The potential of the BTC ecosystem is essentially because BTC is the largest asset. The ceiling of a public chain's ecosystem is determined by the market value of the public chain. The easiest to understand is lending. BTC holders always have a need for mortgage loans. Even if it is 10% of the funds, it is 120 billion US dollars. If it is a public chain with a market value of 1 billion, 50% of the funds is only 500 million US dollars, which is the gap in the ceiling. For example, if the mortgage generates stablecoins, then the scale of the mortgaged assets is large, and the potential of the stablecoin track is great.
From this perspective, the market value of BTC is 4 times that of Ethereum, and its ecological potential is definitely much higher than that of Ethereum. However, the actual situation is just the opposite. The overall scale of the BTC ecosystem is now far behind that of Ethereum. The fundamental reason is that the performance of BTC as a public chain is too low and the programmability is too poor, and it does not have Turing completeness. Then the solution is to imitate the architecture of Ethereum and use the layer2 method. Layer2 has TPS and programmability.

Binance announced the Pre-market. At first glance, I thought it was just a common pre-market. But after reading the rules carefully, I found out that I was wrong. Its purpose is not to earn more transaction fees, but to declare war again to eliminate high-market-value projects.

It seems to be a consensus that once a project is listed on Binance, it will have a high market value. After the TGE, the leeks were harvested, Binance was criticized, and only the project owner and the young models on the yacht were laughing. What's more terrible is that the project owner made enough money and started to lie down all the way.

So what is the difference between Pre-market and Launchpool? Why is it possible to break this phenomenon? The key is that the chips in Pre-market are only allocated by Launchpool, which means that there are no chips from project parties and market makers, nor are there any rat warehouse chips in the name of airdrops. Let the community set the price and eliminate high market value.

This article will deeply analyze AAVE's on-chain data
Key points:
1) AAVE’s market capitalization is USD 2.3 billion, and its FDV is USD 2.46 billion. 43,000 AAVE are newly circulated every month.
2) On-chain data shows that funds in the US time zone led the increase in AAVE holdings.
3) Most of AAVE’s major holders are in a profitable state, but the overall profit is not high. Judging from the profit and loss situation, most of the major holders are not the ones in the 2021 bull market, and most of the chips in the middle have been fully changed hands.
4) The address of AAVE’s holders has a relatively large amount of funds and is a powerful and large investor.
1 AAVE Overview

From a logical point of view, the BTC ecological sector is a key sector to buy

1 In the minds of users, the Bitcoin ecosystem is closely linked to BTC. When the BTC market comes, the Bitcoin ecosystem will definitely rise.
2 It is similar to the previous round of Defi. After experiencing the summer market in 2020, Defi experienced a wash-out and then experienced another big market in 2021.
3 The market capitalization is generally low. The leading ordi and sats only have 600 million US dollars and are in full circulation. In comparison, the arb that everyone has been criticizing has a circulation market capitalization of 1.8 billion US dollars and FDV of 5.3 billion. OP has a circulation of 1.8 billion US dollars and FDV of 6.6 billion US dollars. And the leading inscriptions are also far lower than MEME coins, pepe 3.2 billion, wif 1.8 billion US dollars.

Telegram ecosystem is a hot topic recently. The reason why everyone is optimistic about it is that TG has more than 900 million users. It is expected to develop into a prosperous web3 ecosystem like WeChat applet.
The matrix was recently released, and I think it is an extremely important infrastructure for Telegram to achieve this goal: it is a development toolkit jointly built by Nubit and Tomo that can simplify blockchain integration. It enables developers to develop Web3 applications with the simplicity of building Web2 applications. It can be said that this is a very important step for Telegram to move towards larger-scale applications.
The core task of Web3 now is large-scale application. From the perspective of specific paths, it can be roughly divided into two types. The first is to build web3 applications and then attract web2 users to use them, such as the current socialfi track, Facaster, lens, etc. However, the problem is that the migration cost of users is very high. Issues such as privacy protection and content ownership are indeed very important, but they are not enough to attract a large number of users to migrate, which also leads to the slow growth of users of these applications, which is simply not worth mentioning compared to the number of users of Facebook/Twitter.

