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WOO X and WOOFi reached record-high volumes

WOO X and WOOFi reached record-high volumes

February 29, 2024

I. Mainstream exchange news

  • Binance.US will delist Aragon (ANT) and Waves (WAVES).
  • Coinbase announced that all services have been restored and they are resolving the issue of inaccurate account balances for a small number of customers.
  • Binance is attracting non-cryptocurrency traders with a new VIP program.
  • Binance will remove five spot trading pairs, including ALPINE/EUR, and GMT/BNB.
  • Binance will support the Sei (SEI) network upgrade.
  • DEX and liquidity protocol Cetus announces strategic investment from Sui Foundation.
  • Gemini settles with the New York State Department of Financial Services, committing to reimburse Earn customers up to $1.1 billion.
  • The assets of five US Bitcoin spot ETFs exceed $2 billion.
  • Crypto lending platform Ledn extends support for borrowing with ETH as collateral.
  • COTI proposes to launch the Ethereum Layer 2 development network COTI V2 Devnet in Q2 this year.
  • Telegram's advertising platform will leverage the TON blockchain for managing advertising revenue payments and withdrawals.
  • DWF Labs launches institutional-level OTC trading platform Liquid Markets.
  • US SEC is asking for a court extension to submit its trial defense brief in the Ripple case, potentially pushing the deadline to March 22nd.

III. Funding news

  • Bitcoin pledge chain BounceBit completed a $6 million seed funding round, led by Blockchain Capital.
  • Chain game infrastructure start-up company READYgg completed $4 million in financing, with participation from Delphi Digital.
  • Liquidity re-pledging protocol Ether.Fi completed a $23 million series A funding round, led by Bullish Capital and CoinFund.
  • Backpack, a crypto exchange, completed a $17 million series A funding round at a valuation of $120 million.
  • Pantera Capital announced an investment in the decentralized lending protocol Morpho Labs.
  • DePIN project Geodnet secured $3.5 million in funding, led by North Island Ventures.

IV. Regulatory news

  • The Central Bank of Nigeria's Governor reported that in 2023, untraceable funds amounting to $26 billion were transacted through Binance in Nigeria.
  • The Hong Kong Monetary Authority is set to introduce a 'sandbox' soon, facilitating institutions to trial stablecoins.
  • The Financial Secretary of Hong Kong has revealed that the scope of the digital yuan's pilot program will be expanded in Hong Kong.

WOO X and WOOFi reach record-high volumes

On Feb 28th, WOO X exchange saw a record $2B daily trading volume. WOOFi experienced over $300M in trade in the past 24 hours, reaching $1.74B in total volume. WOOFi reported record-breaking revenue for three straight days. Within the Arbitrum ecosystem, WOOFi ranks fourth in terms of Active dApp users count in the last 7 days. Simultaneously, user growth from ecosystems like zkSync, Linea, and Optimism is accelerating rapidly, suggesting continuous expansion of the WOO ecosystem. 

Market overview

BTC reached a high point of $64,000, leaving it just 7.8% below its 2021 peak of $69,000. Spot ETFs for BTC, excluding GBTC, exhibited strong performance, attracting $6.72B in inflow by Feb 27th. The daily trade volume of nine Bitcoin spot ETFs was recorded at approximately $6B, with Blackrock's IBIT contributing $3.3B. As of Feb 28th,  IBIT only rose 23.2% post-listing, indicating the nascent state of the BTC Spot ETF market. The surge in BTC witnessed the Coinbase site crash. Meanwhile, a USDT premium across a variety of national currencies has been observed. The current BTC high of $69,000 is set to be surpassed, with potential peaks between $80,000 and $120,000.

Restaking track: Key updates from leading projects within ETH and BTC ecosystems 

Eigenlayer: The total value locked (TVL) broke through $9.4 billion. So far, 2.05 billion points have been rewarded, and the number of independent pledge addresses has reached 115,000. The TVL has reached $1.71 billion, ranking second in the ETH restaking track. On Feb 28th, the company announced the completion of a $23 million funding round led by Bullish Capital and CoinFund. A token issuance is expected soon.

Kelp DAO: On February 29th, Kelp DAO initiated the distribution of its KEP token, with 7.4 million tokens already claimed. The on-chain liquidity currently stands at $184,000. The trading volume over the past 24 hours reached $508,000, reflecting a market capitalization of $22 million. As of now, Kelp DAO's collective staked capital is valued at $634 million.

Babylon: Babylon initiated its testnet on February 28th. Upon downloading the wallet, users can garner Signet BTC and the privilege of minting a Pioneer pass by staking any quantity of sBTC. Each pass attributes a user number signifying the staking time. Timely participation is recommended with the testing phase lasting a mere seven days. Remember, each wallet can buy only a single pass, which can be minted free of charge in the OKX wallet.

Bouncebit: On Feb 29th, the BTC restaking project Bouncebit announced a seed funding round of $6 million led by Breyercapital and Blockchain Capital. Users can join the points activity with an invitation code. The platform's TVL is currently at $547 million.

Solana ecosystem 

After achieving a new high of $126.36 on December 25, 2023, SOL has undergone two months of adjustment. The token's value is now on an upward trajectory, currently standing at $122. Over the last seven days, it has gained 20%. Meanwhile, the level of attention to projects within the Solana ecosystem has gradually improved.

BONK: As a leading meme within the Solana ecosystem, BONK has proven to be an elastic asset. Influenced by the surge of PEPE on ETH, BONK, as a core meme within the Solana ecosystem, surged 47% in the last 24 hours. The total trading volume was recorded at $650 million, demonstrating a significant leading effect and driving the rise of WIF, MYRO, WEN, POPCAT, and other projects.

WIF: As the most active memecoin in the Solana ecosystem, WIF has broken a new all-time high. The global trading volume in the past 24 hours exceeded $160 million, and on-chain trading amounted to $34 million, indicating extremely high user transaction activity.

JUP: As the leading DEX aggregator platform in Solana's ecosystem, JUP announced on February 28th its plans to hold a Launchpad vote next week. 20 teams have applied so far and two projects will be selected as alternates in the future. The top-ranked project will have priority in choosing the token listing time, and 75% of the Launchpad fee will be distributed to voting users to encourage participation, gradually highlighting the capabilities of JUP tokens.

JTO: With the rising popularity of LSD and LRT on Ethereum, Jito as a leading staking platform in the Solana ecosystem will secure more value as SOL's market cap increases, eventually becoming an indispensable infrastructure within Solana’s DeFi ecosystem.

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

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