Project Description:
Lista DAO is an open source liquidity protocol for earning yield on collateralized crypto assets and borrowing their decentralized stablecoin lisusD (also known as “Destablecoin”).
It utilizes a dual token model (lisUsD and LISTA) and extends the MakerDAO model to provide a decentralized, unbiased, collateral-backed stablecoin while leveraging decentralized liquidity assets.
Created by DeFi and smart contract experts, ListaDAO aims to position lisuSD as a leading stablecoin by integrating proof-of-stake rewards and yield assets, with a focus on decentralization, capital efficiency, and broader blockchain adoption.

Author: Cycle Capital
Since the start of the US election, a series of election-related meme tokens have emerged. After the Trump campaign team publicly supported cryptocurrency donations, TRUMP was the main representative, with a market value of $775 million at its peak. Due to Biden's more conservative attitude towards crypto, the market attention to his related tokens is relatively low. After Trump was convicted of the hush money case, the price of Trump-related tokens fell, while Biden-related meme tokens rose. During the election, who will become the president of the United States and public statements on crypto attitudes affect the price trend of related tokens.

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Author: Alfred @GametoRich, Cycle Capital
1. What is a Rune?
At the beginning of 2023, the BRC-20 standard proposed based on the Ordinals protocol set off a wave of construction and speculation around BTC assets, and promoted the hot attention and capital influx of BTC second-layer, Defi and other ecological infrastructure, which played a positive role in the long-term development of the BTC ecosystem. However, the hype of BRC-20 also brought about Bitcoin network congestion and redundant data. In response to this, Casey Rodarmor, the creator of the Ordinals protocol, proposed the Runes protocol in a blog in September 2023, which will build a replaceable token protocol based on BTC UTXO, which is the "Runes Protocol".

Project Description:
Notcoin is a Telegram-based game where players earn in-game currency by clicking on the "coins" in the picture.
The game was developed by Sasha Plotvinov, the founder of Open Builders. It is not a well-known AAA game. It is a small game similar to some social applications of Web2.
Its highlight is that it is backed by the $Ton public chain (market value has long been in the top 20). Notcoin currently has more than 30 million participants, with an average daily active user base of 5 million. In addition, Telegram has more than 900 million monthly active users, with more than 2.5 million new users registering every day.

Project Description:
BounceBit is a Bitcoin re-staking protocol and native BTC re-staking chain, developed as a sister company of Bounce Finance. It adopts a dual-token staking system secured by Bitcoin and BounceBit tokens, introducing a unique combination of DeFi and CeFi yield mechanisms, enabling BTC holders to earn income through native validator staking, the DeFi ecosystem, and the CeFi mirror mechanism.
project financing:
At the end of February 2024, BounceBit completed a $6 million seed round of financing, led by Blockchain Capital and Breyer Capital, with participation from dao 5, CMS Holdings, Bankless Ventures, NGC Ventures, Matrixport Ventures, DeFiance Capital, OKX Ventures and HTX Ventures. Individual investors include EigenLayer Chief Strategy Officer Calvin Liu. Details: https://twitter.com/bounce_bit/status/1762874894520656120

Last week, the global risk asset market rose across the board, with SP500 +0.5%, Nas100 +1%, Hang Seng Index and CSI 300 up 4.7% and 0.6% respectively, and Nikkei 225 and Korea Composite Index both up 0.8%. Most of the major government bond yields fell, and the 10-year US Treasury yield fell sharply by 17bp to 4.50%. Due to the release of a number of key data and policies, the market's uncertainty about interest rates has temporarily settled. The market's expectations for a possible slowdown in inflation have increased, providing the Federal Reserve with room to cut interest rates, and the market has thus entered a round of valuation repair/oversold rebound.

Things that reassured the market included the lower-than-expected US non-farm payrolls report, ISM manufacturing PMI, service industry index, dovish signals from FOMC and Powell, Apple and Amazon's 100 billion buybacks and strong earnings, and Hamas and Israel's peace talks mediated by major powers. The only slightly disturbing thing was the ECI labor costs and the Ministry of Finance's quarterly bond issuance that exceeded expectations.