Once popular, now almost nothing. How did Friend.tech rise so quickly, and why is it declining now? A bold experiment in the monetization of social influence, the founder eventually made 50 million yuan, and a large number of retail investors paid for it. Looking back on all this, we should learn from the lessons of failure.
How did Friend.tech come about?
Imagine if you could invest in your favorite influencer or opinion leader like investing in stocks. This is the disruptive innovation brought by Friend.tech. In August 2023, this decentralized social media application built on the Base blockchain was born, like a bomb detonated in the crypto world, redefining our perception of social influence.

1 Binance likes to launch several projects in the same sector in this way.
For example, the recent Ton ecosystem has launched NOT, BANANA, TON, and DOGS. Several projects related to chain interoperability were launched around April, including AXL, W, and OMNI. In February, several projects in the GameFi sector were launched, including RONIN, PIXEL, MAVIA (contract), and PORTAL. Several modular projects were launched around January, including TAI, ALT, and DYM. SOL ecosystem projects include JUP, PYTH, TNSR, and W. In March, MEME sector projects such as BOME and WIF were launched.

The possible reason behind this is that Binance wants to support a certain sector in a short period of time, so that the market can form a hot spot and drive transactions. This can give us some inspiration. After a new sector launches its first project, there is a high probability that the excellent projects behind the same sector will be listed on Binance.

[Ordi on-chain analysis: It’s the right time for big investors to buy. The three biggest believers lost up to $160 million, but still hold firmly]

1 In the past month, Binance Exchange has seen a net outflow of 350,000 ordi and the outflow is continuing.

2 The largest individual holder of Ordi holds nearly 1 million coins. The cost is between 3 and 5 dollars. It has not been moved since the end of the accumulation in September 2023. The highest value has dropped by 70 million US dollars, but it has not been moved. He is the most staunch believer of Ordi.

3 The other two early large holders, holding 650,000 and 612,000 coins respectively, have not moved since December last year. The peak value has fallen by 90 million US dollars

I use the statistics of this decline as a review, and also check the preferences of bargain hunting funds, which may also be potential stocks in the future.

I have counted the representative currencies in several typical sectors, including high market value, MeMe sector, AI sector, BTC ecosystem, Sol ecosystem, Layer2 ecosystem, DeFi ecosystem, modularization and chain abstraction,
1. Decline
Overall, in this decline (calculated from the BTC price of 70,000), altcoins generally fell by 40-60%, with an average decline of 50%, which is a halving. The high-market-cap coins fell by 30-40%. As the saying goes, no snowflake can escape an avalanche. When BTC plummeted, no altcoin could remain immune, and the declines were basically the same.

The market may start an upward trend in the next month
Considering that the time overlaps with the bull market, this upward trend is likely to be a bull market.
But please note that the market trend is a continuous process, not a one-step process.
1. The market has satisfied the “falling long enough and falling too much”
The source of an upward trend is a sufficient decline. In simple terms, the market is a decline, and after the bottom is formed, it starts to rise. In terms of the decline, BTC has fallen from a high of 73,000 to a low of 53,000, and the decline has reached 27.4%. After 21 years, due to the market's consistent bull market expectations, the decline of BTC adjustment will not be as large as before. For example, in the second half of 23 years, BTC only fell by 21%. In terms of time, from March to July, the adjustment time reached 4 months. Although it is shorter than before, it basically meets the sufficient time for the decline.

In this round of bull market, DePIN is a track that must be participated in. Today we are studying a high-quality project that is not yet widely known, Roam.
It is a decentralized WiFi roaming network, and currently has more nodes worldwide than Helium Mobile.
For modern humans, air, water and the Internet are the three necessities of life. We hope to be able to access the Internet conveniently wherever we go. Cellular networks (such as 4G, 5G) and WiFi have become the two major ways for users to access the Internet on a daily basis. When the cellular network cannot be used due to lack of signal coverage, poor indoor location, crowded people, etc., WiFi becomes the only life-saving medicine.

One boring afternoon, your friend Goudan suddenly sent a message: XXX, hurry up. Nakamoto returned to the arena to create MeMe, Musk, CZ, and Trump have become the four major protectors in cx, starting from ten thousand times.

