1. QCP Capital: With the slowdown of US economic growth and the emergence of inflationary pressure, fiscal policy may become the main driving force of the crypto market
The US GDP grew by 1.6% in the first quarter, lower than the expected 2.5%, while the core PCE annual rate was 2.8%, higher than the expected 2.6%, indicating slowing economic growth and inflationary pressure. The market is now adjusting its expectations, and there may be only one interest rate cut in 2024, which is very different from the seven expected at the beginning of the year. Fiscal policy may surpass monetary policy and become the key factor dominating market liquidity and asset performance. In particular, the potential use of nearly $1 trillion in assets in the US Treasury General Account (TGA) and the upcoming quarterly refinancing announcement may be the main drivers of the market's bullishness before the end of the year.
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2. Weibo user Shidi was investigated by the police for participating in perpetual contract rebates and has been released on bail pending trial
According to Weibo user Shidi, he was taken away by the Pingjiang County Public Security Bureau of Yueyang City, Hunan Province on April 9 to investigate the BKEX (Bitcoin) 12.15 online gambling case, specifically the commission rebate from July 21 to July 22. He was detained in Pingjiang Detention Center for more than 20 days. On April 26, he had returned 1.576 million stolen money and was released on bail. He said that perpetual contracts with high leverage are currently defined as online gambling, and commission rebate agents, including personal development of downlines, may be suspected of being casino accomplices.
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3.Thor Hartvigsen: ENA STRK and other tokens have high FDV and low circulation rate, and may face greater selling pressure in the future
Thor Hartvigsen counted the market value and FDV of the main newly issued tokens this year, among which JUP ENA ONDO W ranked in the top four with a market value of more than 1 billion US dollars; ENA and STRK FDV exceeded 10 billion US dollars; in addition, a large number of Binance IEO tokens also have large market value and FDV. Thor Hartvigsen pointed out that in the future, to maintain this market value, there will be a lot of selling pressure, because the FDV is large but the circulation rate is low; in addition, a large number of tokens will be listed, including modularization, cross-chain bridges, LRTs, EigenLayer, L1/L2/L3, Perp DEXes, etc.
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4. Since November 2021, Binance has launched 30 Launchpool projects, and Binance Labs has invested in 21 of them
RootData pointed out in a post that since November 2021, Binance has launched 30 Launchpool projects, of which Binance Labs has invested in 21, Coinbase Ventures, OKXVentures, Polychain, Dragonfly, and GSR have participated in more than 5 investments, and many of the projects invested by Synthetix founder Kain Warwick and EthHub co-founder Anthony Sassal have also been listed on Binance Launchpool. Regarding the discounted sale of Binance Launchpool project SAFT tokens, RootData said that sellers (institutions) basically sell at about 30% to 40% off the highest point, and can also find market makers for option hedging, and find project parties OTC prices at about 60% off.
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5. Wu Jiezhuang: It is recommended to refer to the existing IPO model of enterprises in Hong Kong and provide innovative financing for Web3
Hong Kong Legislative Council member Wu Jiezhuang wrote an article and pointed out that it is recommended to refer to the mature model of existing companies' IPOs in Hong Kong to provide an innovative financing model for Web3; to increase efforts to introduce foreign experts and establish more innovative technology laboratories and incubators; The size of the local market is limited. Hong Kong must leverage its unique advantages of being backed by the motherland and connected to the world, build a hub bridge connecting the mainland and the global market, and invest its development goals in the mainland and international markets. The government should turn its passivity into a proactive one, organize the industry to attract foreign investment and attract technology, promote the development of Web3 in Hong Kong and enhance the international competitiveness of the industry.