Last week, there were many economic information such as the earnings reports of large companies, GDP data and inflation indicators that the Federal Reserve pays attention to. Investors are faced with a massive influx of information and need to constantly reprice their assets. The market also showed large fluctuations, and the overall N-shaped trend ended up higher. Especially driven by technology stocks (Microsoft and Google's good earnings reports), the stock market has recovered half of the losses in April. After falling 5.4% last week, the Nasdaq 100 index rebounded 4% this week, and the S&P small-cap Russell 2000 rose by more than 2%. Only the Dow Jones Industrial Average rose by less than 1%.

This article briefly introduces the projects launched in Binance Launchpool Phase 53#Renzo

Project Description:
Renzo is an Ethereum re-staking protocol based on Eigenlayer. It simplifies the complexity of re-staking on EigenLayer and provides users with a more convenient and liquid way to participate.
Renzo allows users to deposit Ethereum and in the future can use Liquidity Restaking Tokens (LST) to exchange for ezETH, a Liquidity Restaking Token (LRT) that can be used in DeFi applications. In short, Renzo is like a convenient bridge that allows users to interact with the EigenLayer ecosystem more easily.

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Author: Alfred, Duoduo
1. What is Intention?
Since Paradigm explained the concept of intent in "Intent-Based Architectures and Their Risks" published on June 1, 2023, "Intent-Centric" has become an important concept and development direction of Web3.
1. Definition of Intent
In Paradigm's definition, "Intent is a set of signed declarative constraints that allow users to outsource transaction creation to a third party without giving up full control over the transaction parties." Simply put, intent is goal-oriented, weakening or ignoring the implementation process. For example, I want D and am willing to pay A as a cost, without the need to perform the A-B-C-D process operation, and outsourcing the intermediate links to a third party. In abstract terms, the declarative paradigm is centered on intent, while Web3's previous transactions or operations were mostly imperative paradigms.

Market Overview
The Nasdaq and S&P indices fell sharply in the past week and fell below their respective 50-day moving averages, experiencing their worst week in more than a year. After the past three weeks of retreat, the US and Japanese stock markets have basically given up half of their gains. The performance of the S&P 500 and Nasdaq 100 this year has been lower than that of the CSI 300:

Last week, technology leaders were the biggest losers, with double-digit declines (even higher than Bitcoin). Nvidia fell 14.5%, breaking through the 50-day moving average and the key support level of $800, ARM fell 31%, AMD fell 22%, Broadcom fell 12%, AMD fell 11%, and Tesla fell 14%. In contrast, consumer goods and utilities sectors performed best, falling only 0.3%.

Author: Jaden, Jill
1. Basic introduction
Solana is a PoH-based Layer 1 blockchain that features high energy efficiency, high transaction speed, and low fees. It was founded by former Qualcomm executive Anatoly Yakovenko in 2017. After the FTX crash, the price of SOL tokens and the entire ecosystem suffered a fatal blow. For more than a year, the Solana ecosystem has been in an extremely depressed state.
At present, the Solana ecosystem has restored its vitality, mainly for the following reasons:
1) The overall market recovery. According to Artemis data, on October 1, 2023, the market value of stablecoins in the blockchain market was 130B. In the fourth quarter of 2023, the market value of stablecoins increased to 135.5B. As of March 26, 2024, the number of stablecoins in the market increased to the current 156.5B. The market value of stablecoins on Solana increased from 883.9M to 97.5B, a growth rate of approximately 170,000%.

U.S. stocks had their best start to the year in five years in the first quarter
Last week, technology stocks were generally under pressure, digital currencies rebounded to a certain extent, and related stocks also performed positively:

But as of the end of March, European and American stock markets have risen for five consecutive months for the first time in ten years. The S&P has risen by more than 10% for two consecutive quarters. The Nasdaq lagged slightly behind in the first quarter of this year, but it also rose by more than 9%, mainly due to the The performance of some big technology companies was dragged down. Tesla fell nearly 30% in the first quarter, Nvidia rose 80%, and Apple fell 10%.
According to Goldman Sachs PB data, TMT stocks (information technology + communication services) were continuously net sold in the last three trading days before the end of the quarter, accounting for approximately 75% of the total net sales of single stocks in the United States last week. It currently accounts for 29.1% of the total net exposure to U.S. stocks, which is down from the peak of 32.5% in mid-February and the levels in the past one and five years.