So, you skillfully open Uniswap, enter CA, and after countless failures, you finally buy at the highest point. Then you open your Moments and see Goudan thanking the blockchain for making $1 million in half an hour.

You finally couldn't help asking: Mr. Wang, how did you buy it? He gave you five English codes: TG Bot.

After Binance launched Banana, the TG Bot track has attracted attention from investors again. Not only does it have the added layer of TG concept, but it also has a strong ability to make money and a large number of real users. In the current anti-concept and anti-VC era, it seems to be looked up to by others. Today I will analyze the current situation of the TG Bot track from a data perspective.

Key Takeaways from Banana Data
1) A total of 10 million bananas have grown, and 3.22 million of them have been snatched away (circulated) by monkeys (Oh my God)
2) There were 6.38 million sticks in the warehouse, but only 80,000 were taken away (released) by the monkeys in the past 10 months. The administrator must be an excellent monkey.
3) Binance Market is about to start selling, but only 290,000 bananas rushed in. This shows that a large number of monkeys want to hold bananas for a long time and continue to make bananas give birth to babies.

1 Banana Supply
Banana's maximum supply is 10 million, and the TGE time is September 14, 2023. The main distribution is
IDO: 22.2%, no lock-up

Layer3 is not only a web3 task platform, but also building the first decentralized attention commoditization protocol. Through user online identity, content consumption and currency incentive layers, it will release more than $500 billion in user value.

According to DappRadar data, Layer3 users and social activities reached an all-time high, with 100 million interactions completed, 4.3 million crypto users, and the protocol generating a total of 16 million credentials.

There are still 2 days left for Layer3's second airdrop snapshot. Those interested can participate at https://app.layer3.xyz/quests?ref=0xB7Fbe5665C4750E6B0733Ea2dc0267a2725d40F1

The AI ​​sector is different from all other sectors. Because AI is not only the AI ​​of the cryptocurrency world, but also the AI ​​of all mankind. AI is changing human society vigorously. Maybe in a few decades, our descendants will call it the fifth industrial revolution of artificial intelligence.

For a long time to come, AI will be the biggest focus of mankind and will also be a hot topic in the cryptocurrency circle.
Since the advent of GPT3.5, the capabilities of AI have shocked the world and will also affect the cryptocurrency industry. The release of GPT3.5 in 2023 and Sora in 2024 both triggered hype in the AI ​​sector of the cryptocurrency industry. Now, the giants are launching a technology competition to compete for the right to speak in the future of AI. All fields of human society are using AI to innovate industries.

After this wave of market conditions, everyone has been hurt by value coins.

However, it is not reliable to fully embrace MeMe, because there are tens of thousands of MeMes a day, and they are basically reduced to zero. It is very difficult to make money by selecting them.

At the same time, we cannot completely deny value coins. Most of the coins that increased 100 times in the last bull market came from value coins. However, we must also learn from this painful lesson and prevent ourselves from being hurt again. The key is to measure it from the following four dimensions.

1 Cost of the institution
The cost of the institution is very important data, especially for the tokens that are about to be unlocked or are being unlocked. We know that the team's token chips are 0, and the institutional chip price can be used as a reference. Now the investment amount of project institutions is often tens of millions of US dollars. If they have already made more than 10 times the profit, then they will think about cashing out.

Parallel EVM has become a new hot word recently. We know that improving TPS has been a tireless pursuit in the past few years. Layer2 represented by Rollup technology has been launched one after another. Parallel EVM can expand TPS to millions, and its value is no less than L2.

In comparison, parallel EVM is still in its early stages. Compared to Layer2, parallel EVM has recently attracted attention from investors, such as Movement Labs, which received $38 million in funding in April this year.

Some people may ask, is it necessary to continuously improve TPS with the current active users on the chain? The answer is: it is very necessary. Only by continuously improving the infrastructure can we ensure that the technological innovation on the application side can take place. Improving the performance of the public chain is like humans always pursuing faster CPU/GPU hardware or faster Internet speeds. It seems to be engraved in human genes. Imagine how the mobile Internet revolution could have occurred in the 2G era of text messages. In the blockchain industry, whenever TPS is increased to a certain level, new application innovations are likely to emerge.

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.