April 29, 2024
Hot projects + Market overview
I. Mainstream exchange news
- Cboe Digital Spot Market to integrate its digital asset derivatives trading and clearing into its current derivatives and clearing operations.
- OKX to launch spot trading for the Meson Network (MSN).
II. Mainstream projects and trending events
- Hong Kong's first virtual asset spot ETF launches and is set for listing on April 30th, with Harvest Fund and China Asset Management Company Limited, issuing for $1.
- Australia is expected to approve Bitcoin spot ETFs this year, reports Bloomberg.
- Franklin Templeton's Ethereum spot ETF trading code is listed on the DTCC website.
- io.net issues a post-analysis of its security incident, and the launch plan of IO tokens is unaffected.
- AINN's Layer2 brand upgrades to AILayer, focusing on the fusion of AI technology, Bitcoin, and Layer2.
- Polkadot's Proposal 706 to reduce inflation and cap the supply of DOT at 2.1 billion.
- Jupiter launches a tipping feature based on Jito Bundles, protecting users from MEV attacks by concealing transactions.
- Modular data layer, CARV, announces it will start its first node sale on May 13th.
- DODO community's proposal to "migrate 200 million DODO to DODO Chain" passes vote.
- Galxe community's proposal to change the token symbol and migrate the token contract has been approved.
- friend.tech snapshot concludes, and its point listing situation will be announced next week.
- Bitlayer's $50 million Developer Airdrop event has attracted over 500 ecosystem project applications.
- Lava Network discloses LAVA tokenomics, 25% of tokens to be used for future planning and reward reserves.
III. Funding news
- Astra Nova, a Web3 role-playing game, raises $1 million.
- Zero-knowledge protocol, Hinkal secures $1.4 million in strategic funding round, at a $70 million valuation.
- OpenDelta, a stablecoin company focused on Bitcoin, completes $2.15 million in funding, led by 6th Man Ventures.
- 3D LBS game, L3E7, raises nearly $10 million in funding, co-led by Spartan Group and SevenX Ventures.
- Bitcoin L2 project, BEVM, gets investment from Bitmain.
IV. Regulatory news
- The Taipei District Prosecutors Office in Taiwan has brought charges against 32 individuals implicated in a fraud case involving the cryptocurrency trading platform ACE Exchange.
- The Hong Kong Monetary Authority launches its first FinNETech initiative to promote fintech applications.
V. Popular projects
Market Overview
BTC continues to exhibit a box-shaped movement trend, oscillating between $62,000 and $67,000. Per previous half-cycle patterns, BTC tends to showcase a narrow range oscillation and a decrease in the OBV (On-Balance Volume) after a halving, suggesting a reduction in bullish purchase intent and market volatility. However, the support level of $61,785 warrants attention. If it undergoes a short-term decline, BTC may change its oscillation interval through a stair-step-like motion, perhaps adopting a wide-range volatility of around $58,000-$62,000. From a technical standpoint, bullish traders could maintain a key support zone of $61,000-$61,785. After this period of oscillation, BTC may gear up for its next uptrend.
BTC Spot ETF
Data as of April 26th shows that the net inflow of BTC Spot ETF amounted to $11.99 billion, with a single-day net outflow of $83.61 million and a single-day turnover of $1.58 billion. ETF net assets account for 4.22% of BTC market value. Major observations include:
GBTC: The single-day net outflow was $82.43 million, with a cumulative net outflow of $17.18 billion. The single-day turnover was $379 million, and the current net asset value is $18.97 billion;
IBIT: The single-day turnover was $737 million, with a 0 net inflow. The cumulative net inflow was $15.48 billion;
FBTC: The single-day turnover was $309 million, with a net outflow of $27.9 million. The current net asset value is $8.16 billion;
ARKB: The single-day net inflow was $5.43 million, with a turnover of $56.27 million. The current net asset value is $2.79 billion;
LAVA announces tokennomics
Modular blockchain infrastructure developer, Lava Network, has released the economic principles of its LAVA token. The LAVA token has a fixed supply of 1 billion units, featuring a deflationary mechanism, introduced in the initial stage of the mainnet to attract API providers. Of these tokens, 25% are allocated for future plans and reward reserves, with 6.6% specifically designated for monthly distributions to providers. Additionally, 31% of the tokens will be used for research and development as well as ecosystem protocol maintenance and development; 17% of the tokens will be apportioned to investors; and 27% of the tokens will be distributed to early contributors, the core team, advisors, and other key contributors.
