TL;DR

• Bitcoin rebounded to around $59,000 after briefly dipping to $57,129. Similarly, Ethereum found support near $2,400 and subsequently rose to around $2,500.
• Altcoins began to recover over the past 24 hours, mirroring BTC’s movements, with significant gains in sectors like BTC Ordinals, Solana Meme, and Yield Farming.
• The S&P 500 increased by 1.01%, the Nasdaq by 1.13%, and the Dow Jones by 0.55%, while spot gold prices fell by 0.16% to $2,495.57 per ounce.
• Pendle’s eBTC TVL surpassed $15 million, making it the highest-yielding BTC staking project among those with TVL over $1 million.
• The Fractal testnet will raise its inscription fee to 0.01 tFB (testnet Fractal Bitcoin) due to a surge in bot activity.
• Today, four projects announced funding rounds, with the largest disclosed amount being $6 million, covering sectors such as AI, DeFi, stablecoins, and Ethereum Layer 2 solutions.

Market Analysis

According to Gate.io, as of 4:00 UTC on September 3 [1]:

• BTC —— Over the past 24 hours, BTC experienced significant price fluctuations. On September 2 at 7:00 UTC, the price sharply declined, hitting a low of $57,129. After a period of consolidation, BTC rebounded to $59,425.69 by 1:00 UTC on September 3. The short-term moving averages have turned bullish, indicating a clear rebound trend, though trading volume has not significantly increased, suggesting potential resistance ahead. As of 4:00 UTC on September 3, BTC was priced at $59,155, reflecting a 24-hour increase of approximately 3.28%.[2][3]

• ETH —— In the past 24 hours, ETH’s price movement closely mirrored BTC’s. After a sharp decline, ETH also showed a rebound trend, finding support around $2,400 and establishing a short-term upward trend. The short-term moving averages have crossed above the medium to long-term moving averages, indicating bullish dominance. However, the price encountered resistance at $2,564.83 and subsequently pulled back. As of 4:00 UTC on September 3, ETH was priced at $2,535, reflecting a 24-hour decline of approximately 3.85%.[4][5]

• Altcoin —— Over the past 24 hours, altcoins have seen broad gains following BTC’s rebound, with notable increases in sectors like BTC Ordinals, Solana Meme, and Yield Farming.[6]
• U.S. Stock Indices —— The S&P 500 rose by 1.01%, the Nasdaq by 1.13%, and the Dow Jones by 0.55%.[7]
• Spot Gold —— Spot gold prices fell to $2,495.57 per ounce, down 0.16% for the day.[8]
• Fear and Greed Index —— The Fear and Greed Index remains at 26, indicating a state of fear, reflecting dampened enthusiasm in the cryptocurrency market and weak investor confidence in Bitcoin’s future trajectory.[9]

Top Performers

According to Gate.io, based on trading volume and price performance over the past 24 hours, as of 4:00 UTC on September 3, the following tokens are trending:

VIC—— Daily increase of approximately 28.67%, with a circulating market cap of $43.28 million.

Viction (VIC) is a Layer 1 blockchain project that evolved from TomoChain, focusing on providing a zero-fee trading environment, allowing users to transact without paying in native tokens, thereby lowering the barrier to blockchain adoption. VIC uses a Proof of Stake (PoS) consensus mechanism, supported by 150 master nodes, and is compatible with the Ethereum Virtual Machine (EVM), enabling it to support Ethereum-based smart contracts.

Recently, Viction’s Data Availability (DA) network went live on the mainnet, which may be a key factor behind its significant price increase in a single day.[10]

PNG—— Daily increase of approximately 21.73%, with a circulating market cap of $59.79 million.

Pangolin is a decentralized exchange (DEX) built on Avalanche, allowing users to participate in on-chain voting and contribute to development and governance decisions by holding PNG tokens. Pangolin supports cross-chain trading, enabling users to trade assets from different blockchains on a single platform. Additionally, Pangolin offers staking and “super farming” features, allowing users to earn rewards by participating in these activities.

Recently, Pangolin announced the upcoming launch of its V3 , along with a staking campaign for PNG tokens to enhance rewards. These developments are likely contributing to the recent price increase.[11]

ORDI—— Daily increase of approximately 19.5%, with a circulating market cap of $654 million.

Ordi is the first BRC-20 token based on the Ordinals protocol. The Ordinals protocol is an innovative mechanism that allows users to embed data directly into each satoshi (the smallest unit of Bitcoin) on the Bitcoin blockchain. This process is known as “inscription,” enabling the Bitcoin network to issue and trade digital assets like tokens or NFTs.[12]

Over the past 24 hours, the overall BRC-20 token sector has seen a 16.0% increase. This may be related to the recent launch of several projects on the BTC ecosystem’s mainnet or testnet, contributing to overall market activity.