Author Alfre, LD Capital

1. TON backed by 900 million monthly active users
The Open Netwotk (TON), formerly known as Telegram Open Network, was created by the Telegram team in 2018. After being accused by the SEC of conducting unregistered securities issuance during the ICO era, the Telegram team paid a fine to reach a settlement and abandoned the project, which was established by the community. TON Foundation continues to develop and operate. Although it is nominally separated from Telegram, the actual connection between the two is still direct. TON has always been the only public chain officially supported by Telegram and continues to be deeply integrated with Telegram. TON will continue to benefit from Telegram’s huge user base and As a traffic portal, Telegram will build a decentralized digital ecosystem with freedom and privacy by supporting TON.

<br /><br />Author: LD Capital, duoduo, Alfred<br /><br /><br />
1. Brief classification of BTC L2
The rise of BTC L2 is a narrative that cannot be ignored in this round of market conditions. BTC L2 includes at least two aspects: one is offchain, which is not on the BTC chain, but has some relationship with the BTC chain, such as joint mining associated with the consensus algorithm, or asset bridging, etc. The second is that it can provide some capabilities that are stronger than the BTC chain itself, mainly including three aspects - performance optimization, programming, and privacy. The capabilities in these three aspects may not necessarily be fully realized, and the focus will be different in different projects and stages. At this stage, most BTC L2 hopes to achieve performance optimization and programming capabilities to provide faster application products and enrich the BTC ecosystem.

Global Market Overview
The A-share market as a whole was volatile and differentiated, showing a shallow V trend, and closed slightly higher this week. The Hong Kong stock market first rose and then fell, closing overall higher. The increase was greater than that of the A-share market. The higher-than-expected CPI and import and export data during the period boosted sentiment. The financing support of Vanke from many banks alleviated market concerns. Foreign investors have been bullish on the Chinese stock market. Although technology stocks with better performance once led the stock market to rebound, as CPI and PPI both exceeded expectations, the market cooled down on continuous easing expectations. The three major U.S. stock indexes collectively closed down this week; while inflation growth in Germany and France slowed down, European stock markets as a whole closed higher. The average salary increase Japan's Haruto has received so far is 5.28%, a 30-year high. Analysts believe this may prompt the Bank of Japan to raise interest rates in March, putting Japanese stocks under slight pressure.

1. Fundamental overview
Introduction: NEAR Protocol is a first-layer blockchain based on sharding and PoS designed to incentivize computer networks to run a platform for developers to create and launch decentralized applications.
Unlike other blockchains, the NEAR Protocol network was built from the ground up to be easily adopted by developers and their end-users, while still providing the scalability needed to serve those users. Specifically, NEAR is designed to make it easier to achieve the following goals:
(1) Build decentralized applications - Whether you are an experienced blockchain developer or are only used to building using "traditional" network or application concepts, NEAR makes it easy to build the next generation of decentralized applications .

Market Summary
In terms of U.S. stocks, although Tesla, Apple, and Google among the "Big Seven" stocks have performed poorly this year, other stocks such as Nvidia and Meta have performed strongly, and the overall market continues to hit new highs. However, chip stocks experienced a sharp correction on Friday, with NVDA experiencing its largest single-day decline in more than nine months - 5.6%. Considering that earlier in the session, Nvidia's stock price once rose 5.1% and AMD once rose 7.5%, the market seems There is a tendency to take profits.
Since AI currently dominates the positive sentiment in the entire market, chip stocks lead the entire risk asset market, and NVDA is the leading player, so we must pay close attention to the progress of this stock. Of course, it is difficult to find fault with the company’s current fundamentals. The valuation is high but not exaggerated. The main bearish views are as follows:

