Daily News | Blast Mainnet Goes Live; The Meme Sector Saw A General Increase of Over 25%; WLD Developer Acquires Solana Wallet

2024-03-01, 04:20

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## Crypto Daily Digest:  The Blast mainnet has been launched; The meme coins have generally risen; Worldcoin developer acquires Solana-based wallet
Let's take a look at the trading activities of <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. On February 29, Grayscale's GBTC funds flowed out again significantly, reaching $599 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $44.8 million, Bitwise Bitcoin spot ETF (BITB) inflow was $21.7 million yesterday, and ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $9.9 million yesterday.

Eric Balchunas, senior ETF analyst at Bloomberg, said that the surge in demand for Bitcoin caused by ETFs, coupled with a decrease in available supply, may trigger a short-term speculative cycle for digital assets. "You may experience a period of spiral ascent."

The mainnet of <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>'s interest-generating Layer 2 network, Blast, has officially launched. Prior to this, Blast had 180,000 preemptive users and a TVL of over $2.3 billion. The assets on this platform include approximately 469,000 ETH, 77.3 million USDC, 67.1 million USDT, 148,000 stETH, and 24.7 million DAI. With the launch of the mainnet, users can now withdraw funds.

Blast was created by Tieshun Roquerre, founder of Blur in the NFT market, to provide native revenue models for Ethereum and stablecoins, with the former earning 4% interest and the latter earning 5% interest. According to the platform's website, the platform's early visits accumulated over 180,000 community members and locked in a total value (TVL) of over $2.3 billion.

Meanwhile, SynFutures has also launched its V3 platform on the Blast mainnet, and SynFutures has launched a point reward program. According to insiders, SynFutures plans to launch its native tokens this year.

SynFutures is a DEX focused on crypto perpetual futures trading, which has launched its latest version V3 on Ethereum and a point reward program called Oyster Odyssey. SynFutures stated that its V3 users will also be eligible for the upcoming Blast airdrop.

Rachel Lin, co-founder and CEO of SynFutures, stated that users will receive dual points from Blast and Oyster Odyssey, and 100% of Blast's developer airdrops will be returned to participants. SynFutures has raised approximately $38 million in total funding and has received support from Pantera Capital, HashKey Capital, and others.

In the temporary sideways trend of Bitcoin, Memecoin's market value has risen by over 27% in the past 24 hours. The main Memecoins, such as Dogebonk and Bonk, increased by approximately 34% and 54% respectively.

Nansen data reporter Martin Lee stated that the growing risk sentiment had driven the recent rise in the Memecoin market. "Bitcoin is rapidly approaching its previous historical high," Lee told The Block. "As market risks increase, capital will begin to <a href="/id/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> towards more speculative tokens, and memes are the most suitable choice."

The leading developer of Worldcoin, Tools For Humanity, has acquired Ottr Finance, a digital wallet startup based on <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>. This acquisition seems to be at least partially aimed at helping Worldcoin attract new users, many of whom are new to web3, and Worldcoin will provide wallet services for them.

WLD is a "proof of personality" project that uses spherical devices to scan a person's iris and determine that they are a unique person, and then provides them with crypto tokens. According to the World Coin website, it has nearly 3.9 million people registered.

Ottr Finance stated that it will close Solana-based wallets and integrate them into Tools for Humanity to help Worldcoin fulfill its mission. Ottr said in a statement, "We quickly learned about helping Worldcoin establish the world's largest human network to enhance online trust in the era of artificial intelligence and the value of entering the global economy."

Since its establishment, Ottr Finance's wallet has launched features such as seamless integration with US bank accounts, gas-free transfers and transactions, and password-free cloud backup. The easy integration with Bank of America may help Tools for Humanity in the future.

## Market trends: Market clearance leverage BTC pullback, spot ETF continues to buy
According to Gate.io market data, BTC prices are experiencing a normal price correction. The market has begun to clear leverage, with a slight decrease in contract rates, and the overall liquidation amount has reached $350 million, with the main target of liquidation being the bullish chasing higher positions. At the same time, the US stock market has shown an upward trend. Although the inflation data still rose monthly, it met expectations.
![](https://gimg2.gateimg.com/image/article/17092670571.png)
Source: Coinglass

Yesterday's data showed that a total of 8 ETFs increased their holdings of 14,934 BTCs, equivalent to approximately $940 million, while Grayscale only reduced its holdings of 2,223 BTCs, equivalent to roughly $139.8 million. Specifically, BlackRock increased its holdings of 10,140 BTCs, approximately $638 million, while Fidelity increased its holdings of 4,066 BTCs, approximately $255.9 million.
![](https://gimg2.gateimg.com/image/article/17092670752.png)
Source: Lookonchain

### Web3 Dynamics:
1. After the launch of the Blast mainnet, the TVL (total lock in value) exceeded $2 billion, second only to Arbitrum's $3 billion, with over 150,000 active addresses. According to official news, 50% of Blast airdrops will be allocated to Blast point users, and the remaining 50% will be allocated to Blast Dapp. Presently, the most anticipated project on the Blast chain is Yolo, which is likely a twin project of the NFT exchange LooksRare. The official has confirmed that a significant portion of the YOLO token will be allocated to future LOOKS token stakers.

