Daily News | Ordinals Releases Genesis Rune, Wormhole Begins Airdrop Claims; The New Phase of the Arbitrum Foundation Funding Program; Global Market Is Flat

2024-04-01, 04:11

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## Crypto Daily Digest: The founder of Ordinals has released the genesis rune, and Wormhole has announced the start of airdrop claims; The third phase of the Arbitrum Foundation funding program
The market is closed on Friday, and there is no trading activity for <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs.

Casey, the founder of the Bitcoin NFT protocol Ordinals, has released the Runes document, allowing Bitcoin to trade etched, minted, and transferred native digital goods. Although each in_script_ion is unique, each unit of the rune is the same; they are interchangeable tokens suitable for various purposes.

He posted on the X platform stating that a good feature of runes is that minting terminology is very flexible and expressive. In addition to the maximum number of minting, users can also specify the start and end times, which are absolute block heights and relative block counts after the etching is excavated.

On April 1, Casey announced the release of the genesis Rune UNCOMMON•GOODS, which will open minting after halving until the next halving block, and is an unlimited number of runes with limited blocks. This rune can be minted once and has a separability of zero.

The cross chain protocol Wormhole announced on the X platform that airdrop claims will begin at 11:30 am (UTC) on April 3, 2024.

Wormhole is a distributed and universal cross chain information transmission protocol, aiming to achieve asset and information transmission between blockchain networks. As a communication medium for blockchain or Rollups, this protocol currently provides developers with over 30 liquidity and user channels on mainstream blockchain networks, covering various claiming scenarios such as DeFi, NFT, and governance. In 2023, it completed a new round of financing with a valuation of $2.5 billion.

The <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Layer2 solution, Arbitrum, may launch a new funding program. The Arbitrum Foundation has announced that the second phase of its funding program, the Arbitrum Foundations Grants Program, has been completed, with a claiming deadline of April 3, 2024.

The third stage is about to start: new claims will be accepted on April 15, 2024, and will continue until the end of June. At this stage, the foundation will continue to focus on the dApp field but will introduce more standardized funding methods, mainly focusing on vertical projects such as gaming, NFT, social media, DAO, DeFi, etc.

## Market Trends: BTC's high-level horizontal trend, Solana's ecosystem project is soaring
Bitcoin (BTC) remains above $70,000, and the overall market shows an upward volatility trend. Presently, market speculation mainly focuses on the <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> and Base ecosystems, while many on-chain 100x coin projects have emerged. On the macroeconomic front, the US stock market was closed due to the Easter holiday, while the US PCE (Personal Consumer Expenditure Price Index) inflation data met expectations.
### Market Hotspots
Solana's ecosystem boom: SOL prices have risen significantly, reaching over $200, driving up currencies such as WIF, BOME, JUP, JTO, and RAY for Solana's ecosystem projects. It is worth noting that the market value of Jito and Jupiter projects on the Solana chain has surpassed similar projects, Lido and <a href="/id/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a>, in the Ethereum ecosystem. In addition, the Meme project on the Solana chain is still active, especially with the emergence of many cat-like Memes.

The Base Chain received attention: The numerous Meme projects on the Base Chain attracted most of the market's attention over the weekend, with MFER rising 100 times in just two days. At present, the number of addresses on the Base chain has exceeded 5.5 million, and transaction volume has also reached a historic high.

CORE rise: The price of public chain CORE has increased by more than 5 times in a single week, and negative rates as high as -0.08% have appeared in the Gate.io exchange contract, indicating a clear bearish sentiment in the market.

The stablecoin prptocol LQTY has seen a significant increase: the price of LQTY has risen by more than 20% in a single day, and due to the impact of the upcoming ETHNA project, the market has placed early bets on similar projects.

LSDfi's PENDLE has reached a historic high: PENDLE has once again reached a historic high, and its TVL (Total Value Locked) has also reached a historic high. Re-staking track remains one of the most eye-catching stories in this bull market.

Overall, market hotspots are concentrated in areas such as Solana ecosystem, Base ecosystem, and LSDfi. Investors should closely monitor these hotspots and adjust their investment strategies in a timely manner based on market conditions while being cautious in responding to market risks.

## Macro: The Easter market holiday has led to a dull market, and investors are betting that tight supply will lead to an increase in oil prices
On March 29, due to multiple countries being closed for the Easter holiday, global market trading volume showed a lackluster trend. The data released by the U.S. Department of Commerce's Bureau of Economic Analysis last Friday showed that the Personal Consumption Expenditure (PCE) price index rose by 0.3% in February, lower than the 0.4% increase previously predicted by economists surveyed by Reuters.

The Japanese yen hit a 34-year low of 151.975 against the US dollar on Wednesday, and slightly rebounded against the US dollar on Monday, rising slightly to 151.315.

The release of PCE data has consolidated market expectations for a rate cut in June, leading to a relatively stable performance of the US dollar and the Japanese yen becoming the focus of market attention. The USD/JPY exchange rate remains hovering around 152, which makes traders nervous about potential risks to the USD/JPY exchange rate and may require intervention to stabilize the situation.

Regarding the Asian market, South Korea showed a sixth consecutive month of growth in chip exports in March, with exports increasing by 3.1% compared to the same period last year and 4.8% a month ago. This is also a manifestation of the momentum for global economic recovery, as South Korea's position in the semiconductor and other high-tech product fields makes it a barometer of global demand. At the same time, China criticized the United States for tightening semiconductor export regulations, stating that these regulations have brought more obstacles to trade and added more uncertainty to the chip industry.

Regarding commodities, despite a slight drop in oil prices on Monday, expectations of tight supply, attacks on Russian refineries, and optimistic Chinese manufacturing data still support most of the recent increase in oil prices.

Brent crude oil prices fell 17 cents, or 0.2%, to $86.83 per barrel, up 2.4% last week. The price of West Texas medium crude oil in the United States fell by 11 cents, or 0.1%, to $83.06 per barrel, following a 3.2% increase last week.

Russian Deputy Prime Minister Alexander Novak stated last Friday that Rosneft will focus on reducing production rather than exports in the second quarter, to evenly distribute the reduction with other OPEC+member countries. Analysts point out that the geopolitical risks faced by crude oil and heavy raw materials supply have exacerbated the strong demand fundamentals for the past 24 years in the second quarter.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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