An important milestone in the recent Bitcoin ecosystem, Zulu announced the first zk-SNARK verification (ZKP) using Bitcoin Script, involving the Groth16/FFlonk mainstream algorithm, and submitted the code to the BitVM repository.

The Bitcoin script is implemented for ZKP, which means that the Bitcoin network can verify layer 2. This is the real layer 2, which will inherit the security of the Bitcoin network and the security of the Bitcoin Pow mechanism. This should be the most secure network in the blockchain.

Due to the programming limitations of the Bitcoin network, it is particularly difficult to implement ZKP. Most of the existing Bitcoin L2s are not actually L2s in the true sense, because their on-chain status cannot be directly verified on the Bitcoin network. What they are doing now is to generate a zk proof and publish it on the BTC network. However, this proof is not verified by the Bitcoin network, but by the role of their own network, which results in the on-chain status of L2 being separated from the Bitcoin network.

IO's token is a little bit special. It has two supply, the initial supply is 500 million and the maximum supply is 800 million. After the initial supply is 500 million, it will be increased every year, starting from 8% in the first year and decreasing by 1.02% every month. It will be increased to 800 million after 20 years at most. In fact, there are many projects that will increase the supply every year for node rewards, such as ETH, DOT, etc. It's just that other projects will not specifically mention the upper limit of the increase like IO.

However, because IO has two supply amounts, it is easy to get it wrong under different data ratios, and some details can easily be misled by the official.

If we want to study the tracks that will explode in the bull market, derivatives are definitely one of them. We can roughly divide the tracks into two types. One is the conceptual type, which is the new concept and the new pie. The other is the real growth of product data. In the bull market, trading is definitely one of them.
Taking the contract trading volume of BTC in the last bull market as an example, the trading volume increased by 17 times from 1.58 billion in March 2020 to a peak of 27.2 billion in April 21.

In the bull market of 2021, the exchange platform coins such as BNB, KCS, and OKB have skyrocketed. The logic is very simple, that is, the data is surging.

BTC that has not been moved for a year can be considered as long-term BTC holders. The number of BTC that has not been moved for a year has been decreasing. Specifically, it has been decreasing since January, from the highest 70.3% at that time to 65.7%, a decrease of 4.6% of BTC, or nearly 1 million BTC.
However, this is not a bad thing. From the previous round of bull market, when BTC was at 11,000, that is, during the main uptrend, the number of BTC that had not moved for a year was also declining, and it continued to decline until the end of the bull market.

The amount of BTC in the exchange

Since the beginning of this year, the amount of BTC in the exchange has been continuously flowing out. The largest amount of BTC in the exchange this year was on January 23, reaching a peak of 2.49 million, and has basically been in a continuous net outflow since then. Although there was a wave of net inflow at the end of April, based on the stock of 2.32 million on May 22, the exchange has accumulated a net outflow of 170,000 BTC.

The big positive lines of BTC and ETH brought sunshine to the market and also brought hope to the cryptocurrency circle.

Last night, some news from the SEC greatly increased the market's probability of passing the ETF, triggering a surge in ETH.

If the ETH ETF is successfully approved, the projects in the ETH ecosystem will also benefit, and the increase may exceed that of ETH. Therefore, we should focus on it.

In the ETH ecosystem, there are several major sectors and projects.

1 layer2

Main projects: arb, op, strk, metis, manta

As ETH aims to become a global computer, Layer2 is responsible for the prosperity of the ETH ecosystem with high TPS and low GAS. Its importance and value are self-evident. At the same time, Layer2 is the sector with the highest market value in the ETH ecosystem.

Binance's new Launchpool project Notcoin is a bold attempt by Binance and a friendly signal to community coins. Or we should pay special attention to the future market, have fewer institutions that harvest leeks, and encourage more high-circulation projects held by the community.

Notcoin is a Telegram game. Although it has 5 million daily active users, the core is Tap-to-Earn, where users need to click... (100 million times omitted here) to earn points/tokens.

If your reaction is "what garbage is on Binance?", it means that you only believe in value coins from the bottom of your heart. Then you should be careful, because many value coins in this bull market cannot make you money.

The earliest buyers of Xai nodes have earned more than ten times the profit, and are still mining. So recently, many projects have also started selling nodes. However, the rewards and unlocking of their nodes vary greatly. Today, I will analyze the recent popular projects Aethir, Sopon, CARV from a data perspective.

First of all, let's understand node sales. Node sales are actually a new way of selling tokens. It is a way that benefits multiple parties. For projects, a decentralized network itself requires a large number of nodes. For project parties, node sales have also become a new way of financing. For us retail investors, current projects are all launched at high valuations by institutions, and it is difficult to have good money-making opportunities in the secondary market. Participating in node sales means investing in the project before it goes public.