KMNO to issue tokens on April 30th
The Kamino Finance Foundation, an automated liquidity management protocol in the Solana ecosystem, has announced the tokenomics of its KMNO token. The total supply of KMNO tokens is 10 billion, with an expected initial circulating supply of 1 billion, which includes 750 million for initial community distribution. The Token Generation Event (TGE) date is set for April 30, 2024. The KMNO tokenomics are as follows:
- Community and Grants: 35% (including 7.5% for genesis distribution)
- Liquidity and Treasury: 10%
- Core contributors: 20%
- Key stakeholders and advisors: 35%.
Shark Cat maintains a $60.53 million market cap
Shark Cat is a cat-themed memecoin on Solana, with an IP of a cat wearing a shark hat. This token was rolled out on March 26th, and experienced a staggering price surge of 1300 times on April 1st. Despite currently undergoing an 85% correction from its peak, Shark Cat maintains a market capitalization of $60.53 million, with a chain liquidity of $1.54 million, making it a prospect worth monitoring.
MICHI performs strongly
MICHI, a memecoin on Solana, features an IP image derived from a well-known emoticon pack. The total token supply stands at 559 million. With 100% of Liquidity Provider (LP) tokens burned and no tax imposed, the token showcased considerable performance following its launch on April 8th. As of now, MICHI holds a market capitalization of $60.48 million and an on-chain liquidity of $1.68 million.
Significant token unlocks this week
Optimism (OP) is set to unlock approximately 24.16 million tokens, accounting for 2.31% of the total circulating supply, valued at around $56 million. The unlock will take place on April 29th at 12 PM (UTC+8).
Sui (SUI) will unlock about 4 million tokens, accounting for 0.31% of the total circulating supply, valued at $4.68 million. The unlock will take place on April 30th at 8 AM (UTC+8).
Echelon Prime (PRIME) will unlock approximately 1.66 million tokens, accounting for 4.43% of the total circulating supply, valued at around $30 million. The unlock will take place on April 30th at 8 AM (UTC+8).
dydx (DYDX) will unlock around 33.33 million tokens, accounting for 10.72% of the total circulating supply, valued at $71 million. The unlock will take place on May 1st at 8 AM (UTC+8).
ZetaChain (ZETA) will unlock nearly 5.29 million tokens, accounting for 2.24% of the total circulating supply, valued at approximately $6.2 million. The unlock will take place on May 1st at 8 AM (UTC+8).
Manta Network (MANTA) will unlock about 1.87 million tokens, accounting for 0.75% of the total circulating supply, valued at approximately $3.25 million. The unlock will take place on May 1st at 7:59 AM (UTC+8).
On-chain Daily
- MONKE: MONKE is a memecoin symbolized by an ape, echoing its mantra, "Apes Together Strong," which intriguingly carries a double meaning. Its rise has largely been fueled by well-known memecoin advocate James Wynn's extensive promotional efforts.
Current price: 0.0016 USDT
Historical high: 0.0076 USDT
6-hour increase: 26% (Token launched on April 28th)
Current market cap: $1.6M
- basedAI: basedAI is a Layer 1 utilizing zero-knowledge proof of a large language model (zk LLM).
Current price: 4.98 USDT
Historical high: 11.8 USDT
24-hour drop: 12.42%
Current market cap: $177.7M
- ANDY: ANDY’s IP a character from the Pepe comics, known as a close friend of Brett. Interestingly, ANDY isn't only found on Ethereum, but also on the Blast and Sol chains.
Current price: 0.0(4)63 USDT
Historical high: 0.00015 USDT
24-hour change: 0.55%
Current market cap: $63M
4.SKI: SKI is a memecoin on Base, represented by an image of a burgling dog with a tuque.
Current price: 0.031 USDT
Historical high: 0.039 USDT
24-hour increase: 20%
Current market cap: $31.6M
5.KEYCAT: KEYCAT is a memecoin on Base. It’s taken over by the community on March 28, 2024. Its image is based on the original keyboard cat Fasto meme from 1978.
Current price: 0.0039 USDT
Historical high: 0.118 USDT
24-hour increase: 17.7%
Current market cap: $39.5M
6.doginme: godinme originates from a question by a Farcaster participant to Dan Romero (DWR), the founder of a decentralized social media platform, about his ownership of a dog. In response, DWR notably commented: "I don't own a dog, but I have one within me."
doginme represents the founder of Farcaster's inner dog.
Current price: 0.00041 USDT
Historical high: 0.0018 USDT
24-hour increase: 11.42%
Current market cap: $28.3M
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