Daily News | Ordinals NFT Sales Survive Over Ethereum; The Uniswap Community Proposes Governance through Activation Protocols; AI Tokens Are on the Rise, Altcoins Are Poised to Be Released

2024-03-07, 04:36

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## Crypto Daily Digest: Bitcoin ordinals NFT sales have surged, surpassing Ethereum NFTs; Wormhole announces airdrop query address; The Uniswap community proposes governance through activation protocols; AI concept tokens are on the rise

Firstly, let's take a look at the trading activities of <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on March 5th, Grayscale's GBTC funds continued to <a href="/pt/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> out significantly, reaching $276.2 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow of $205.7 million, Bitwise Bitcoin spot ETF (BITB) inflow of $29 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow of $41.3 million, and WisdomTree Bitcoin spot ETF (BTCW) net inflow of $6.6 million.

The NFT series based on Bitcoin Ordinals saw a surge in sales driven by the NodeMonkes series, with weekly sales surpassing <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> NFTs. The sales of Bitcoin NFTs reached $169.5 million, a month-on-month increase of 80%. Ethereum is the blockchain with the highest NFT sales in history, with sales of $162 million in the same week.

Uncategorized Ordinals (NFTs that do not belong to any collection) had the highest sales, with 47,000 transactions and a trading value of $43 million. The NodeMonkes series followed closely, with sales of $41 million.

Wormhole has announced its airdrop query website, which will airdrop 6.17% of W tokens, allowing users to check their eligibility for airdrops. This airdrop will allocate 6.17% (617,305,000) of W, and 397,704 wallet addresses will receive airdrops. The snapshot used to determine the recipient of this airdrop has been determined.

Wormhole is a cross-chain bridge protocol that supports multi-chain information transmission. Currently, it supports numerous mainstream public chains, including 22 blockchains such as Ethereum, <a href="/pt/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, and Arbitrum, for asset cross-chain and communication. Many companies and dApps use Wormhole's blockchain connectivity platform to expand their user base, increase market share, and drive more o-chain activities in a secure and scalable manner.

Influenced by news related to the Nvidia GTC24 conference, AI concept tokens have generally risen. Representative tokens include WLD 24h with an increase of 24.68%, AGIX 24h with an increase of 44%, OCEAN 24h with an increase of 26.23%, and RNDR 24h with an increase of 43.35%.

The opinion poll of the <a href="/pt/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> community on the proposal to activate Uniswap protocol governance has been approved. The next step is on-chain voting, which is scheduled to be released on March 8 for 7 days and requires 40 million UNI as the legal voting threshold.

Specifically, the proposal proposes upgrading the owner of the mainnet UniswapV3Factory contract from Timelock to V3FactoryOwner to achieve unauthorized and programmatic collection of protocol fee revenue. That is to say, after passing, Uniswap's tokens will activate the attribute of fee conversion and gain more empowerment, which is undoubtedly a significant benefit. The Gate blog has also conducted an in-depth analysis in this area.

## Market trends: The ETH/BTC exchange rate is strengthening, and the Altcoin season is approaching
The price of BTC has rebounded with a pin insertion, and the exchange rate of Ethereum compared to Bitcoin has also shown a strong trend, which may indicate that the Altcoin season is approaching. This trend suggests that investors are gradually increasing their interest in Altcoins and other alternative cryptocurrencies, and market sentiment may tilt toward investing in more Altcoins.
### Market hotspots
The AI sector has performed strongly: the AI sector has rebounded first and frequently hit new historical highs. Representative projects such as FET, AGIX, ARKM, RNDR, and NEAR have significantly increased. It is worth noting that RNDR and NEAR will participate in the Nvidia AI conference on March 18th, which may bring more attention and opportunities to these projects. Before the conference, investors may see that the concept of AI continues to be hyped by the market.

The performance of traditional DeFi projects is impressive: traditional DeFi projects such as UNI, RSR, and FIS have also significantly increased. It is worth mentioning that UNI's dividend proposal has been approved, with UNI exceeding $15, which may attract more investor attention and participation.

AEVO announced that tokens will be launched on CEX. AEVO is an on-chain derivative trading platform formerly known as Ribbon Finance. AEVO and RBN are exchanged in a 1:1 ratio. The investment portfolio of this project is very luxurious, including well-known institutions such as Dragonfly Capital, Coinbase, Paradigm, etc. The main uses of AEVO include project incentives and protocol governance. In addition, RBN rose as high as 60% on Gate.io yesterday.

Wormhole and Sage airdrops: The cross-chain bridge protocol Wormhole announced the release of W tokens, and the protocol will conduct an airdrop for staking PYTH. In addition, Sage is a gaming public chain in the Cosmos ecosystem, and the chain will also conduct airdrops for staking ATOM and TIA. These airdrop activities may attract more investors to participate and bring certain effects to the promotion of the project.

In summary, market hotspots cover multiple fields, such as AI concepts, traditional DeFi projects, on-chain derivative trading platforms, and cross-chain bridge protocols. Investors should closely monitor these hot topics, seize investment opportunities in a timely manner, and make reasonable investment decisions based on personal risk preferences and investment strategies.

## Macro: The Federal Reserve's interest rate cut statement has led to an increase in global markets; Crude oil and gold rise
Federal Reserve Chairman Jerome Powell told U.S. lawmakers on Wednesday that they will "keep a low profile" to avoid disputes over fiscal policy, energy, housing, Ukraine, and other thorny issues. In the presidential election year, there is still a possibility of interest rate cuts in the coming months, provided there is further evidence of a decrease in inflation.

Powell told the House of Representatives that interest rate cuts "actually depend on the direction of economic development. We focus on maximizing employment and stabilizing prices, as well as the upcoming data that will affect the outlook, which are all things we will be concerned about."
According to data from the CME FedWatch tool, current futures pricing indicates a 70% chance that the Federal Reserve will start cutting interest rates before the June policy meeting, with an expected rate cut of approximately 87 basis points this year.
Reuters reported that before Powell's speech, the Morgan Stanley Capital International Asia (excluding Japan) index had risen 0.77% on Wednesday, the largest increase in two weeks. After his testimony, the US dollar fell, bond yields fell, and Wall Street stocks rose, which should further boost regional sentiment on Thursday.
The three major stock indexes on Wall Street closed higher on Wednesday, with the MSCI Asia Pacific Index, the most widely used stock outside of Japan (. MIAPJ0000PUS), rising 0.4%. At the same time, the Nikkei Index (. N225) in Japan fell 0.9% after hitting a historic high earlier in the day.

In terms of gold prices, gold rose to record levels on Wednesday, driven by loose US monetary bets, while palladium rebounded to the $1,000 mark for the first time since January 12.
As of 2:03 PM Eastern Time (1903 GMT), spot gold rose 0.8% to $2,145.09 per ounce after hitting a historic high of $2,152.09. US gold futures closed up 0.8% at $2m158.2.
Regarding commodities, last week, the increase in US crude oil inventories was lower than expected, and fuel inventories significantly decreased, leading to a slight increase in oil prices on March 7th. Currently, Brent crude oil futures have risen 15 cents to $83.11 per barrel, while West Texas Intermediate crude oil futures in the United States have risen 18 cents to $79.31 per barrel.

<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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