1 Summary
1 This week, the stablecoin issuance increased by 400 million US dollars, but the net outflow from mainstream exchanges was 280 million US dollars.
2 BTC had a net inflow of 12,000 to the exchange, the first net inflow in nearly two months, which deserves close attention.
3 Bitcoin ETH funds are in a state of flux, with a net outflow of 560 million USD on May 1, totaling 563 million USD. However, on May 3, a net inflow of 378 million USD occurred.
2 Stablecoin total market value

In the past week, the total market value of stablecoins increased from 150.2 billion to 150.6 billion US dollars, and the market issued an additional 400 million US dollars. For mainstream stablecoins, USDT increased from 110.5 billion US dollars to 110.8 billion US dollars, with an additional issuance of 300 million US dollars. For USDC, it increased from 33.4 billion US dollars to 33.5 billion US dollars, with an additional issuance of 100 million US dollars.

Cross-chain, also known as chain abstraction, full chain, and chain interoperability, has three giants in this field, namely Wormhole, Axelar, and LayerZero. Among them, Wormhole and Axelar have been launched, and LayerZero has not yet issued a coin. Today we analyze the three giants from a data perspective to see who has the most potential?

1 Supported public chains
As a chain interoperability protocol, the number of public chains supported is a very important indicator. According to the official data of three
Axelar supports a total of 66 public chains.
Wormhole supports more than 30 public chains.
LayerZero supports more than 50 public chains.
In terms of the number of public chains supported, Axelar is bullish. The specific public chains supported show their own characteristics. The core of Axelar is the EVM series and the Cosmos series. Because it is developed based on the Cosmos framework, it supports a large number of Cosmos series public chains, such as Celestia, Dymension, Fetch.AI, etc.

In Cellula, you only see an NFT minted and then mined. You may only see the superficial surface, and this superficial understanding may make you miss a good opportunity. The project invested by Binance and OK is definitely not as simple as you think.

Cellula is very different. It is mainly reflected in three aspects
1. What makes Cellula different
1) The computing power of NFT will continue to change.
The Cellula mining robot NFT is called BitLife. Its computing power may continue to increase, or it may return to zero, or it may increase first, then decrease, and then increase again, and oscillate repeatedly. The reason for this phenomenon is that the computing power of NFT is determined by the number of cells in BitLife. The increase and decrease of cells follows Conway's Game of Life: species may reproduce exaggeratedly or die.

We have heard many names related to cross-chain: cross-chain bridge, chain interoperability, full chain, account abstraction, chain abstraction, intention transaction, etc. It sounds very confusing.

One phenomenon we can all observe is that there are more and more public chains. Previously, the goal of new public chains was to increase TPS and reduce GAS fees, and adopt different technical directions, such as solana, aptos, conflux, major layer2s, etc. But now, the purpose of new public chains has changed, and they are more for the development of their own ecology, such as the ecological Layer2 launched by Treasure, Aveo public chain, Loot public chain, etc., or they want to use their own users and resources to create a successful public chain, such as base, blast, etc.

BTC has been fluctuating around 70,000 for 40 days. In the market analysis in January, it was mentioned that BTC has two ways to move: 1) wide fluctuations, trading time for space 2) downward adjustment. Recently, BTC has shown signs of strength.
1) The negative news did not cause a fall. The negative news of USDT, and the rapid recovery after the negative news of CPI yesterday, is a strong performance under the negative news.
2) The bottom is raised. Now the position of BTC's several declines is constantly too high.
3) Many of the popular copycat stocks in the early stage have fallen by more than 40%, which has reached the deepest adjustment in the bull market.

Of course, the strong signal of BTC does not mean that you should go all-in now, because BTC may fluctuate for a while. Maybe BTC just scares the market and returns to its original position, but altcoins cannot come back.

1) Stablecoins continue to be issued, with an additional issuance of 2.3 billion US dollars in the past 10 days. However, the total market value is still 20 billion US dollars away from the last bull market.
2) BTC and ETH continue to flow out of exchanges, with a net outflow of 12,000 BTC in the past 10 days and a cumulative net outflow of 200,000 since January.
3) Binance and OK have seen a net inflow of 2.3 billion stablecoins in the past 10 days, which coincides with the increase in issuance.
4) The net inflow of BTC ETF has slowed down significantly. After April, the daily net inflow was around US$200 million, compared with an average net inflow of US$600 million in March.

