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Bitget Research: Bitcoin Bounces Back After Dropping Below $60,000, BounceBit and Avail To Launch Airdrops
John & Victoria
2024/04/19
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 response to a retaliatory strike by Israel against Iran early Friday morning (UTC+8), Bitcoin fell by 5%, dropping below $60,000 before quickly recovering above this level, indicating strong market resilience. With less than a day until the Bitcoin halving, the Bitcoin restaking chain, BounceBit, is set to launch.
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Sectors with strong wealth creation effects: Base ecosystem, Ton ecosystem, and Bitcoin Layer 2 chains.
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Top searched tokens and topics: Seraph, Runes, RWA, and FLOKI.
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Potential airdrop opportunities: Myshell and Renzo.
Data collection time: April 19, 2024, 4:00 AM (UTC)
1. Market Environment
Following Israel's retaliatory strike against Iran in response to last week's missile attack, Bitcoin dropped 5%, breaking below $60,000, and then quickly recovered above this level. U.S. stock index futures also fell, while oil prices rose.
In terms of popular projects, Avail and Bouncebit are about to launch airdrops and tokens. Today, Avail announced its airdrop rules and launched an airdrop query website, rewarding developers across the blockchain ecosystem, testnet contributors, aggregate users, Polygon PoS stakers, and community members who have made significant ecosystem contributions. The Bitcoin restaking chain BounceBit also announced its launch on Binance Megadrop, with 8% of the tokens being airdropped to participants.
2. Wealth Creation Sectors
2.1 Sector Movements — Base ecosystem (DEGEN and SEAM)
Main reason: Base announced on social media that it has selected ten teams for the 2024 Base Builder Grant’s sixth round. Base continues to provide sustained financial support for ecosystem development, fueling the enthusiasm of the chain’s developers and enriching the ecosystem. Additionally, Base ecosystem projects are increasing their collaborations, with the Seamless Protocol announcing support for DEGEN and SEAM tokens, expanding asset diversity.
Gainers: Over the past 24 hours, DEGEN has increased by 10.28%, SEAM by 4.46%, with an approximate 7-day gain of 10%.
Factors affecting future market conditions:
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TVL and fund inflows in the Base ecosystem: Base ecosystem’s TVL has surpassed $1.48 billion, rising over 112% in the past month and ranking sixth among blockchains. If capital continues to flow steadily, the overall token prices in the ecosystem could rise further. Additionally, exchanges are accelerating the listing of Base tokens, indirectly affecting the TVL through secondary market fund inflows.
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Coinbase business volume: The majority of capital flowing into the Base ecosystem originates from Coinbase, which has captured substantial buying interest from ETFs. Furthermore, most of the applicants of spot Ethereum ETFs, the final outcome of which is due in May, selected Coinbase as their custodian. Approval of the spot Ethereum ETFs would likely boost Coinbase's business volume and benefit the overall Coinbase ecosystem.
2.2 Sector Movements — TON ecosystem (STON and TGRAM)
Main reasons: 1. TON announced on social media that it will make a significant announcement soon. The accompanying poster included Tether, the AMM protocol STON.fi, and the staking protocol Tonstakers, which has led investors to buy into these related projects. 2. The Ton ecosystem memecoin project Notcoin announced on social media that it would launch the NOT token on April 20, stating that users could obtain wNOT on Shardify and exchange it for NOT after the TGE.
Gainers: In the past 24 hours, STON has increased by 12.2%, and TGRAM by 22.97%.
Factors affecting future market conditions:
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Wealth effect of Launchpad: The majority of high-volume tokens in this sector originate from Ton ecosystem's Launchpad projects, exhibiting wealth effects ranging from 10x to 100x. If such wealth effects can be replicated in future projects, the hype around the Ton blockchain is expected to increase further.
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Notcoin's pre-listing performance: As the hottest project on the Ton chain, Notcoin is drawing considerable attention with over 27 million players and 1.68 million followers on X (former Twitter). Its trading volume on Getgems is over 3.1 million TON, equivalent to $21 million. If the Notcoin launch on April 20 is well-received by the market and the token price performs well, it could further elevate the Ton ecosystem's potential.
2.3 Sectors to Focus on Next — Bitcoin L2 Chains
Main reason: With the Bitcoin halving approaching, BTC ecosystem projects have become the focus of market attention. CKB, as a prototype project for the UTXO Stack, is highly favored and considered one of the best representatives of Bitcoin Layer 2 technology. Recently, the asset issuance protocols based on RGB++ has been gaining traction, bringing a wealth creation effect to the ecosystem. Similarly, new coin listings have brought fresh excitement to Bitcoin's Layer 2 chains. Merl and BB have been listed on exchanges such as OKX and Binance, with large number of airdrops awaiting profit realization.
Specific tokens:
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CKB: The recently popular RGB++ protocol it developed is part of the BTC ecosystem's asset issuance protocols, contributing positively to the ecosystem's wealth effect.
