TL;DR

• The price of BTC rose by 2.84% over the past 24 hours to $71,273, approaching the resistance level of $72,000.
• The total value locked (TVL) in the Solana ecosystem DEX, Jupiter, surpassed $1.55 billion, marking an all-time high.
• The total market cap of Solana’s Liquid Staking Tokens (LSTs) has exceeded $5 billion.
• In the past 30 days, Base generated more than $23 million in protocol fees.
• The Grass airdrop caused a surge in traffic, leading to a backend outage in the Phantom wallet.
• Circle released the “Confidential ERC-20” whitepaper and plans to launch a privacy-focused ERC-20 protocol.

Market Analysis

Based on data from Gate.io as of 4:00 UTC on October 29[1]:

BTC — The price of BTC has risen 2.84% over the past 24 hours, currently trading at $71,273, with a 24-hour high of $71,567 and a low of $67,621. Moving averages are showing a bullish alignment, and trading volume has increased, indicating strong bullish momentum. The price is now approaching the June high of $72,000; if it breaks through this resistance level, further upward movement is anticipated[2].

ETH — The price of ETH has risen 2.37% in the past 24 hours, currently trading at $2,567, with a 24-hour high of $2,590 and a low of $2,472. Moving averages are in a bullish alignment, and trading volume has increased. However, compared to BTC, ETH’s price increase has been more moderate, and it has yet to break through its October 21 high of $2,770. The rise in trading volume indicates growing investor interest in ETH. If it can sustain this high trading volume, ETH has the potential to break through its resistance level and continue climbing[3].

ETF — According to data from SoSoValue, on October 28, the total net inflow for U.S. Bitcoin spot ETFs was $479 million[4], while U.S. Ethereum spot ETFs saw a net outflow of $1.14 million[5].

Altcoins — Sectors including Elon Musk-inspired tokens, dog-themed tokens, and bridge governance tokens rose by 11.60%, 8.49%, and 7.43%, respectively[6].

U.S. Stock Market Indices — The three major indices saw gains: the S&P 500 rose by 0.27%, the Nasdaq by 0.26%, and the Dow Jones by 0.65%[7].

Spot Gold — The price of spot gold reached $2,744 per ounce, up 0.08% for the day[8].

Fear and Greed Index — The Fear and Greed Index stands at 72, indicating that the market remains in a state of greed[9].

Top Performers

According to Gate.io market data[10], the following altcoins are trending based on 24-Hour trading volume and price performance:

SANTOS — A single-day increase of approximately 71.4%, with a circulating market cap of $30.63 million.
The Santos FC Fan Token is the official fan token of Santos Futebol Clube, allowing fans to participate in team voting, purchase NFTs, and enjoy gamified features related to fan rewards and experiences.

On October 29, the token’s price surged following news of its listing on a new centralized exchange. As enthusiasm for Santos Futebol Clube continues to grow and market demand for fan tokens rises, SANTOS’s utility and community engagement have also increased, driving the expansion of its circulating market cap[11].

TROY — A single-day increase of approximately 39.8%, with a circulating market cap of $26.64 million.
TROY provides services across GameFi, centralized exchanges (CEX), decentralized exchanges (DEX), staking, and NFT trading, building a metaverse ecosystem. The TROY token is used for NFT purchases and circulation within the GameFi ecosystem. The platform also offers spot and leveraged trading, derivatives, data analysis, asset custody, and lending services.

On October 29, TROY announced on Twitter that it had secured a strategic liquidity investment from Unicornverse, marking further project development and funding support. This news likely contributed to the rise in the TROY token price[12].

DIMO — A single-day increase of approximately 24.1%, with a circulating market cap of $44.35 million.
DIMO is an open vehicle connectivity platform that allows users to connect their cars to DIMO, store their own data, and share that data to receive discounts or new services, earning DIMO tokens in return. Developers can build applications on DIMO for any type of vehicle.

On October 26, DIMO announced a major update: the Global Accounts feature will allow users to create accounts via email, with wallet security protected by the Turnkey engine. In partnership with Stripe, DIMO also introduced fiat-to-crypto payments, added $DIMO liquidity on Uniswap, and launched a Transactions SDK supporting React Native and web applications to simplify on-chain transaction processing and enhance user experience. This recent progress likely contributed to the token’s price increase[13].

Data Highlights

Bitcoin ETF Experienced Net Inflow of $479 Million
According to SoSoValue data, U.S. Bitcoin spot ETFs had a single-day net inflow of $479 million on October 28, with a daily trading volume of $3.001 billion. The cumulative net inflow total has reached $22.414 billion, and the total value of BTC managed by these ETFs stands at $68.472 billion, accounting for 4.89% of Bitcoin’s total market cap.