2 Stablecoin total market value

Since April, the total market value of stablecoins has been continuously increasing. The total market value of stablecoins has increased from 143.2 billion US dollars to 145.5 billion US dollars, an increase of 2.3 billion US dollars. For mainstream stablecoins, USDT has increased from 104.4 billion US dollars to 107.1 billion US dollars, an increase of 2.7 billion US dollars. USDC has decreased from 32.5 billion US dollars to 32.2 billion US dollars, a decrease of 300 million US dollars.

dappOS is the first intent-centric operating protocol. It is based on account abstraction/chain interoperability and is upgraded to a practical solution to solve the user-unfriendly problems of Web3, lower the usage threshold, and lay the foundation for large-scale applications.

What does "intention-centered" mean? Let's take a real-life scenario as an example.
1) You cross-chain 1000 USDT on the BNB chain to Arbitrum. Is cross-chain your purpose? No! Your intention is to use USDT to buy GMX on Arbitrum.
2) You authorized the USDC and WBTC in your wallet on Uniswap. Is authorization your purpose? No! You want to create a USDC-WBTC LP, and creating a LP is not your purpose. Your intention is to participate in their liquidity mining.

The foundation of an industry's development is to create more value for society, so blockchain is always moving forward around two major themes, one is the improvement of infrastructure, and the other is large-scale application. In terms of infrastructure, the public chain is the foundation of the foundation, and the public chain is also likened to the operating system of Web2. After the 2017 bull market, the industry realized the limitations of ETH performance and started a new public chain construction journey to increase TPS and reduce GAS. EOS was the star at the time. The PPT stated that it could exceed one million TPS, but it eventually fell. . Fortunately, during the 21-year bull market, excellent public chains such as Solana, BNB Chain, Avalanche, and Fantom emerged.

Affected by the surge in BOME, Slerf has gone through the life of many coins in 6 hours. The amazing thing about fate is that the top three individual holdings happened to have three different stories, some suffered huge losses and others made huge profits. Wonderful, too often.

First person:

The largest trader is the holding address 4. He used 34952Sol worth 7.2M and purchased 8.09M SLERF, which is now only worth 3.7M. In just 5 hours, it had been cut in half, with a loss of 3.5m. It is worth mentioning that this large investor was probably in a FOMO mood. He used 1000sol three times to buy within an hour of the opening, and his profit doubled. Later, during the rise, it used 100 million SOL to increase its position three times, which led to the current huge losses.

1 The importance of safety
We are all familiar with the saying: "Health is 1, everything else is 0." Without health, no matter how much wealth you have, it will ultimately be in vain. In the currency circle, this 1 means safety. The risk of account theft on the chain is much greater than that of Web2. Even if you make a hundred times your hard-earned money in the bull market, you may end up just working for hackers.
There are many cases of assets being stolen on the chain. Even industry leader Shen Bo had 42 million US dollars stolen, not to mention novices. And after the bull market, there are a lot of investment opportunities in the chain. A large number of early projects may have imperfect codes, and there are also a large number of hackers and malicious projects waiting for everyone. So no matter what, everyone should pay attention to safety issues.

1 Since the calculation of btc3.8w, the total market value of stablecoins has increased by US$11 billion. There was a significant growth rate last week, with an additional US$3.7 billion in stablecoin issuance.

2 ETFs have a total inflow of US$9.5 billion, so the capital inflow of stablecoins still exceeds the capital inflow of ETFs and is the biggest driving force for the rise of the currency circle. However, ETFs can only purchase BTC, so ETF funds are more dominant in the rise of BTC.

3 Since March 6, the main body of BTC pulls have become Asian funds. U.S. funds showed signs of retreat, and BTC fell by 15% in the U.S. time zone. This is not a good sign

After doing in-depth research on the sector, it is confirmed that modularization is a must-have position in the bull market.

The core logic of this bull market is large-scale application. Whether it is the rise of a large number of layer2, the Cancun upgrade, or the development of high-performance public chains such as Sui and APT, it is all to welcome the entry of a large number of Web2 users.

Modularization is the infrastructure for large-scale applications and is also a must-have. In 2021, Cosmos called out the concept of Appchain, and this vision will be realized through modularization. Because it makes creating a chain very cheap, very easy, and can be created on demand.

With the sudden wealth effect brought by inscriptions, the market has focused its attention on public chains related to Bitcoin, including second-layer networks/side chains, etc. We know that from the perspective of Ethereum, the market value of ETH itself is 350 billion, while the market value of its related layer2, Dapp tokens, etc. has exceeded 100 billion US dollars. And with the arrival of the bull market, many ecological projects have emerged one after another, and the market value will increase exponentially.

In comparison, the market value of BTC has reached 1 trillion, but the total market value of related projects is only tens of billions of dollars. This means that the overall ecological project still has room for at least dozens of times, including several projects worth tens of billions of dollars and countless projects worth billions of dollars.