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6. Hot project news of the week: Binance Launchpool launches Renzo, EOS releases new token economics, SAFE starts circulation, etc. (0421-0427)
1. Starknet Foundation announced that it will reissue STRK airdrops to three types of users link
The Starknet Foundation said it will reissue STRK airdrops to three types of users, including Pooled stakers, StarkEx users who were mistaken for VeVe users, and VeVe users. Regarding Pooled stakers, the Foundation said it initially intended to distribute STRK to eligible stakers through the staking protocols used by users, but many staking protocols were unable to complete the distribution tasks. Currently supported protocols or entities include: Lido, Rocket Pool, BloxStaking, SharedStake, stakefish, Consensys, and Ankr Staking. Qualified recipients will be able to claim their STRK directly through the Provisions URL.
2. The total amount of native USDC and bridged USDC on the Base network reached 2.46 billion link
Jesse Pollak, head of the Base protocol, cited data from the usdc pool and said that the total amount of native USDC and bridged USDC on the Base network is currently 2.46 billion, exceeding Solana (2.45 billion) and second only to Ethereum (23.82 billion). However, Base's native USDC is 2.38 billion, which is still slightly lower than Solana (2.45 billion). USDC is the main stablecoin on the Base network. According to growthepie data, the overall stablecoin market value of the Base network has increased by 260% in the past month, making it the second largest stablecoin market value on Ethereum L2 after Arbitrum.
At the same time, the number of contract deployers on the Base network in a single day recently reached 21,700, setting a record high. Contract deployers refer to the number of EOAs that initiate transactions to create smart contracts. Previously, Jesse Pollak, head of the Base protocol, had set a goal for Base to reach 1 million developers.
3. Merlin Chain: BTC unstaking is now available, and BRC-20 and NFT unstaking will be available soon link
The founder of Bitcoin Layer2 solution Merlin Chain tweeted that Merlin Chain has opened BTC unstaking: If the user has not claimed M-BTC before, BTC can be directly transferred back to the first layer. After paying the gas fee, BTC will arrive at the BTC wallet of Layer1 in 3 days, or BTC can be transferred back to its Layer2 wallet without paying gas, and it will arrive at the Layer2 wallet address in about 24 hours. If the user has claimed M-BTC before, now M-BTC can be replaced with BTC at a 1:1 ratio, and then the transaction can be continued or the cross-chain bridge can be used to transfer back to Layer1. The user needs to have sufficient gas in the wallet to complete this operation. Please note that Merlin's AA wallet is too crowded now, please perform the replacement during non-peak hours.
4. EOS Network Foundation releases new EOS token economics, maximum total supply drops from 10 billion to 2.1 billion link
EOS Network Foundation CEO Yves La Rose announced the new EOS token economics, which has dropped from the original maximum total of 10 billion to 2.1 billion. In addition to the existing 1.15 billion (54.8%) in circulation, the distribution plan includes staking rewards of 250 million (11.9%), EOS Network Foundation of 150 million (7.1%), block producers of 100 million (4.8%), RAM market of 350 million (16.7%), middleware of 15 million (0.7%), and EOS Labs of 85 million (4%). The EOS distribution plan is for a period of 4 years, and adopts a "halving" model similar to BTC in these four years.
5. Terraform Labs will restrict access to US users and withdraw $23 million of LUNA liquidity link
Terraform Labs will restrict access to US users after a ruling by the US Securities and Exchange Commission (SEC). In addition, the company will begin withdrawing $23.8 million worth of LUNA liquidity on three platforms, Astroport, Ura, and White Whale, on April 26. Previously, the US SEC had filed a motion to order Terraform Labs and its co-founder Do Kwon to pay approximately $4.7 billion in restitution and prejudgment interest, as well as a total of $520 million in civil penalties.
