidity re-pledge protocol on the IoTeX network, and will introduce the protocol before the launch of the Babylon mainnet, supporting liquidity pledge Bitcoin uniBTC.

Bedrock's current TVL has exceeded US$200 million, with a strong lineup of investors: OKX Ventures, LongHash Ventures, and Comma3 Ventures led the investment, and Waterdrop Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and angel investors such as Babylon co-founder Fisher Yu followed suit.

How to do it specifically: If you hold ETH or IOTX, you can go to Bedrock to stake it into uniETH or uniIOTX to obtain staking income and future Bedrock airdrops; if you hold wBTC, you can go to Bedrock to stake it into uniBTC, and you will receive staking income, Babylon airdrops, and Bedrock airdrops in the future.

#BTC