Data Highlights

The Probability of a 25 Basis Point Rate Cut by the Fed in September is 67%; August Nonfarm Payroll Data Could Play a Key Role
According to the CME “FedWatch,” the market anticipates a strong chance of a rate cut at the upcoming Fed meeting. The probability of a 25 basis point rate cut is 67%, while the probability of a 50 basis point cut is 33%. These forecasts are based on current economic data and market conditions.[13] \
The August nonfarm payroll data, set to be released this Friday, could have a crucial impact on the Fed’s decision. Nonfarm payrolls are a key indicator of the U.S. economy’s health, particularly related to the labor market. Citibank predicts that August nonfarm payrolls will increase by 125,000, with the unemployment rate expected to remain at 4.3%. If the actual data aligns with Citibank’s forecast, it could signal downside risks in the labor market, prompting the Fed to consider a more aggressive rate cut at the September meeting, such as a 50 basis point reduction, to stimulate economic growth and stabilize the job market.[14]

Ethervista’s Platform Token VISTA Reaches a Market Cap of $16.1 Million on Its First Day
As of 8:00 UTC on September 3, a new token named VISTA briefly surged to 17 USDT, currently trading at 16.84 USDT with a 24-hour increase of 36.7%. The current market cap is approximately $16.1 million. VISTA is the native token of EtherVista, a decentralized exchange (DEX)that launched just one day ago[15]. Over the past 24 hours, it has topped the gas fee consumption list, burning 84.48 ETH, accounting for 19.6% of total gas fees. \
EtherVista positions itself as a competitor to Uniswap, and some token holders refer to it as the “Pump.fun” of Ethereum. Unlike Uniswap, EtherVista’s core feature is that market makers and creators benefit from trading volume rather than solely relying on token price appreciation. This approach encourages long-term investment over short-term price speculation. Investors can also benefit from a delayed liquidity withdrawal mechanism, which helps to prevent quick cash-out “rug pull” scenarios.

Spotlight Analysis

Pendle eBTC Becomes the Highest-Yielding BTC Staking Project
As of September 3, the total value locked (TVL) for eBTC has surpassed $15 million. With an annual yield of 13.01%, Pendle’s eBTC is currently the highest-yielding BTC staking project among those with a TVL exceeding $1 million.[16]

The eBTC yield pool was launched on Pendle on August 29. eBTC is a Bitcoin liquid restaking token introduced by EtherFi, allowing users to acquire eBTC by depositing various tokens such as WBTC and tBTC, which are then restaked directly on the Symbiotic platform. Participants in Pendle’s eBTC staking not only earn staking rewards but also receive additional incentives, including 3x EtherFi points, 1x Symbiotic points, and 4x Veda points.

It’s worth noting that the annualized yield decreases as TVL increases. Over the past four days, the base APY for eBTC holders has remained above 13%. Users holding vePendle receive a yield boost, with the highest APY dropping from around 50% to 30%. Participants should carefully consider whether this high APY can be sustained in the long term.[17]

Ethereum Co-Founder Vitalik Buterin Proposes New Computing Model
On September 3, Ethereum co-founder Vitalik Buterin introduced a new computing model called the “Glue and Coprocessor Architecture,” aimed at significantly enhancing technical efficiency and security. Vitalik explained, “This architecture delegates routine operations to a flexible environment while offloading intensive tasks to dedicated hardware, thereby optimizing overall performance.” He highlighted that “this model holds potential advantages for both the Ethereum Virtual Machine (EVM) and artificial intelligence (AI) applications. For instance, it can handle structured operations through dedicated modules to improve Ethereum’s efficiency, and optimize complex AI model processing on GPUs or ASICs”[18].

For Ethereum, this architecture could be a critical step in improving network scalability. By using specialized hardware to handle intensive computational tasks, the Ethereum network could process more transactions while maintaining low latency and high throughput.

Fractal Testnet Increases Inscription Fees Due to a Surge in Bot Activity
On September 2, UniSat announced an adjustment to the inscription service fees on the Fractal testnet in response to a surge in bot activity. The influx of automated bot traffic has put significant strain on the Fractal testnet, prompting UniSat to raise the base inscription fee to 0.01 tFB (testnet Fractal Bitcoin). Additionally, to enhance the fairness of the testing process, the amount of test tokens users can claim per request has been increased to 0.1 tFB.