6. Tools for Humanity, the company behind Worldcoin, hints that it may soon partner with major tech and financial companies link
Tools for Humanity, the company behind Worldcoin, has hinted that it may soon partner with major tech and financial companies. CEO Alex Blania said of a potential partnership with OpenAI: "It's a natural thing for us to do together, but we're not ready to announce it yet." Blania also said the company has had "conversations" with PayPal, but has not made "concrete" progress yet. (Fortune)
Three Arrows Capital participated in Tools for Humanity's $25 million financing in October 2021, when the company was valued at $1 billion. SBF was also an early investor in the company. OpenAI founder Sam Altman is also a co-founder of Worldcoin. Earlier, Worldcoin said that Worldcoin Foundation subsidiary World Assets Ltd. expects to sell WLD tokens from the World Assets treasury in the coming months.
7. MakerDAO accounts for nearly 40% of DeFi profits on Ethereum in the past 6 months link
Ryan Watkins, co-founder of Syncracy Capital, released a study on MakerDAO. In the past 6 months, MakerDAO has accounted for nearly 40% of DeFi profits on Ethereum. The secret of its success is DAI, which has a currency premium. Maker's annual revenue exceeds US$400 million, exceeding all projects in the industry except Ethereum, Tron and Solana. However, Maker's price-to-earnings ratio has been suppressed, and the launch of "Endgame" may reverse this situation. Endgame may bring billions of dollars in fee opportunities and a $40 billion project valuation to Maker. Morpho Vault, launched through Spark, provides Ethena with a $1 billion credit line, and currently only 300 million DAI has brought Maker $70 million in annualized revenue. Maker's first subDAO Spark may be launched with a valuation of US$2.5 billion to US$5 billion, providing DAI holders with incentives of US$500 million to US$1 billion.
8. SAFE opens free market circulation link
On April 23, the transfer function of SAFE tokens was officially launched, and both OKX and Coinbase announced the launch of SAFE tokens.
Safe was formerly known as Gnosis Safe. The project was originally a multi-signature tool for Gnosis team users to manage IC0 funds, but later the team decided to promote this internal tool as a public service. In July 2022, Safe announced the completion of a $100 million strategic financing led by 1kx, with a valuation of $1.25 billion. Safe is the largest account abstraction wallet in Web3, protecting more than $100 billion in assets.
9. Zircuit announces that its staking program’s TVL surges to over $2 billion link
Zircuit, a ZK Rollup with parallel circuits and AI security, announced today that its staking program’s TVL has surged to over $2 billion in just 2 months. Zircuit staking allows users to earn Zircuit points by depositing assets, which are then migrated to Zircuit’s mainnet at launch. Users can deposit ETH, LST, LRT, and USDe to earn Zircuit points. Zircuit is currently in testnet and plans to launch its mainnet in summer 2024.
10. Binance Launchpool launches the 53rd project liquidity re-staking protocol Renzo (REZ) link
Binance Launchpool launches the 53rd project, the liquidity re-staking protocol Renzo (EZ), and will launch EZ at 12:00 (UTC) on April 30, 2024, and open EZ/BTC, EZ/USDT, EZ/BNB, EZ/FDUSD, and EZ/TRY trading pairs. The maximum supply of EZ is 10 billion, of which Launchpool accounts for 2.5%, and the initial supply is 1.05 billion, accounting for 10.5%. Previously, Binance Labs announced an investment in Renzo.
After Binance released the coin listing announcement, Renzo tweeted that after listening to the community's opinions, it decided to update the token claim timeline, token economics, and airdrop qualifications. Specifically: the snapshot time remains unchanged, still April 26, and the claim date is changed to one hour before Binance's listing on April 30; in terms of token economics, the token allocation ratio for the community has increased from 30% to 32%, and the airdrop allocation ratio has increased from 10% to 12%, of which the total supply in the first quarter has increased from 5% to 7% (the additional 2% is borne by liquidity and the foundation), and the allocation in the second quarter is still 5% of the total supply; in terms of airdrop qualifications: the minimum qualification for each wallet airdrop is 360 ezPoints, and most eligible wallets (more than 99%) are fully unlocked at TGE. Wallets with more than 500,000 ezPoints will unlock 50% at TGE, and the remaining part will be linearly vested within 3 months.
