South Korean congressional parties on crypto bait amid elections

Hot projects + Market overview

April 10, 2024

I. Mainstream exchange news

Coinbase to list Shadow Token (SHDW).

• Binance adds Saga (SAGA) on Earn, Convert, and Futures.
• Binance CEO considers setting up a headquarters, looking at several jurisdictions to consider setting up headquarters.
• Binance to list USDC perpetual contracts for LTC and NEAR with maximum leveraging of up to 75x and 50x respectively.
• OKX to list the memecoin Foxy (FOXY).
• Crypto.com gets full operation approval from the Dubai Virtual Asset Regulatory Authority.

II. Mainstream projects and trending events

• CyberConnect introduces Cyber re-staking features and a dual-staking model.
• VanEck and CoinShares CEOs doubt that a spot ETF for Ethereum will be approved.
• Solana validators vote to introduce a "timely voting score" mechanism to accelerate network transactions.
• Layer-2 network Mode launches an accelerator, Mode Yield Accelerator, with a $10 million funding pool.
• NFT lending protocol NFTfi launches its governance token NFTFI and announces its token economics.
• EigenLayer and EigenDA launch on the Ethereum mainnet.
• Cross-chain bridge deBridge launches its scoring plan for the first quarter.
• BounceBit announces integration with zkBridge through a partnership with Polyhedra Network.

III. Funding news

• L1 blockchain Monad Labs completes a $225 million round of funding led by Paradigm.
• Blockchain gaming guild YGG completes a new round of strategic funding with participation from Newman Capital.
• Web3 institutional lending platform OpenTrade completes a $3.2 million seed round of funding.
• Storm Labs completes a $3 million funding round led by Electric Capital.
• The Dfinity foundation plans to invest $15 million in accelerator platform Olympus.
• Web3 beauty platform Kiki World completes a $7 million seed round of funding with participation from a16z.
• Bitcoin L2 network Mezo's developer Thesis completes a $21 million Series A funding round led by Pantera Capital.

IV. Regulatory news

• US Deputy Treasury Secretary Wally Adeyemo suggests that Russia is using Tether's USDT stablecoin to bypass economic sanctions.
• The South Korean congressional election is set for April 10th, and both major parties have made promises to the crypto industry.
• South Korea's financial authority announces that selling illegally gained virtual assets is considered illegal trading, which could lead to an investigation.

V. Popular projects 

Market overview 

Bitcoin (BTC) has dropped below $70,000, reaching approximately $68,700. The current trend aligns with previous observations that halving often leads to temporary breakout trends that are likely followed by a fallback. It's important to note that, if post-halving benefits have been fully realized and BTC then drops below a critical range of $66,000-$67,000, there's a substantial probability it could continue to slide towards its prior low between $60,770-$62,260.

BTC Spot ETF

As of April 9th, the total net inflow of BTC spot ETF was at $12.24 billion, with a single-day net outflow of $148 million, and a single-day trading volume of $2.91 billion. The net assets of the ETF accounted for 4.25% of the BTC market value, with the main observations: 

GBTC: The daily net outflow was $154 million, and the cumulative net outflow amounted to $15.96 billion. The daily turnover reached $680 million, and the net asset value stood at $21.82 billion.

IBIT: The daily net inflow totaled $129 million. The cumulative net inflow reached $14.919 billion. The daily turnover data and asset value have not been updated yet. 

FBTC: The daily net inflow totaled $3 million. The cumulative net inflow reached $7.97  billion. The daily turnover data is $491 million and the current asset value reached $10.39 billion.

Memecoin PUPS is getting noticed

PUPS was initially developed on BTC, then cross-chained via Mubi to Solana. The IP image of PUPS is a puppet monkey adorned with a hat, echoing with dogewifhat. Ansem, a major influencer in this phase of the Solana environment, has taken notice of PUPS. Those in possession of PUPS NFT can look forward to future airdrops from Runestone, causing high levels of anticipation. This native token PUPS, originating in the BTC ecosystem and boasting enhanced liquidity in the Solana environment through a cross-chain bridge, set a precedent for future Runestone airdrop models that could potentially be employed by more projects.

