Written by: Bitget Research Institute
Summary
The market fell slightly, altcoins performed poorly, and ETH ecosystem blue-chip tokens rose against the trend in the past week. ZKsync and LayerZero's airdrops were the hottest social media topics this weekend. ZKsync will be open for trading today, and LayerZero announced the airdrop rules and released a picture with the words "6.20" to hint at the upcoming TGE.
in:
Sectors with strong wealth-creating effects are: ETH ecological projects, Curve-related tokens;
Hot searched tokens and topics by users are: Banana Gun, CVX, Kiloex, Monad;
Potential airdrop opportunities include: Kiloex, Zircuit;
Data statistics time: 4:00, June 17, 2024 (UTC+0)
1. Market environment
BTC spot ETF had net outflows on 4 of the 5 working days last week, the market fell slightly, and altcoins performed poorly. However, the ETH/BTC exchange rate was relatively strong, and the performance of ETH ecological projects was relatively strong in the past week. The market has a certain expectation that "ETH spot ETF will be launched in July."
ZKsync (ZK) will be available for trading on major exchanges at 8:00 (UTC) today, or 16:00 (UTC+8). LayerZero also announced the airdrop distribution rules and the preliminary witch list over the weekend.
2. Wealth-making sector
1) The sectors that need to be focused on in the future: ETH ecological projects
main reason:
Despite the general market decline, the ETH/BTC exchange rate has been relatively strong over the past week;
Bloomberg ETF analyst tweeted that the launch date of the Ethereum spot ETF may be brought forward to July 2;
In the past week, when the altcoins generally fell, well-known ETH ecological projects such as ENS, UNI, and LDO rose against the trend;
Specific currency list: ETH, ENS, UNI, LDO, RPL, PENDLE
2) Sector changes: Curve-related tokens (CRV, CVX)
main reason:
The multiple CRV lending positions of the Curve founder were liquidated, and CRV plummeted in a short period of time, and then hit the bottom. With the "Curve founder's statement: the $10 million CRV liquidation bad debt on the Curve lending platform has been fully repaid", CRV continued to rebound. Convex Finance is Curve's yield optimizer. Following the rhythm of CRV's oversold rebound, CVX has soared by more than 90% in the past 24 hours.
Rising situation:
CRV rebounded 26% after a sharp drop, but it still fell 25% in the past month; the price of CVX broke through 4 US dollars and rose 90% in the past 24 hours.
Factors affecting the market outlook:
Curve is still one of the best places for stablecoin bulk transactions, and it still maintains a good real profit. Its biggest problem is that its narrative is too old, and there are no new products or operations that excite the market. At the same time, previous accidents and this liquidation decline inevitably make the market full of concerns. However, the price of CRV purchased by many whales OTC was higher than 0.3 US dollars. From this point of view, the current price of CRV is still attractive.
3. User Hot Searches
1) Popular Dapps
Banana Gun
Banana Gun Bot is a well-known Telegram trading robot that allows users to quickly conduct DeFi transactions and snap up token pre-sales through the Telegram platform. A key advantage of Banana Gun is its revenue sharing model. Users holding Banana tokens can share the revenue generated by the robot, which includes 40% of the robot's income after referrals and 50% of the tax income from transactions conducted through the robot. Recently, Banana Gun announced its performance data, with users and transaction volume continuing to rise, and is preparing to enter the popular public chain Berachain.
2）Twitter
KiloEx
KiloEx is a decentralized exchange focused on providing user-friendly perpetual contract trading. Features of the platform include fast transactions, real-time market monitoring, a trading experience similar to centralized exchanges, a wide range of trading pairs, hedging tools, and decentralized copy trading capabilities.
KiloEx’s recent news is that it has received investment from Binance Labs and has become part of the sixth season of the MBV program. KiloEx has also launched an airdrop event, where users can earn points by connecting wallets, inviting friends, and participating in transactions, thereby receiving airdrop rewards.
3) Google Search & Region
From a global perspective:
CVX: Recently, the loan of Egorov, the founder of the well-known DeFi project Curve, was liquidated, causing a sharp fluctuation in CRV. Convex Finance is Curve's yield optimizer. With the announcement of "Curve founder's statement: 10 million US dollars of CRV liquidation bad debts on Curve lending platform have been fully repaid", CVX rebounded following CRV's oversold.
From the hot searches in each region:
(1) RWA Crypto is the most popular search term in Asia. As the U.S. dollar rebounds and expectations of interest rate cuts decrease, the crypto market has begun to pay more attention to RWA projects with stable returns.
(2) In Europe and the United States, pay attention to recent popular tokens and projects, including Notcoin, Monad, TON, etc.;
Potential Airdrop Opportunities
Kiloex
A derivatives DEX that has received investments from Binance Labs, Foresight Ventures, 7upDAO, etc. The project currently supports three chains: opBNB, Manta, and BNB. Points can be earned by trading derivatives, depositing USDT and converting it into kUSDT for financial management, and depositing STONE.
Specific ways to participate: 1) Trade in the derivatives market. On this platform, you can open both long and short orders in the same currency to prevent trading losses. You can get 35 points for every $1,000 traded. 2) It is recommended to choose opBNB or Manta chain to trade. The fee rate is lower than that of BNB chain. 3) When it comes to financial management and obtaining points, you should pay attention to the premium of kUSD. If the price of kUSD falls, there will be a loss when redeeming.
Zircuit
Zircuit is a parallel and AI-integrated Layer2 public chain project based on zkRollup. It is invested by Pantera and Dragonfly. The current TVL of the project has exceeded 1.1 billion US dollars. Zircuit's current ecosystem is gradually improving, and it already includes functions such as staking, cross-chain bridges, and browsers. Users can also obtain airdrop qualifications by participating in ecosystem construction and community interaction.
Specific ways to participate: 1) Enter the staking page (https://stake.zircuit.com/) to participate in staking to win points; 2) Participate in node deployment to win points (https://build.zircuit.com/build).