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BB: BounceBit is a BTC restaking chain. BB has a maximum supply of 2.1 billion, with an initial circulation of 409.5 million, and is a project invested by Binance Lab. Binance will list BB after the Megadrop is completed.
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MERL: The Merlin Chain, a Layer 2 project based on the Bitcoin network, was launched by the Bitmap Tech team in January. Merlin Chain's on-chain TVL has reached $3.1 billion, making it the project with the highest TVL among Bitcoin L2 projects.
3. Top Searches
3.1 Popular DApps
Seraph (not issued yet):
Developed by Seraph Studio, the ARPG dark fantasy treasure-hunting game "SERAPH: In the Darkness" officially started its pre-season yesterday. The game is incubated and funded by South Korean gaming giant Actoz Soft, and it retains the core gameplay of classic dark-style games while incorporating multiple MMO elements such as AI companionship, team multiplayer, and PVP leaderboards, enhancing the game's playability and social interaction. SERAPH is currently a highly notable title in the "second generation of blockchain games." This dark-themed ARPG has completed its third round of testing, which was so popular that players eagerly purchased test activation codes to experience the game early. Not only are Web3 players highly enthusiastic about SERAPH, but the significant interest from Web2 players, with a notable 55/45 split between the two, shows that the game's popularity has extended beyond the traditional boundaries of Web3. Investors can participate in its new testing phase.
3.2 X (former Twitter)
Nansen:
Recently, the data analytics platform Nansen announced the integration of zkSync into its blockchain data tools, launching a zkSync dashboard to provide on-chain data and analytics for the zkSync ecosystem. Additionally, its founder Alex Svanevik stated on the X platform that Nansen plans to launch a PnL (profit and loss calculation) feature, which is currently being tested. This announcement has sparked considerable discussion and engagement within the Twitter community.
3.3 Google Search (global and regional)
Global focus:
Runes:
The BTC ecosystem continues to see new developments as the BTC halving approaches. The Ordinals founder, Casey, is set to launch the genuine Runes protocol around April 20th. Yesterday, Magic Eden posted on the X platform that they will launch the Runes platform on April 23. Following the launch of the Runes protocol, the market's attention to BTC and its ecosystem is likely to increase, potentially leading to noticeable wealth effects. Currently, RSIC (Runecoin) can be purchased on Whales Market for $0.033. It is essential to keep an eye on the developments.
Regional focus:
(1) The English-speaking countries and Asia show significant interest in RWA:
This week, the overall market has been volatile, but the RWA sector has demonstrated a strong resistance to declines. Following the launch of Parcl, the community enthusiasm and a slight wealth effect have kept the interest in this topic high in both English-speaking countries and Asia. Several globally renowned asset management institutions, such as BlackRock, are involved in the development of the RWA sector. As traditional finance continues to embrace new technologies to integrate financial products into the blockchain space, this sector's market share is expected to increase continuously.
(2) Africa, Latin America, and the CIS region continue to show high interest in the FLOKI token:
FLOKI has frequently become a trending word in the Middle East and Latin America, indicating a general high interest in memecoins in these regions. Additionally, FLOKI, being a major memecoin traded on local exchanges with local trading pairs, has a substantial user base. In volatile market conditions, speculating on memecoins like FLOKI is also quite common.
4. Potential Airdrop Opportunities
MyShell
MyShell is a Web3-supported AI platform that allows users to create personalized chatbots, referred to as “Shells.” The platform boasts about 50,000 creators and over 1 million registered users, and its ecosystem includes tools and services like OpenVoice, MeloTTS, and Alice. The project has a large user base and a clear airdrop plan on its website, providing an opportunity for early participation.
The project has an impressive financing background. Yesterday, MyShell announced the completion of a $11 million pre-Series A funding round, led by Dragonfly, along with angel investors such as Bankless Ventures, Balaji, and Lllia. The project completed a $5.6 million seed round at a valuation of $57 million, with investment from INCE Capital, Hashkey Capital, and Folius Ventures.
To participate in the airdrop, users can register an account on the official website and earn shell credits by completing daily tasks, such as creating a Telegram bot. The upcoming airdrop rewards will be based on these shell credits. The token exchange for credits is currently in its seventh season, and participation is still open.
Renzo Protocol
Renzo is a restaking protocol built on EigenLayer. Renzo simplifies the complex re-staking process for end users, eliminating the need for users to actively select and manage operators and reward strategies. With a current TVL of $1.8 billion, the protocol stands as the second-largest project in the liquid restaking sector.
The project has raised over $3.2 million in a seed funding round this year, and it has a valuation of $30 million. Participating investors include Binance Labs and OKX Ventures, and the project's future token launch is also expected to receive support from leading exchanges. With the upcoming token launch approaching, its TVL is expected to keep increasing. The token airdrop's wealth creation is anticipated to be positive, given EtherFi's contribution to the overall sector valuation.
How to participate: (1) Stake ETH on Renzo Protocol's official website to acquire ezETH; (2) Deposit ezETH on other DeFi platforms to earn interest.
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