Shadow Drive lists on Coinbase 

As a decentralized data storage layer and the core of GenesysGo, Shadow Drive(SHDW) has been designed specifically to meet the growing storage demand of the Solana ecosystem. Compared to Arweave and Filecoin, Shadow Drive integrates the open-source solution of Ceph with Solana's PoH mechanism, which not only reduces storage costs but also better adapts to the Solana ecosystem. Since Coinbase announced the listing of SHDW yesterday, SHDW has garnered increased market attention.

Rune Punks gains popularity

With the imminent launch of Runestone, projects related to the Rune ecosystem continue to gain traction. Rune Punks debuted on Magic Eden on April 9th, with an initial minting price of 90 USDT, and reached a high of 1200 USDT after the launch. Updates on token issuance for projects related to Runestone might be worth noting.

Parcl airdrops in the works

On April 10th, Parcl marked the conclusion of its third-quarter point initiatives with a scoreboard introduced online. All users who engaged in the first to third quarter activities can now check their earned points using this board. Moving forward, Parcl plans to introduce perpetual points. The first season for perpetual points is expected to wrap up by the end of June. It is anticipated that Parcl is about to issue tokens.

On-chain Daily

1. SPCT: Spectra Chain is a BTC layer2 solution compatible with EVM and uses POS as a consensus mechanism. This integration allows Spectra Chain to provide not only the flexibility and programmability of EVM but also the security and trustworthiness of Bitcoin.

The current price of SPCT is 0.023 USDT with an all-time high of 0.052 USDT. The current market cap stands at $23.4 million with a 24-hour drop of 49.7%.

2. BRETT: BRETT is a memecoin on Ethereum, its IP is created by Pepe author Matt Furie. The main aim of BRETT is to replace Pepe. There is a token with the same name on the Base chain with a higher market value.

The current price of BRETT is 0.1 USDT, with an all-time high of 0.184 USDT. It has seen a rise of 233% in the last 24 hours and has a current market value of $10 million.

3. RB: RunesBridge connects the Runes protocol to different blockchains (EVM) in the BTC network. It currently supports Ethereum, Polygon, and BNB Chain.

The current price of RB is 0.064 USDT, with an all-time high of 0.095 USDT. It's seen a 12-hour increase of 30%. The current market value is $3.8 million.

4. BB: Brick Block is an RWA project aiming to tokenize real estate on the blockchain, where rent or resale profit income streams can be automatically distributed to token holders. 

The current price of BB is 0.087 USDT with an all-time high of 0.12 USDT. It's seen a 9-hour increase of 23%. The current market value is $7.9 million.

5. TRUF: Truflation functions as an infrastructure project for RWA. It features chain indexing and aggregates diverse off-chain economic indices, including inflation rates and average American spending. All the data is openly transparent, aiding users with their pivotal financial and investment decision-making processes.

The current price of TRUF is 0.654 USDT with an all-time high of 0.69 USDT. It's seen a 12-hour increase of 117%. The current market cap stands at $658 million.

6.RIVUS: Rivus DAO is established on Bittensor(TAO) as a liquidity pledge protocol. 

The current price of RIVUS is 0.075 USDT with an all-time high of 0.093 USDT. It's seen a 24-hour increase of 1.25%. The current market cap stands at $13.7 million.

7. LFG: LFG is a decentralized exchange of runes established on the Bitcoin chain, aiming to create a smoother on-chain trading experience.

The current price of LFG is 0.145 USDT with an all-time high of 0.187 USDT. It's seen a 24-hour increase of 6.42%. The current market cap stands at $6.9 million.

8. ANDY: Andy is a character from the Pepe comic, and the IP of Andy is a good friend. Of Pepe Interestingly, ANDY exists not only on Ethereum but also on the Blast chain and Sol chain.

The current price of ANDY is 0.0(4)6163 USDT with an all-time high of 0.0(4)9286 USDT. It's seen a 24-hour increase of 13.5%. The current market cap stands at $61.6 million.

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