Author: LD Capital
The 2024 NVIDIA GTC Conference will be held in San Jose, California, USA from March 17th to 21st. NVIDIA CEO Jensen Huang will deliver a speech on the theme of "Don't Miss the Transformational Moment of Artificial Intelligence" and will expand to hold more than 900 inspiring meetings. , 300+ exhibitions, 20+ technical seminars covering generative AI and more, and plenty of networking events. This conference will once again focus the attention of the global market on popular fields such as AI, the Metaverse, and semiconductors. Various related AI track encryption targets have also risen in advance. Since the AI ​​track in the encryption world has taken shape in 2023, various AI targets in 2024 will become one of the main lines of speculation and investment throughout the year. This article will take a quick look at some AI encryption projects worthy of attention.

上周，BTC最高突破64000，已经非常接近上一轮牛市的高点69000了。同时，市场新发行资产的价格也不断被推高，泡沫正在形成和放大之中。对于过去两年建仓BTC的玩家来说，开始思考一个问题，BTC现在处于什么阶段？何时该止盈离场？
Glassnode提供了大量的BTC分析指标，从中选取未实现净损益（NUPL,Net Unrealized Profit/Loss）和长短期持有量变动（Long/Short-Term Holder Threshold）这两个指标，来看看市场所处的位置。
未实现净损益（NUPL,Net Unrealized Profit/Loss）

未实现净损益（NUPL）试图回答的问题是：在任何给定时间点，比特币的流通供应量中有多少是盈利或亏损的，以及盈利或亏损的程度如何？
NUPL通过计算当前市值与已实现市值之间的差异，来描述BTC整体盈利和亏损的状态。NUPL计算公式是：(Market Cap — Realised Cap) / Market Cap。已实现市值，是比特币前一次移动时的价格累计相加得到的数值。当前市值减去已经实现的市值，得到未实现市值。未实现市值为负数，则市场整体处于亏损状态；为正数，则表明市场整体盈利。未实现利润或者损失除以当前市值，就得到NUPL的具体数值。获利越小、损失越大，越接近底部；获利越大、损失越小，越接近顶部。
NUPL划分成了5个区域，红色区域位于0以下，属于亏损区域，此时也是买入的区间。橙色区域为0–0.25之间，属于微盈利区域。黄色区域为0.25–0.5。绿色区域为0.5–0.75。蓝色区域为0.75以上。通常，在0.25以下属于较好的买入区域，在0.5以上则可能进入牛市。

观察历史，可以看到：
1. NUPL很好地提示了底部区域。2022年的下半年基本处于0以下。对于顶部区间的提示，则相对较为宽泛。2017年的牛市触及蓝色区域的时间非常短暂，2021年则完全没有触及蓝色区域，整个牛市都在绿色区域运行。这增加了对顶部区域判断的难度。
就当前我们所处的位置，12月初至1月初处于绿色区域，之后下跌进入黄色区域将近1个月后，在2月7日再次进入绿色区域。目前属于本周期第二次进入绿色区域，持续将近1个月。
2. 2016年12月至2018年1月，为期14个月的时间内，NUPL基本上位于绿色区域中。该期间，BTC从780美元上涨至17000美元，涨幅约21倍。
2020年10月至2021年5月，以及2021年8月至2021年12月，为期11个月的时间内，NUPL也位于绿色区域中。2020年10月至2021年5月期间，BTC从13000美元上涨至63000美元，涨幅约4.8倍。
从持续的时间看，绿色区域持续的时间超过了10个月。
3. 需要注意的是，前两次牛市主升浪的开启，都是在减半之后。对照今年来看，BTC在减半之前已经接近新高，NUPL也在绿色区域运行超过了2个月。这一次无法简单按照减半行情刻舟求剑。
此前两轮牛市的减半行情，BTC减产的影响较大，造成供应量的大幅度减少，以及挖矿成本的提高，造成供不应求的局面，促进价格上涨。而本轮牛市，大部分BTC已经进入流通，减半对供应量的影响降低；此时，BTC ETF的通过，带来了大量的买盘，也造成了供不应求的局面，促成了行情的提前启动。BTC的行情将更多地受到美国货币政策、美股行情的影响。
长短期持有量变动（Long/Short-Term Holder Threshold）

