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Bitget Research: U.S. Dollar Index Reclaims 106 Putting Risk Assets Under Pressure, Layer 2 Narrative No Longer Favored by the Market

Jarseed & Aaron
2024/06/27
Bitget Research: U.S. Dollar Index Reclaims 106 Putting Risk Assets Under Pressure, Layer 2 Narrative No Longer Favored by the Market
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

Yesterday, the U.S. dollar index returned to 106, putting pressure on emerging markets and risk assets. Following the airdrop launched by Blast, the major Layer 2 airdrops are essentially complete. The highlights are as follows:
  • Sectors with strong wealth creation effect: Ethereum ecosystem (MKR, ENS) and TON ecosystem (TON, NOT).
  • Top searched tokens and topics: BLAST, BLUR, and Solana Blinks.
  • Potential airdrop opportunities: Tonstakers and EVAA.
Data collection time: June 27, 2024, 4:00 AM (UTC)

1. Market Environment

Yesterday, the U.S. dollar index returned to 106, putting pressure on emerging markets and risk assets, with various assets in the cryptocurrency sector continuing to weaken. Bitcoin price continued to oscillate between $58,000 and $62,000.
In terms of Bitcoin ETFs, yesterday marked the end of continuous net outflows with a net inflow of $31 million. The overall market faced significant selling pressure, with continuous outflows from various governments and Mt. Gox. Yesterday, there were rumors in the market that an Ethereum ETF might be approved before July 4, which could lead to a minor rebound in ETH-related assets soon.
Regarding the crypto ecosystem, yesterday marked the end of the Blast Layer 2 airdrop. Top-tier projects that underwent TGEs in the first half of this year, including zkSync, LayerZero, and Blast, performed poorly, disappointing both the community and investors. The myth of Layer 2 creating significant wealth is gradually fading.

2. Wealth Creation Sectors

2.1 Sector Movements – Ethereum Ecosystem (MKR and ENS)

Primary reason: Reuters reported yesterday that an Ethereum ETF might be approved for listing before July 4, potentially bringing positive developments to the Ethereum ecosystem. Major projects within this ecosystem, like MKR and ENS, saw modest rebounds.
Gainers: Over the past 24 hours, MRK increased by 7.11% and ENS by 3.1%.
Factors affecting future market conditions:
  • Continued rise of ETH: DEXs in the Ethereum ecosystem have good liquidity, where many tokens are priced in ETH. An increase in ETH directly boosts the rise in Ethereum ecosystem assets. If the ETH price keeps rising, core assets on Ethereum tend to maintain their popularity.
  • Project development dynamics: Mainstream Ethereum projects have strong profitability and future transformation potential, such as MakerDao's incorporation of the RWA concept. Investors should focus on the development updates of mainstream projects within the Ethereum ecosystem and the opinions expressed by key Ethereum figures about these projects, such as Vitalik Buterin's fondness and praise for ENS.

2.2 Sectors to Focus on Next – TON Ecosystem

Primary reasons: The TON token continues to show a strong and positive price trend. The applications in the TON ecosystem are thriving. Leveraging the substantial daily active users of Telegram, each project within this ecosystem is rapidly advancing towards mass adoption, infusing new energy into the crypto industry. This represents a unique narrative and ecosystem sector in the current market environment.
Gainers: TON is up 1.5% in the last 24 hours.
Specific tokens: TON, NOT, STON, GRAM, and FISH.
Influencing factors:
  • During the broader market decline and altcoin crash, TON and Ton ecosystem tokens showed relative resilience.
  • The TVL of the two leading DEXs within the Ton ecosystem, DeDust and STON.fi—which are also the protocols with the highest TVL—grew 12% and 3% respectively over the past 7 days despite market trends.
  • High-traffic Telegram mini apps Catizen and Hamster Kombat have seen a surge in user numbers, attracting market attention. Catizen's on-chain users have surpassed 1.25 million, and Hamster Kombat's user count has exceeded 150 million, making them some of the few hotspots in the cryptocurrency market recently.
  • Pantera Capital is raising funds for a new fund dedicated to investing in TON tokens named the "Pantera TON Investment Opportunity," aiming to raise funds to buy more TON tokens, with a minimum investment of $250,000 per supporter.

3. Top Searches

3.1 Popular DApps

Blast (DApp)
Blast Foundation announced it would airdrop BLAST to the community on June 26, 10:00 PM (UTC+8). Blast revealed its tokenomics, with a total supply of 100 billion BLAST, 50% of which will be airdropped to the community, starting with an initial 17 billion BLAST. Blast is currently the 6th largest on-chain economy globally. Meanwhile, Bitget is launching a limited-time BLAST airdrop, offering users opportunities to participate. According to current secondary market data, the price of BLAST is fluctuating around $0.025. Given the high volatility typically associated with the newly launched tokens, there are trading opportunities to watch for.

3.2 X (former Twitter)

Solana Blinks: Yesterday, Solana Blinks was officially launched and quickly captured widespread attention from the community. Solana Blinks (Blockchain Links) is a protocol within Solana Actions, aimed at facilitating blockchain transactions across the Internet of Things (IoT) in a fast and simple manner. Unlike the conventional blockchain experience that requires setting up wallets, linking DApps, and configuring parameters, Solana Blinks simplifies user interactions by completing on-chain operations in one step through an internet connection, achieving "on-chain actions = one link." The launch of Solana Blinks significantly simplifies user interactions and streamlines the process, potentially popularizing the Solana and social media trajectory due to this feature. Keep an eye on the first memecoin being promoted using Blinks in the coming period.

3.3 Google Search (Global and Regional)

Global focus:
BLUR: Yesterday, BLUR founder Pacman launched an airdrop for the Layer 2 project Blast, which he developed and manages. Stakers from BLUR Season 3 were eligible to claim BLAST tokens. However, there was an issue with the BLUR Season 3 airdrop contract, causing some users to encounter prompts requiring them to pay over $1000 in gas fees to claim their tokens.
Regional focus:
(1) In Asia, tokens such as ETH and ADA are particularly prominent in search trends, mainly due to signs of a market rebound yesterday. Asian users are keenly watching for trading opportunities with these major tokens.
(2) In Europe and the Americas, recent popular tokens and projects, including NOT, Depin, AI, FLOKI, and SHIB, have surged in search popularity. Additionally, searches for Bitget have climbed into the top ten among Italian users.
(3) The CIS region focuses on a wide range of projects, including BLAST, GRASS, and ETH.

4. Potential Airdrop Opportunities

Tonstakers
Tonstakers is the largest liquid staking service provider in the TON ecosystem. Users can stake their TON in the protocol to earn a 3.8% APY. The project currently boasts a TVL of $256 million, indicating a high potential valuation.
It has garnered attention from the Ton Foundation and currently has 68,000 stakers. Tonstakers collaborates with Ton's core developers, Tonkeeper, and OKX, which supports its potential for future token issuance.
How to participate: 1. Visit the project's official website and select Stake Now; 2. Connect your Ton wallet to stake.
EVAA
EVAA is the largest lending protocol in the TON ecosystem, where users can deposit assets like TON, USDT, and stTON to earn lending profits. The project's current TVL is $40 million, suggesting a high potential valuation and opportunities for potential gains through airdrops.
The project has captured the attention of the Ton Foundation and has been running EVAA XP Mining since March 29. The project team is transparent, and the core developers have a Ton Foundation background, which ensures official support.
How to participate: 1. Visit the project's official website, find the Supplies portal, and select the asset you wish to deposit; 2. Link your Ton wallet to supply.
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