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Bitget Research: Bitget Launchpool Layer 3 Opens for Investment, Solana Ecosystem Continues to Show Significant Wealth Creation Effects

Victoria & John
2024/07/31
Bitget Research: Bitget Launchpool Layer 3 Opens for Investment, Solana Ecosystem Continues to Show Significant Wealth Creation Effects
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

In the past 24 hours, BTC briefly fell below $66,000 and is now fluctuating around $66,500. With market recovery, sectors and tokens worth considering for investment include:
  • Sectors with strong wealth creation effect: Major memecoins, SOL, and its ecosystem.
  • Top searched tokens and topics: Layer 3, Solana, and Deso.
  • Potential airdrop opportunities: LayerN and Skate.
Data collection time: July 31, 2024, 4:00 AM (UTC)

1. Market Environment

In the past 24 hours, BTC briefly fell below $66,000 and is now fluctuating around $66,500. On Monday, the on-chain activity for Bitcoin increased significantly compared to the weekend, indicating that the impact of Trump's speech not only persisted over the weekend but also intensified. This led to a temporary rise in Bitcoin's price to $70,000 before the US stock market opened. However, after the stock market opened yesterday, Bitcoin's price gradually fell, indicating that the market is digesting the impact of Trump's speech. Yesterday, the total net inflow into spot Ethereum ETFs was $33,668,300. The Grayscale Ethereum Trust ETF (ETHE) saw a net outflow of $120 million in a single day, and ETH did not drop as much as BTC. Moving forward, it is important to monitor Grayscale's holdings. As the market recovers, it may be wise to consider investing in promising tokens, such as SOL and its ecosystem tokens PYTH and RAY.
On the macroeconomic front, the key events this week include the ADP employment report on Wednesday, the interest rate decision on Thursday, and the unemployment rate on Friday. Adjustments to interest rates at July's meeting are almost impossible, especially as there is no market expectation for a rate cut, so focus will be on whether Powell hints at a possible rate cut in September during the Q&A session. Currently, the market generally believes that the Federal Reserve will start cutting rates in September, with the CME indicating a nearly 90% probability of a rate cut.

2. Wealth Creation Sectors

2.1 Sector Movements — Popular Memecoins (BONK, PEPE, and BOME)

Primary reasons:
  • Blue chip tokens such as ETH and SOL have started to rebound.
  • The market's focus on the memecoin sector has increased, with BOME recently seeing high popularity on community platforms and X.
Gainers: BOME briefly touched 0.0103 USDT, with a 24-hour increase of 20.53%.
Factors affecting future market conditions:
  • Quote token trend: The price trend of SOL can affect the price of BONK, as BONK on DEXes is quoted in SOL. Keep an eye on the price trends of ETH and SOL. If ETH and SOL maintain their upward trend, holding meme assets in their ecosystems is advisable.
  • Value discovery: As market attention shifts towards memecoins, BOME remains at a historical low. Although BOME peaked at its initial launch, it has not yet experienced a second surge, indicating potential for significant growth.

2.2 Sectors to Focus on Next – SOL and Solana Ecosystem

Primary reasons:
  • SOL has shown strong price performance, rebounding by 50% from its low over the past month. The SOL/BTC exchange rate increased by 20% and the SOL/ETH rate by 39% during the same period.
  • On July 28, Solana's 24-hour DEX trading volume surpassed the combined volumes of Ethereum and Arbitrum. On July 24, Solana's DEX trading volume over the past 30 days exceeded Ethereum's for the first time.
  • Over the weekend, the launch of the Neiro concept memecoins significantly boosted the memecoin trading volumes within the Solana ecosystem, with the top two Neiro tokens amassing over $550 million in DEX trading volume in the past 24 hours, noticeably outperforming the Nero tokens on the Ethereum chain.
  • The Solana Breakpoint 2024 conference is scheduled for September 20-21 in Singapore. Unlike other projects that typically decline in value around such events, SOL demonstrated remarkable surge in price around the 2023 Breakpoint conference, breaking through several key resistance levels from $30.
Gainers: SOL has risen 3% in the past 7 days.
Factors affecting future market conditions:
  • Development of the Solana ecosystem: Whether Solana DEX trading volume can be sustained and whether the activity within the Solana memecoin sector continues.
  • The ongoing innovation within the Solana ecosystem, including developments in Solana Blinks and updates from key projects around the time of Solana Breakpoint 2024.
  • Expectations for a spot Solana ETF: Yesterday, Solana's price dropped along with the broader market. With the Ethereum ETF already launched, the market is anticipating which ETF will be next. However, Nate Geraci, president of The ETF Store, mentioned in a post on X that the SEC no longer viewing tokens like SOL as securities does not increase the chances of approval for a spot SOL ETF. For ETF approval, one of the following conditions must be met: a sufficiently long trading history of SOL futures on the CME, a comprehensive cryptocurrency regulatory framework, or administrative reforms.

