February 1, 2024
I. Mainstream exchange news
- Coinbase is going to list ZetaChain (ZETA)
- WOO X, KuCoin, OKX, Bitget, Bitfinex, and Bybit Launchpool have all listed ZetaChain(ZETA)
- OKX updates its POR with reserve ratios of all 22 publicized currencies being more than 100%, and BCH is included for the first time
- WOO X, Binance, OKX, Bithumb have listed Jupiter (JUP)
- Binance will support the Ethereum Classic (ETC) network upgrade
- Bithumb will list NEO and GAS in the Korean won market
II. Mainstream projects and trending events
- Federal Reserve Chairman Powell said “it will likely be appropriate” to reduce interest rates this year but he doesn't think the Fed will start cutting rates in March
- The Federal Reserve maintains interest rates
- Ripple co-founder Chris Larsen confirmed his personal accounts were hacked, clarifying that Ripple wallets were never compromised. Law enforcement is involved.
- Celsius has emerged from bankruptcy proceedings and has started distributing over $3 billion in cryptocurrency and fiat currency to creditors
III. Funding news
- Cross-chain protocol Squid completes $4 million strategic funding led by Polychain Capital
- Composable option protocol Ithaca Finance completes $2.5 million Pre-seed funding
- Ethereum infrastructure company Yet Another Company completes $1 million funding
- Sui ecosystem's one-stop liquidity protocol NAVI Protocol completes $2 million funding, Hashed led the investment
IV. Regulatory news
- Hong Kong is investigating WorldCoin for allegedly collecting customer iris data in violation of regulations
- Bitfinex Securities becomes the first licensed provider to offer digital asset services in El Salvador
Market overview: market shifts on Fed's rate announcement
The Federal Reserve released its first interest rate forecast for 2024, holding steady at 5.25%-5.5%. Chairman Powell's remarks indicated that rate cuts might be prudent later in the year, though a March initiation seems unlikely. This stance pushed the probability of a March rate cut below 40%, prompted a notable retreat in US stocks with the Nasdaq dropping 2.23%, and saw BTC retracting from $43,700 to near $42,000, with the risk of further decline to $41,000 if support falters.
IV. Popular projects
Tether posts record $2.85 billion Q4 profit
Tether, the issuer ofentity behind the popular USDT stablecoin, reported a $2.85 billion profit for Q4 2023 and an annual net profit of $6.2 billion, as per BDO's independent attestation. A substantial $4 billion of its annual revenue originated from net operating profits through US Treasury bonds, reverse repos, and money market funds, supplemented by gains from gold and BTC appreciation. With total assets exceeding $97 billion and liabilities at $91.6 billion, Tether demonstrates positive financial health and strong earning capacity. Ongoing USDT issuance will be watched as a measure of external capital influx into Web3.
Popular pre-listing exchange Aevo announces airdrop plan
Aevo Exchange, a derivative trading platform with over $600 million in weekly transaction volumes, has announced details about the $AEVO token, including an upcoming airdrop to early adopters and the launch of its Farming Program. The platform's Pre-listing feature, allowing users to trade prices of tokens before they are listed, has been a hit.
The Farming Program focuses on volumes, fees, and platform loyalty, with a "Farming Boost" multiplier affecting rewards. Users can enhance their airdrop allocation by increasing their Farming Boost through trading. After the program ends, users can claim their earned $AEVO tokens, and the DAO will seed initial liquidity. The team is also working on launching the Farming Program and auditing the $AEVO token contract.
Jupiter (JUP) exchange sets new volume record with airdrop and major exchange listings
On January 31st, the airdrop of Jupiter exchange, a one-stop DeFi service platform in the Solana ecosystem, was claimed. Since then, JUP has been listed on top exchanges including WOO X, Binance, and OKX. With a 24-hour trading volume surpassing $1.2 billion, Jupiter exceeded the combined volumes of Uniswap V2 and V3, highlighting JUP's high trading heat with over $400 million in daily transactions. As a one-stop DeFi service platform in Solana's ecosystem, JUP's market cap at TGE is $860 million with 13.4% token circulation.
Brief comparison between UNI and JUP
Market position
UNI: Leading DEX in the Ethereum ecosystem.
JUP: One-stop DeFi service platform in the Solana ecosystem.
Token circulation at TGE
UNI: 17% (actual range between 15% and 17% due to some unclaimed airdrops).
JUP: 13.4% (according to current data).
Market cap at TGE & Highest Rise After TGE
UNI: $340 million & 22.5 times.
JUP: $860 million. The highest rise is yet to be observed.
Future prospects
UNI: Core leader and application of DeFi, but holders are yet to get extra benefits.JUP: Currently the leading DEX on Solana, with plans to expand product features and optimize user experience on the Solana platform.
Sui ecosystem's TVL soars to $450 million
Sui's Total Value Locked (TVL) has skyrocketed, marking a 15-fold increase in nine months.
Key developments include:
1. NAVI raised $2 million seed: On February 1st, leading LSD protocol NAVI announced a $2 million seed round led by OKX Ventures, daofive, and Hashed, propelling its TVL past $100 million.
2. Scallop maintains $100 million TVL: Being Sui's top lending platform, it maintains a TVL of $100 million, with investments from the Sui team (Mysten Labs) and Sui Foundation, and is anticipated to launch its token soon.
3. CETUS rebounds: A leading dex in the Sui ecosystem, Cetus has already launched its token CETUS alongside Sui's growth, with CETUS rebounding fourfold from its bottom, reaching a TVL of $64.76 million.
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