Ethereum Recorded ETF Net Outflow of $1.14 Million
According to SoSoValue data, U.S. Ethereum spot ETFs experienced a net outflow of $1.14 million on October 28, with a total daily trading volume of $187 million. The cumulative net outflow to date stands at $506 million. The total value of ETH managed by these ETFs is $6.91 billion, representing 2.19% of Ethereum’s total market cap.

Solana Ecosystem DEX Jupiter Reaches All-Time High in TVL
Recently, Jupiter launched a new platform called ApePro, specifically designed for memecoin trading, which has attracted a significant influx of users and capital. According to DeFiLlama data, the Total Value Locked (TVL) on Jupiter Exchange, the Solana ecosystem DEX, has surpassed $1.55 billion, setting a new record.[14]

Solana Liquid Staking Tokens (LST) Market Cap Surpasses $5 Billion
According to Dune Analytics, the total market cap of Solana’s Liquid Staking Tokens (LST) has exceeded $5 billion, marking an all-time high. The top three LSTs by market cap are: JitoSOL at 43.6%, mSOL at 17.1%, and jupSOL at 12.1%.[15]

Spotlight Analysis

Grass Launches First Airdrop, Causing Phantom Wallet Backend Outage
On the evening of October 28, the DePIN project Grass on Solana launched its first airdrop, distributing 100 million GRASS tokens—10% of the total supply. The GRASS token is now listed on Gate.io.[16]

At the same time, Phantom, the largest wallet in the Solana ecosystem, encountered service disruptions, causing brief outages in certain features. Phantom’s team recommended that users retry transactions if they received error messages. After an emergency response, stability was restored in the early hours of October 29, and the team assured users that it would continue monitoring the system to prevent future issues. This outage likely resulted from the surge in user activity due to the Grass airdrop, leading to unexpectedly high server loads.

This incident highlights the challenges Web3 products face in managing surges in user demand, reminding users to stay informed through official updates during service issues. In such cases, users are advised to avoid repeated or frequent transactions to mitigate risk and, instead, wait patiently and retry transactions when the system stabilizes.[17]

Circle Releases “Confidential ERC-20” White Paper, Unveils Privacy ERC-20 Framework
According to an announcement on Circle’s official blog, Inco Network and Circle Research have jointly launched the “Confidential ERC-20” framework, designed to provide compliant privacy solutions for public blockchains. This framework leverages Fully Homomorphic Encryption (FHE) technology to convert standard ERC-20 tokens into privacy-protected versions. By concealing account balances and transaction amounts, it ensures user privacy while maintaining regulatory compliance.

The Confidential ERC-20 framework includes several key features: encrypted balances and transfer amounts, authorized viewing permissions, and programmable transfer rules. These make it suitable for use cases such as supply chain payments, payroll disbursement, and peer-to-peer payments. As a stablecoin issuer, Circle aims to promote the adoption of this framework to achieve a balance between privacy protection and compliance.

Fully Homomorphic Encryption (FHE) is an advanced encryption technique that allows for direct computation on encrypted data, ensuring that data can participate in calculations without being decrypted. This enables both privacy protection and data processing.

The framework marks a breakthrough for privacy technology on public blockchains, offering a technical solution to the long-standing tension between privacy and regulatory compliance. FHE’s application allows for calculations on data without decryption, effectively reducing the conflict between transaction transparency and privacy protection. Additionally, features like authorized viewing permissions and programmable transfer rules ensure that user data privacy does not impede regulatory requirements, thereby supporting the broader adoption of blockchain technology in traditional finance and payment sectors.[18]

Elon Musk’s PAC Sued, Ordered to Halt $1 Million Lottery Event
On October 28, the Philadelphia District Attorney’s Office filed a lawsuit to stop Elon Musk’s political action committee, America PAC, from offering a $1 million prize to registered voters in swing states. This action comes just days after the U.S. Department of Justice warned America PAC that its million-dollar lottery could potentially violate federal election law. Prosecutors allege that Musk and his PAC are attempting to influence the presidential election through an unlawful lottery and are enticing voters in Philadelphia and Pennsylvania to provide personal information to enter the drawing.