Fractal is a Bitcoin-based scaling solution that utilizes the classic SHA256 proof-of-work (PoW) algorithm, ensuring full compatibility with the Bitcoin mainnet. It aims to enhance Bitcoin’s scalability through layered scaling and smart contract capabilities. The project is scheduled to launch its mainnet in September 2024. According to the testnet explorer, from 6:00 AM on September 2 to 6:00 AM on September 3 (UTC), the Fractal testnet saw over 3.36 million active addresses and more than 6.8 million transactions, indicating a highly active state[19].

Funding News

On September 3, data from RootData revealed that four projects across AI, DeFi, stablecoins, and Ethereum Layer 2 sectors announced successful fundraising rounds. Detailed information on the funding is as follows[20]:

TrendX —— On September 2, TrendX announced a $5 million Series A funding round led by Promontory, Coinstash, Frontier Research, Coresky, Tido Capital, and Bullperks. TrendX is a Web3 trend-tracking and smart trading platform that leverages large language models and AI technology to identify market trends. Since its founding in 2022, TrendX has processed over 20 TB of data and provides users with reliable investment advice through an intuitive interface.

Pencils Protocol —— On September 2, Pencils Protocol completed a new funding round at a valuation of $80 million, led by Taisu Ventures, with participation from DePIN X, Bing Ventures, and Black GM Capital. Pencils Protocol is a decentralized yield aggregator platform designed to maximize asset utilization and optimize returns for users. It currently ranks as the top native project by total value locked (TVL) within the Scroll ecosystem.

IDA (International Digital Assets) —— On September 2, IDA announced the completion of a $6 million seed round, led by Titan Fund and Hashed, with additional backing from Hack VC, Anagram, GSR, and Protagonist. The new funds will primarily be used to develop IDA’s first fiat-backed stablecoin, HKDA, which will be pegged 1:1 to the Hong Kong dollar and backed by reserve assets held by regulated institutions in Hong Kong.

Kroma —— On September 2, Kroma announced the completion of its Series A funding round, with participation from SIA Advisors Korea, Gate Ventures, ICC, Planetarium, Presto, and RFD Capital. Kroma is a universal ZK Rollup project built on the OP Stack, developed by Lightscale, and designed to enhance blockchain scalability and transaction speed through ZK Rollup technology.

Airdrop Opportunities

LayerZero
LayerZero is a protocol focused on blockchain interoperability, enabling seamless communication between different blockchain networks through its “Omnichain Messaging Protocol.” This protocol allows decentralized applications (dApps) to operate across multiple blockchains while maintaining security and flexibility. Since its launch, LayerZero has successfully transmitted over 2 million messages across more than 30 blockchains, handling over $6 billion in transaction volume. Its token, ZRO, was launched in June, with a current circulating market capitalization of $417 million.

Recently, LayerZero announced the launch of its Community Incentive Program[21], allocating 5 million ZRO tokens to reward community members for their contributions. The steps to participate are as follows:

1. Join LayerZero’s official Discord.
2. Select your role: Community Member, Builder, or Content Creator.
3. Engage in discussions, build innovative projects, or showcase content related to LayerZero to earn Discord levels and win token rewards.

Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/price/bitcoin-btc
3. Tradingview, https://www.tradingview.com/chart/MPasm8rN/?symbol=GATEIO%3AETHUSDT
4. Gate.io, https://www.gate.io/price/ethereum-eth
5. Tradingview, https://www.tradingview.com/chart/MPasm8rN/?symbol=GATEIO%3AETHUSDT
6. Coingecko, https://www.coingecko.com/en/categories
7. 东方财富,https://quote.eastmoney.com/center/mgsc.html
8. Yahoo Finance, https://finance.yahoo.com/markets/
9. Gate.io, https://www.gate.io/bigdata/homeindex
10. Gate.io, https://www.gate.io/price/viction-vic
11. Gate.io, https://www.gate.io/price/pangolin-png
12. Gate.io, https://www.gate.io/price/ordinals-ordi
13. Xnews, https://xnews.jin10.com/details/147231
14. Cmegroup, https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
15. Dexcreener, https://dexscreener.com/ethereum/0xfdd05552f1377aa488afed744c8024358af02041
16. Defillama, https://defillama.com/yields?token=BTC&attribute=single_exposure&attribute=million_dollar
17. Pendle, https://app.pendle.finance
18. Cryptoslate, https://cryptoslate.com
19. Fractal, https://explorer-testnet.fractalbitcoin.io/
20. Rootdata, https://www.rootdata.com/Fundraising
21. Discord, https://discord.com/channels/881985666265780274/881991775319896194

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