长期持有的BTC指的是存在同一地址中超过155天没有移动的BTC，短期持有的BTC则是指存在同一地址中155天内被移动的BTC。该指标的变化，可以看到长期持有者何时在积累代币，何时在卖出代币。
目前，长期持有的BTC总量约为1450万枚，短期持有的BTC总量约为287万枚，可见约83%的BTC处于长期持有的状态。
观察历史，可以看到：
1. 2017年1月初，BTC价格达到900美元，接近2013年底牛市高点（1000美元）时，长期持有的BTC开始减持卖出。卖出趋势一直持续到2018年初。与之对应的是，短期持有的BTC数量大量增加。
2. 2018年一整年，BTC处于下跌趋势中，长期持有的BTC又在处于增长趋势，投资者在该时间段内不断沉淀BTC。
3. 2019年4月，BTC突破5000美元之后，长期持有的BTC出现减持。至2019年8月，BTC下跌后，长期积累的数量又一路攀升持续至2020年。
4. 2020年10月，BTC突破11000美元之后，长期持有的BTC出现减持。减持趋势持续至2021年4月。
5. 在2021年度11月、2022年6月，长期持有的BTC有出现短暂的下跌，但之后都呈现持续增长的趋势。
6. 2023年12月初，长期持有的BTC开始出现减持。从最高峰的1498万枚下降至1450万枚，减少了大约50万枚。目前，这个趋势还在持续。
BTC市值占比（BTC.D）

目前，BTC市值占加密货币总市值的53.87%。
观察历史数据，可以看到：
1. BTC市值在熊市增加，在牛市降低，2017年牛市、2021年牛市的低点都是在40%左右。
2. 每一轮熊市中，BTC市值占比在逐渐降低，形成了一个趋势线。当前的占比还在趋势线范围之内。本轮熊市以来，最高占比在54%左右。
3. 在牛市高点，BTC的市值占比应该下降至40%左右。目前，BTC的市值占比尚未出现明确的下降趋势。
结论
未实现净损益（NUPL）高于0.5，BTC持币地址获得超过50%以上的未实现利润。BTCNUPL高于0.5的区间，在2017年和2021年牛市中，持续时间分别为14个月和11个月，并且发生在减半之后。今年在减半之前已经进入普遍盈利区间2个月，行情与此前有所差异，受到美国货币政策和美股行情的影响可能更大。比如降息时点的确定，可能会带来行情的回调。
长短期持有量变动（Long/Short-Term Holder Threshold）来看，长期持有的BTC目前处于历史高位。不过，长期持有者从2023年12月开始逐步减持BTC。该行为与2017年、2020年类似。长期持有者在BTC突破前一轮牛市高点和本轮牛市高点之间，将持续处于卖出状态。
从BTC市值占比（BTC.D）来看，目前BTC市值占比仍处于较高水平，尚未出现明显下降趋势，山寨普涨主升浪行情尚未开启。
整体看，BTC处于主升浪行情的前期，山寨币主升浪行情尚未启动。

As seen in February, when bond yields are rising due to positive factors (strong economic growth rather than Fed rate hikes), stocks can do well in this environment. Despite rising interest rates, the S&P and Nasdaq rose about 5% last month, and global stock markets also hit record highs, with many major global stock indexes hitting record highs, including Germany, France, and Japan. Chip stocks rose sharply, with NVIDIA rising another 30%, AMD rising 20%, Broadcom and TSMC rising 17%. The logic of chip stocks is that the closer they are to the upstream of the AI ​​industry chain, the more they will rise. As for downstream software companies, especially big technology, their performance is average. For example, Google fell by 4% in the past month, Apple fell by 2.4%, Microsoft rose by 3%, and Meta rose by 500 Billions of repurchases rose 27%. Crude oil prices edged higher with WTI approaching $80. The U.S. dollar index rose first and then fell, basically flat. Bitcoin and Ethereum are up nearly 50%.