3. Top Searches

3.1 Popular DApps

Layer3
On July 30, the project opened airdrop claims. Users can choose to stake L3 to receive rewards, with a 7-day withdrawal period after unstaking. Tokens locked by the team, venture capitalists, and advisors will start vesting after 12 months and cannot be staked. Bitget Launchpool has listed Layer 3 (L3) and is now open for staking. The current BGB prize pool APR is 36.02%.

3.2 X (former Twitter)

Bitget Research: Bitget Launchpool Layer 3 Opens for Investment, Solana Ecosystem Continues to Show Significant Wealth Creation Effects image 0
Solana:
Yesterday, Solana's price dropped along with the broader market. With the Ethereum ETF already launched, the market is anticipating which ETF will be next. However, Nate Geraci, president of The ETF Store, mentioned in a post on X that the SEC no longer viewing tokens like SOL as securities does not increase the chances of approval for a spot SOL ETF. For ETF approval, one of the following conditions must be met: a sufficiently long trading history of SOL futures on the CME, a comprehensive cryptocurrency regulatory framework, or administrative reforms.

3.3 Google Search (Global and Regional)

Bitget Research: Bitget Launchpool Layer 3 Opens for Investment, Solana Ecosystem Continues to Show Significant Wealth Creation Effects image 1
Global focus:
DeSo
DeSo is a decentralized social media blockchain designed to overcome the limitations of traditional platforms, fostering an open, user-centric, censorship-resistant ecosystem. Like traditional social protocols, it links personal profiles and digital content. Account details are typically NFTs, and whether the content is posts, videos, or comments, it's associated with core accounts, either on-chain or off-chain. Currently, there are no significant operational updates for the project.
Regional focus:
(1) The hot topics in Europe and the Americas are relatively dispersed without a clear pattern. However, the USA and the UK show a greater focus on chain projects.
(2) There are no significant trends in Asia, but the tokens of interest are mainly projects on the Ethereum chain. This includes restaking projects like EtherFi and RWA and memecoin projects like ONDO and PEPE.
(3) Latin America shows a higher interest in memecoins, with SHIB, BONK, and FLOKI appearing on trending searches in Mexico, Brazil, and Chile, respectively.

4. Potential Airdrop Opportunities

LayerN
Layer N is a high-performance rollup network designed to scale financial applications on Ethereum. It consists of ultra-high-performance, modular rollups with top-tier scalability and a shared communication layer for unified liquidity.
Layer N raised US$5 million in seed round funding led by Founders Fund and dao5.
How to participate: Visit the project website, connect your wallet, link social media accounts, and go to http://nord.layern.com to connect your wallet and trade ETH 4 to 8 times. Then, visit https://app.galxe.com/quest/layern/GCdcmthdaA... to connect your wallet and complete the simplest task ever, which is to claim points.
Skate
Skate aims to integrate all chain application layers, breaking the isolation of DApps. This means DApps can run on multiple blockchains with a unified state. New blockchains can also connect to Skate, allowing users and developers to interact solely with Skate for instant access to various networks while maintaining unified liquidity. The project will airdrop 8% of the tokens.
Skate originated from the on-chain asset management protocol Range Protocol, which secured $3.75 million in seed round funding in September last year, co-led by HashKey Capital and Nomad Capital.
How to participate: Currently, completing simple tasks can earn 600 Ollies points and an early bird NFT. Connect your wallet and complete simple social media tasks like retweeting posts to mint an early bird NFT free of gas fees. Inviting friends can earn more points.
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