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- Bitget Research: ETH/BTC Exchange Rate Strengthens, ZRO and LISTA Launch Token Airdrops
Bitget Research: ETH/BTC Exchange Rate Strengthens, ZRO and LISTA Launch Token Airdrops
Jarseed & Aaron
2024/06/20
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.
Overview
Yesterday, the crypto market showed initial signs of bottoming out, with ZRO and LISTA announcing token airdrops. The SEC concluded its investigation into ETH 2.0, leading to a rebound across Ethereum ecosystem tokens. The highlights are as follows:
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Sectors with strong wealth creation effects: AI and RWA.
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Top searched tokens and topics: LayerZero, Consensys, and Landwolf.
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Potential airdrop opportunities: UXLINK and MYX Finance.
Data collection time: June 20, 2024, 4:00 AM (UTC)
1. Market Environment
Yesterday, the crypto market exhibited gradual signs of bottoming out, with implied volatility increasing for both Bitcoin and Ethereum. Following the SEC's closure of the investigation into ETH 2.0, Ethereum ecosystem tokens rebounded significantly.
Regarding Bitcoin ETFs, there was no data available due to the U.S. stock market being closed yesterday. As the approval date for Ethereum ETFs draws closer, market data indicates that traders are betting on major cryptocurrencies. Mainstream funds suggest that a second major wave of growth in Bitcoin and Ethereum ETFs is likely between July and September, similar to when Bitcoin ETFs were approved, presenting an opportunity for investors.
2. Wealth Creation Sectors
2.1 Sector Movements – AI Sector (NEAR, RNDR, and ARKM)
Primary reasons:
With NVIDIA becoming the highest market cap company globally, the spotlight on related companies in the AI field has intensified. In the crypto asset space, NEAR and RNDR are notable AI-related targets with high speculative value. NVIDIA's influence on various projects and companies in the AI sector will be extensive and profound, reshaping the valuation of other companies in the AI sector, thus positively impacting crypto companies associated with AI.
Gainers:
Over the past 24 hours, NEAR, RNDR, and ARKM have risen 5.8%, 4.1%, and 9.3%, respectively.
Factors affecting future market conditions:
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Project development: Most AI projects are currently focused on capturing more users and increasing market dominance. Similar to the consumer goods sector, only by getting users to utilize their AI services and creating user stickiness can these projects generate future profits, necessitating intensified efforts in product and community management.
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Overall AI sector valuation: As the U.S. stock market giants, Microsoft, Apple, and Nvidia, continue to elevate their market caps through AI, the market is also redefining these giants' valuations. As established business institutions reassess valuations for these AI companies, it is anticipated that the valuations of AI projects within the cryptocurrency sector will also be redefined, likely leading to a market correction in valuations.
2.2 Sector Movements – RWA Sector (ONDO and PENDLE)
Primary reasons:
The RWA sector continues to draw significant attention within the cryptocurrency industry and is viewed as having substantial potential for market growth. ONDO and PENDLE dominate the RWA sectors for government bonds tokenization and crypto asset interest rate swaps, respectively. These segments have a high asset ceiling, and as such, the revenue generated by these protocols increases with the growth in asset volume. Investors should pay special attention to these sectors during each market rebound.
Gainers:
Over the past 24 hours, ONDO and PENDLE have risen by 3.4% and 0.2%, respectively.
Factors affecting future market conditions:
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Total protocol asset size: The cash flow generated by such protocols primarily depends on the asset size they manage. As the asset size within these protocols gradually increases, the revenue produced will also rise, leading to strong performance in their respective token prices.
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Policy impact: As the cryptocurrency industry gradually gains legislative approval and societal acceptance, favorable policies for this sector will also become a major factor driving the rise in token prices. With more asset management giants entering this field, the continued development of this sector is expected to advance steadily.
3. Top Searches
3.1 Popular DApps
LayerZero:
LayerZero is among the first to use ultra-light nodes for cross-chain asset transactions, a method more cost-effective than light nodes and intermediate chains, thus creating a strong competitive edge. Today, LayerZero posted on X that 25% of ZRO will be unlocked on the first day of release, with 8.5% for the TGE, 11% for future snapshots and RFPs, 5% allocated to the LayerZero Foundation, and 0.5% distributed to community members. Token claims will open on June 20, 11:00 AM (UTC). Users can check their eligibility and claim tokens at: https://www.layerzero.foundation/eligibility
3.2 X (former Twitter)
Yesterday, Consensys announced on social media that the SEC has concluded its investigation into Ethereum 2.0 without deeming ETH sales as securities transactions. The impact of this news is significant, as it increases the likelihood of the ETH ETF S1 being approved in the near future. Compliance risks for ETH have decreased, leading to significant rebounds in some ecosystem projects like LDO and ENS. Recently, the founder of Consensys also stated plans to continue legal proceedings with the SEC to seek further legal clarity.
3.3 Google Search (Global and Regional)
Global focus:
Landwolf: A memecoin on Solana centered around werewolf emojis. The token has performed well recently, continuously rising after its DEX listing, with a 24-hour trading volume of $25.3 million and nearly a 4X increase during the same period. Its popularity and trading activity make it worth continued attention.
Regional focus:
(1) Asia: AI projects are especially prominent in the searches, primarily because projects like FET, AGIX, and OCEAN have performed well over the past 24 hours.
(2) Europe and the Americas: There is keen interest in recently popular tokens and projects, including Turbo, SOL, and ETH, which have surged in search rankings.
(3) CIS region: The focus is broader, encompassing a variety of projects, including CVS, AGIX, and TON.
4. Potential Airdrop Opportunities
UXLINK
UXLINK is a pioneering Web3 social system designed for mass adoption, enabling users to build social assets and trade cryptocurrencies. It includes a highly modular range of DApps, from entry-level to graph formation, group tools to social trading, all seamlessly integrated into Telegram.
UXLINK recently announced a funding round led by SevenX Ventures, Ince Capital, and HashKey Capital, with a total of $15 million raised. Additionally, the project has released the airdrop rules, which will primarily evaluate participants based on community contribution scores, professional third-party ratings, and cryptocurrency exchange certifications.
How to participate: UXLINK has issued "IN UXLINK WE TRUST" NFT collection as airdrop vouchers based on users' community contributions, on-chain interactions, and asset status, divided into four tiers—"MOON," "TRUST," "FRENS," and "LINK"—each corresponding to different rights and amounts of UXLINK token airdrops.
MYX Finance
MYX Finance is a decentralized derivatives exchange operating on an MPM model, incubated by D11 Labs. It uses smart rates and risk-hedging mechanisms to ensure protocol stability and sustain high returns.
In November 2023, MYX announced the completion of a $5 million seed round funding at a $50 million valuation, led by HongShan (formerly Sequoia China), with participation from Consensys, Hack VC, OKX Ventures, Foresight Ventures, Redpoint China, HashKey Capital, GSR Markets, Alti5, Leland Ventures, Cypher Capital, Bing Ventures, Lecca Ventures, among others.
On the user level, MYX Finance operates similarly to other derivative decentralized exchanges (DEXs). Users can engage in trading, provide liquidity, and more. Currently, MYX Finance is integrated with Linea and Arbitrum. Increased activity on the Linea chain may result in future Linea airdrops.