2. Blur third round start: Blur is suspected to undergo the third round of BLUR SEASON 3.

### Market hotspots:
1. SOL prices hit a new high in two years: After consolidation, SOL broke through on a weekly basis, reaching a new high since May 2022. The BONK, WIF, RAY, and other projects of the Solana ecosystem have followed suit. inflows of US funds mainly drive this bull market, so the spillover effects on US projects may be more pronounced.

2. The AI concept continues to be hot: projects such as FET and ARKM in the AI concept have seen a significant increase, consistent with previous predictions. As a fresh story in the industry, AI has attracted more user attention. In addition, the NVIDIA AI Conference will be held on March 18, and AI concept tokens may experience a wave of popularity before and after the conference.

3. Grayscale is putting pressure on the SEC: Grayscale is putting pressure on the US Securities and Exchange Commission (SEC) to seek approval for Bitcoin spot ETF option trading.

At the same time as the BTC correction, the market has shown various dynamics. Investors should closely monitor changes in BTC prices and adjust their investment strategies promptly. In addition, new projects and market hotspots in the Web3 field are also worth paying attention to, which may bring more investment opportunities. However, investment must be cautious, and assets should be allocated reasonably based on individual risk tolerance.

## Macro: Inflation data released, global stock markets rising, S&P 500 and Nasdaq reach new highs; The House Finance Committee has decided to overturn the SEC's custody announcement
On February 29, Reuters reported that the S&P 500 and Nasdaq indexes closed at historic highs on Thursday, while global stock market indices rose on Thursday. The S&P index rose 5.17%, the Nasdaq index rose 6.12%, and the Dow index rose 2.22%, all of which rose for the fourth consecutive month. The US inflation data relieved investors and helped drive down US treasury bond yields.

The Nasdaq index hit a new closing high for the first time in more than two years, as Wall Street rebounded from the previous trading day's decline as investors remained cautious ahead of the release of US Personal Consumer Expenditure (PCE) price index data, as recent consumer price index (CPI) and producer price index (PPI) data exceeded expectations.

In the end, the Federal Reserve's preferred inflation indicator, PCE data, showed the smallest annual increase in inflation in nearly three years, allowing the possibility of a rate cut by the Federal Reserve in June to be preserved. TD Wealth strategist Sid Vaidya said, "Today's market trend does reflect that we haven't seen inflation accelerate again, which is a relief for us. This has affected the fixed income and stock markets."

According to CME's FedWatch tool, the market currently believes that the likelihood of the Federal Reserve lowering interest rates in June is 62%.

Regarding treasury bond bonds, the yield of a benchmark 10-year treasury bond fell 0.6 basis points to 4.268% from 4.274% late Wednesday, while the yield of a 30-year treasury bond fell 2.2 basis points to 4.3884%. The yield of a two-year treasury bond is generally in line with interest rate expectations, showing 4.6477%, basically unchanged from 4.648% late Wednesday.

In terms of gold prices, gold hit a one-month high on Thursday as the US dollar fell after the release of expected US inflation data. Traders turned their attention to further comments from Federal Reserve officials seeking clues to interest rate cuts. Spot gold reported $2,045.59 per ounce, up 0.5%. US futures rose 0.6% to $2,054.40.

In terms of commodities, oil prices have fallen after US data sent complex signals about the outlook for crude oil demand in the world's top economies. US crude oil prices fell 0.36% to $78.26 per barrel, while Brent crude oil prices fell 0.07% to $83.62 per barrel.

The House Financial Services Committee voted on Thursday during a price hike to repeal the SEC's Employee Accounting Statement No. 121 (SAB 121), which requires companies that hold cryptocurrencies to record their customers as liabilities on their balance sheets. The crypto industry is concerned that it may affect banks providing custody services for digital assets.

Nebraska Congressman Mike Flood, who proposed the resolution, stated that for banks, custodial assets, including securities, are always considered "off-balance sheet" items, and "the consequences of requiring banks to hold these assets on their balance sheets are very serious."

"If a bank entrusts digital assets under SAB 121, the processing on its balance sheet will affect its other regulatory obligations, such as capital and liquidity requirements. The ultimate result is that the bank must choose to entrust digital assets, thereby exaggerating its balance sheet and seriously impacting all other business lines, or completely exiting the market."

Flood also stated that SAB 121 might affect spot Bitcoin exchange-traded funds, and banks will not be able to become custodians of these ETFs.

Members of the House of Representatives passed this bill by 31 votes to 20, but the bill still needs to be submitted to the plenary session of the House of Representatives and ultimately to the Senate for review. According to the law, this announcement must be reviewed by Congress before it takes effect, so legislators are expected to discuss SAB 121 in 2024.

<div class="blog-details-info">
<div>Author:**Sherry S.**, 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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