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Bitget Research: Altcoin Performance Weak, LayerZero Launches Token Airdrop
Tommy & Jarseed
2024/06/17
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
The overall market saw a slight decline, with altcoins performing sluggishly. However, blue-chip tokens within the Ethereum ecosystem showed a contrary upward trend over the past week. The airdrops of ZKsync and LayerZero were the hottest topics on social media this weekend. ZKsync opened for trading today, and LayerZero announced airdrop rules and released an image hinting at an upcoming TGE with the text "6.20."
The highlights are as follows:
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Sectors with strong wealth creation effects: ETH ecosystem projects and Curve-related tokens.
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Top searched tokens and topics: Banana Gun, CVX, Kiloex, and Monad.
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Potential airdrop opportunities: Kiloex and Zircuit.
Data collection time: June 17, 2024, 4:00 AM (UTC)
1. Market Environment
Spot Bitcoin ETFs saw net outflows on four of the five working days last week, with a slight decline in the broader market and sluggish altcoin performance. Despite this, the ETH/BTC exchange rate remained relatively strong. The performance of ETH ecosystem projects was relatively strong over the past week, with expectations of a spot Ethereum ETF launch in July.
ZKsync (ZK) started trading on major exchanges at 8:00 AM (UTC) today. Additionally, LayerZero announced its airdrop distribution rules and a preliminary list of sybil addresses over the weekend.
2. Wealth Creation Sectors
2.1 Sectors to Focus on Next — ETH Ecosystem Projects
Primary reasons:
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Despite the general market downturn, the ETH/BTC exchange rate has remained relatively strong over the past week.
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A Bloomberg ETF analyst suggested on X that the spot Ethereum ETF might launch as early as July 2.
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Notable ETH ecosystem projects such as ENS, UNI, and LDO experienced price increases, bucking the trend of general altcoin declines.
Specific tokens: ETH, ENS, UNI, LDO, RPL, and PENDLE.
2.2 Sector Movements – Curve-Related Tokens (CRV and CVX)
Primary reasons:
Curve founder's multiple CRV lending positions were liquidated, leading to a sharp and brief drop in CRV. The token then rebounded from the bottom after the founder announced the full repayment of $10 million in CRV bad debt on the Curve lending platform, leading to a continued strong rebound. Convex Finance, as Curve's yield optimizer, followed the rebound trend of CRV, with the CVX price soaring over 90% in the past 24 hours.
Gainers:
CRV rebounded 26% from its low point, but still shows a 25% decline over the past month; CVX surpassed $4, with a 90% increase in the past 24 hours.
Factors affecting future market conditions:
Curve remains one of the prime venues for stablecoin block trading and continues to maintain decent real profits. The main issue is that its narrative is somewhat outdated, lacking exciting new products or operations to stimulate the market. Additionally, recent incidents and this liquidation have unavoidably raised concerns about its stability. However, considering that several whales bought CRV over-the-counter at prices above $0.30, the price of CRV remains attractive.
3. Top Searches
3.1 Popular DApps
Banana Gun
Banana Gun Bot is a prominent Telegram trading bot that enables users to quickly engage in DeFi transactions and token presale purchases via the Telegram platform. A key advantage of Banana Gun is its revenue-sharing model. Users holding Banana tokens can share in the income generated by the bot, which includes 40% of referral income and 50% of tax revenue from transactions made through the bot. Recently, Banana Gun reported an increase in both user base and trading volume, and it is preparing to expand into the popular Berachain.
3.2 X (former Twitter)
KiloEx
KiloEx is a decentralized exchange specializing in user-friendly perpetual futures trading. Features of the platform include rapid transactions, real-time market monitoring, and a trading experience similar to centralized exchanges, along with a wide range of trading pairs, hedging tools, and decentralized copy trading capabilities.
KiloEx recently made headlines with an investment from Binance Labs, becoming part of the MBV Program's sixth season. KiloEx also launched an airdrop promotion where users can earn points by connecting wallets, inviting friends, and trading to receive airdrop rewards.
3.3 Google Search (Global and Regional)
Global focus:
CVX: The recent liquidation of Curve founder Egorov's lending position caused significant fluctuations in CRV. Convex Finance is a yield optimizer for Curve. Its token, CVX, followed CRV and rebounded sharply after a significant drop following the announcement by the Curve founder that he had fully repaid the $10 million in CRV bad debt on the Curve lending platform.
Regional focus:
(1) In Asia, "RWA Crypto" term is notably popular, with the crypto market focusing more on stable yield RWA projects as the dollar strengthens and expectations of rate cuts decrease.
(2) In Europe and the USA, there is keen interest in recent popular tokens and projects, including Notcoin, Monad, and TON.
4. Potential Airdrop Opportunities
Kiloex
A derivatives DEX invested by Binance Labs, Foresight Ventures, 7upDAO, currently supporting opBNB, Manta, and BNB chains. Points can be earned through trading derivatives, depositing USDT and converting to kUSDT, and depositing STONE, among other methods.
How to participate: 1. Trade on the derivatives market, where both long and short positions can be opened for the same cryptocurrency to prevent trading losses, earning 35 points for every $1000 traded; 2. It is advised to choose opBNB or Manta chains for trading due to lower fees compared to the BNB chain; 3. When it comes to earning points in the Earn product, it is important to note that kUSD comes at a premium. If kUSD falls, there will be a loss on redemption.
Zircuit
Backed by Pantera and Dragonfly, Zircuit is a Layer 2 ZK-rollup with parallel sequencers and AI-based security. The project's TVL has surpassed $1.1 billion. Zircuit's ecosystem has evolved to include features such as staking, cross-chain bridges, and an explorer. Users can receive airdrops by participating in ecosystem development and community interaction.
How to participate: 1. Go to the Stake page (https://stake.zircuit.com/) and stake to earn points; 2. Deploy nodes to earn points (https://build.zircuit.com/build).
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