Under Pennsylvania law, all lottery activities require state government approval, a condition that Musk’s initiative has reportedly not met. The Philadelphia DA’s lawsuit against America PAC not only addresses election law violations but also underscores the importance of legal compliance in public promotions, particularly those involving prize-based lotteries.[19]

Funding News

According to RootData, in the past 24 hours, three projects announced funding rounds, with a total amount exceeding $21 million. The highest single funding amount reached $11 million, covering sectors such as infrastructure, DeFi, and BTCFi. Here are the details of the funding rounds:[21]

CAP – CAP announced it raised $19 million in funding with participation from ABCDE Capital and Robot Ventures. CAP is a stablecoin engine designed to help users break away from reliance on traditional internal systems. Its stablecoin engine can mint multiple types of exchangeable stablecoins, including those pegged to USD, Bitcoin, and Ethereum.

BitSmiley – BitSmiley announced a $10 million funding round led by MH Ventures and other investors. BitSmiley is a native Bitcoin DeFi project using the Fintegra framework, offering an over-collateralized stablecoin, trustless lending, and derivatives protocol. Users can mint bitUSD by over-collateralizing BTC and participate in DeFi protocols within the BTC ecosystem.

Gelato Network – Gelato Network secured $11 million in over-the-counter (OTC) funding, backed by Hack VC, Animoca Brands, and others. Gelato Network is an automation and relay network for Web3, enabling automated execution of smart contracts on EVM-compatible blockchains. Developers can leverage Gelato for limit orders, cross-chain bridges, yield farming compounding, Aave liquidation protection, and liquidity management.

Airdrop Opportunities

Taker Protocol
Taker Protocol is a BTCFi-based trading chain that supports high-depth liquidity trading for on-chain BTC and its derivative assets. Built on Polkadot’s Substrate framework, it integrates Nominated Proof-of-Stake (NPOS) and Proof of Liquidity (POL) consensus mechanisms. The project has raised $3 million in funding, with backing from prominent investors such as Dragonfly Capital, Electric Capital, and Digital Currency Group (DCG). According to the official white paper, approximately 51% of tokens will be distributed to the community through on-chain activities like airdrops, minting events, staking rewards, and block rewards.[22]

How to Participate:

1. Claim test tokens (Taker, USDC, USDT, solvBTC) on the Sonic Testnet.
2. Use BTC test tokens to bridge assets cross-chain to the Taker Testnet via Taker Bridge.
3. On the Swap page, interact by swapping USDC for Taker.
4. Add to the liquidity pool by depositing USDC and Taker to provide liquidity.

Note:
The airdrop plan and participation methods may be updated periodically, so users are advised to follow Sonic’s official channels for the latest information. Participants should exercise caution, understand the risks, and conduct thorough research before participating. Gate.io does not guarantee future distribution of airdrop rewards.The airdrop plan and participation methods may be updated periodically, so users are advised to follow Sonic’s official channels for the latest information. Participants should exercise caution, understand the risks, and conduct thorough research before participating. Gate.io does not guarantee future distribution of airdrop rewards.

Reference：

1. Gate.io, https://www.gate.io/price
2. Gate.io, https://www.gate.io/trade/BTC_USDT
3. Gate.io, https://www.gate.io/trade/ETH_USDT
4. SoSoValue, https://sosovalue.xyz/assets/etf/us-btc-spot
5. SoSoValue, https://sosovalue.xyz/assets/etf/us-eth-spot
6. CoinGecko, https://www.coingecko.com/en/categories
7. Investing, https://investing.com/indices/usa-indices
8. Investing, https://investing.com/currencies/xau-usd
9. Gate.io, https://www.gate.io/bigdata/homeindex
10. Gate.io, https://www.gate.io/price
11. CoinGape, https://coingape.com/santos-price-spikes-over-100-upon-binance-futures-listing-whats-next/
12. X, https://x.com/TROY_DAO/status/1850815059985092953
13. X, https://x.com/DIMO_Network/status/1849891978734883154
14. DefiLlama, https://defillama.com/protocol/jupiter
15. Dune, https://dune.com/21co/solana-liquid-staking-tokens
16. Gate.io，https://www.gate.io/trade/GRASS_USDT
17. Phantom, https://x.com/phantom/status/1850938547328745794
18. Circle，https://www.circle.com/blog/confidential-erc-20-framework-for-compliant-on-chain-privacy
19. News, https://www.cnbc.com/2024/10/28/philadelphia-da-sues-elon-musk-pac-to-stop-1-million-lottery-for-voters.html
20. News, https://protos.com/japanese-man-sentenced-to-3-years-after-creating-crypto-ransomware-with-ai/
21. Rootdata, https://www.rootdata.com/Fundraising
22. X, https://x.com/Web3_Mian/status/1850911350438207531

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