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- Bitget Research: AAVE Leads the Surge in the DeFi Sector, Mainstream Cryptocurrency Volatility Rises Signaling Potential Market Shift
Bitget Research: AAVE Leads the Surge in the DeFi Sector, Mainstream Cryptocurrency Volatility Rises Signaling Potential Market Shift
Jarseed & Aaron
2024/08/22
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, Bitcoin surged to $61,800 before declining, with AAVE leading a general uptrend in the DeFi sector. The highlights are as follows:
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Sectors with strong wealth creation effect: DeFi (AAVE, UNI), and BGB.
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Top searched tokens and topics: DOGS, Story Protocol, and MATIC.
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Potential airdrop opportunities: Solayer and Symbolic.
Data collection time: August 22, 2024, 4:00 AM (UTC)
1. Market Environment
Yesterday, the U.S. Department of Labor announced a downward revision of 818,000 in newly created job positions, indicating the job market is not as strong as previously reported. Following the release, the market briefly surged before falling back.
Regarding ETFs, the Bitcoin ETF saw a net inflow of $39.5 million, marking five consecutive trading days of net inflows; on the other hand, the Ethereum ETF experienced a net outflow of $18 million, continuing its five-day streak of net outflows.
In the crypto sector, the established DeFi sector exploded yesterday with AAVE and UNI leading the surge. The primary catalyst was AAVE, which reached new heights in fundamental metrics, continued profitability, and is undergoing a proposal to reform its tokenomics, aiming to enhance its utility by introducing a profit-sharing mechanism.
2. Wealth Creation Sectors
2.1 Sector Movements – DeFi (AAVE and UNI)
Primary reasons:
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AAVE's protocol metrics continue to grow, surpassing the previous cycle's peak. Its strong profit performance reflects a high degree of product-market fit, yet the token remains undervalued. The market has begun to recognize and adjust its valuation. The Aave Chan Initiative (ACI) has just launched a proposal aimed at reforming AAVE's tokenomics, aiming to enhance its utility by introducing a profit-sharing mechanism. UNI is also exploring a profit-sharing mechanism.
Gainers: AAVE is up 39.3% in the past 7 days, UNI is up 12.0% in the same period.
Factors affecting future market conditions:
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Protocol metrics: These metrics are crucial in assessing a protocol's activity level, including daily active users, trading volume, and profitability. For instance, AAVE achieving historical highs in these metrics under the current market conditions naturally prompts the market to adjust its market cap valuation accordingly. Conversely, if the protocol metrics do not grow, there is no reason for the market to be optimistic about the protocol's development.
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Profit distribution: An increasing number of DeFi protocols are linking their tokens to protocol revenue, a business model that reactivates token trading enthusiasm. Investors have ample reason to hold the token, so the advancement of the protocol's profit distribution will significantly impact the token price.
2.2 Sectors to Focus on Next — BGB
Primary reasons:
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Bitget has recently collaborated with the highly popular Telegram Bot project DOGS. Influenced by this collaboration, the Bitget app surged into the top ten in the App Store's Finance category in 11 countries. With steady development and numerous ongoing collaborations, users have more reason to hold BGB in anticipation of further actions by the exchange.
Factors affecting future market conditions:
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Launchpad/Launchpool: As an exchange token, one of BGB's important uses is participating in the exchange's Launchpad and Launchpool. Bitget has been actively collaborating with major projects recently, including deep partnerships with popular projects. If projects on Launchpad and Launchpool create significant wealth effects, the demand for BGB will substantially increase, leading to a corresponding rise in its price.
3. Top Searches
3.1 Popular DApps
DOGS
The market is closely watching the TON ecosystem's high-traffic Telegram mini bot project, DOGS. The deadline for claiming the DOGS airdrop is August 22, with the TGE scheduled for August 26. Claimed DOGS can now be pre-deposited into Bitget. Additionally, Bitget has launched the "#BitgetLuckyDogs" promotion, where users depositing at least 1000 DOGS tokens are automatically entered into a draw to win up to 1 BTC.
3.2 X (former Twitter)
Story Protocol
Story Protocol is an IP management protocol that uses blockchain technology to transform how human history is recorded. The project recently completed a $80 million Series B funding round led by a16z Crypto, with participation from other institutions like Foresight Ventures and Hashed. To date, the development team behind Story Protocol, PIP Labs, has raised $140 million with a valuation of $2.25 billion. The project has garnered significant market attention and could become a leading initiative in a new blockchain sector. It is advisable to monitor its progress.
3.3 Google Search (Global and Regional)
Global focus:
MATIC
Polygon will complete the token upgrade for MATIC on September 4, introducing a new tokenomics where POL will have an annual issuance rate of 2%, primarily allocated to validators and the community treasury. This change increases the community's influence on Polygon's future plans. Coinbase has added POL to its roadmap for listing, and POL became a trending search term in English-speaking and European regions. As of now, MATIC has risen 15% in the last 24 hours, showing high trading activity and community interest.
Regional focus:
(1) Asia: The region has shown keen interest in major assets, including BTC, ETH, and DOGE, with different countries focusing on different aspects. For instance, Pakistan is focused on the TON game BLUM, Indonesia on ETHFI, and Singapore on the AI project FET.
(2) CIS region: The CIS region continues to show high enthusiasm for mini games in the Ton ecosystem, such as the Blum project appearing in Uzbekistan, Ukraine, and Belarus.
(3) Latin America: There is focused interest in the dog-themed tokens in the region, prominently featuring FLOKI, BONK, and SHIBA INU in hot searches. There is also growing attention to gaming projects like SAND and MANA.
4. Potential Airdrop Opportunities
Solayer
Solayer is building a restaking network on Solana, utilizing its economic security and superior execution as decentralized cloud infrastructure to enable higher degrees of consensus and block space customization for application developers.
In July 2024, Solayer announced the completion of a builder’s funding round, though the specific investment amount was not disclosed. Investors include Binance Labs, Solana Labs co-founder Anatoly Yakovenko, Solend founder Rooter, and Tensor co-founder Richard Wu.
How to participate: Stake SOL and supported SOL LST tokens such as jitoSOL, mSOL, bSOL, and INF to earn points each epoch. The mainnet is now live, and users who stake SOL can earn sSOL and platform points.
Symbiotic
Symbiotic is a generalized restaking project that enables decentralized networks to bootstrap powerful, fully sovereign ecosystems. It offers decentralized applications a method known as AVS (Active Validation Service) to collectively ensure mutual security.
Symbiotic recently raised $5.8 million in seed round funding led by Paradigm and Cyber Fund.
How to participate: Visit the project's official website, link your wallet, and deposit ETH and ETH LSD assets.