After the US stock market opened yesterday, MicroStrategy's stock (MSTR) began to rebound, with an increase of nearly 10%.
At the same time, Bitcoin has also returned to $97,200.
Ethereum has shown to be stronger, with its peak reaching $3685.
Altcoins overall also rebounded along with the market, with the Ethereum ecosystem performing the strongest, and ENS rising over 40%.
Another point worth noting is that after THE was listed on Binance spot yesterday, its price skyrocketed from $0.16 to $4.18, an increase of over 25 times.
Many people mistakenly believe that THE is a VC coin, but after research, it turns out to be an important strategic layout by Binance founder CZ to reconstruct the BNB ecosystem.
It has the potential to become a significant infrastructure for the BNB chain.
So what is The?
In simple terms, The is a decentralized trading platform operating on the BNB Chain, established in 2022.
Its goal is to become a platform similar to a 'super app', providing a user experience similar to centralized exchanges while simplifying on-chain operations, especially making it easier for novice users to get started.
Thena aims to solve the efficiency problem of on-chain transactions and provide more flexible financial tools. You can think of it as a 'multi-functional DEX treasure chest' on BSC.
Why is THE rising so sharply?
This is mainly due to Binance's strong support and the extensive promotion by many KOLs.
Yesterday, CZ tweeted, and then Binance announced that it would launch THE at 6 PM that evening.
THE adopts the ve33 model, also known as the flywheel 33.
The logic of ve33 is 'pumping is justice' because pumping is the best way to attract traffic. Its core is perpetual debt, which reduces selling pressure through the staking of others.
In simple terms, users can lock THE tokens into veTHE; the longer the lock-up period, the more voting rights they have.
Holders of veTHE not only can share in transaction fees but also can influence the incentive distribution of liquidity pools through voting.
Unlike traditional DEXs, the biggest feature of the ve33 model is that all income from the DEX belongs to ve33 stakers, which truly gives the tokens returns, unlike UNI and CAKE that are not very useful.
People are willing to stake because they want to earn transaction fees and bribe fees.
This model is somewhat like stepping on one foot with the other: after you pump, there won't be much selling pressure because there is a large amount of locked-up assets in the ve33 model, so liquidity won't be too high.
Currently, the average lock-up period for THE stakers is 1.78 years, with a maximum of two years and a lock-up ratio of nearly 80%, which shows investors' confidence and reflects the very high staking returns in a bull market.
With the active trading on the BNB Chain, future on-chain income is expected to reach a relatively high level.
The staking returns for THE may also become relatively high, which could attract more market liquidity into the BNB Chain.
So it can be seen that Binance's listing of THE is based on strategic layout, and the BNB Chain is improving its DeFi infrastructure, with Thena precisely filling this gap.
So can we buy THE now?
I think we can wait a bit longer, as the market cap is a bit too high right now; it won't be too late to buy after a pullback.
After new coins are listed on Binance, they generally go through a process of rising first and then falling, so it's best not to chase high prices.
Once the market makers' driving effect weakens, prices may experience a pullback.
It is worth noting that in the past two days, Binance gathered a large number of KOLs in Japan to hold a learning camp. Hundreds of influential figures gathered together.
During this period, Binance released an airdrop advertisement for THE, and almost all KOLs participating in the learning camp wrote articles about THE.
This is clearly to create momentum for the THE project. In an era where traffic is king, this is a very impressive operation.
When these KOLs collectively release news, those 'latecomers' will come into play, pushing the price to continue rising.
When both funds and user traffic are in place and consensus is formed, the K-line rising and the pump percentage will cause many people to chase after the rise.
Currently, many early entrants have begun to take profits in batches, so it is not appropriate to buy at this time.
Even a good project needs a good buying price; if THE can really become the infrastructure of the BNB ecosystem, it will not be too late to buy after it has undergone sufficient washout.
Looking at the current trend, funds and attention are beginning to flow towards the BSC chain, which has an overall explosive trend. Projects invested by Binance can be a key focus.