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gate Research Institute: BTC, ETH are strong on the rise, Lido V3 lending scale exceeds 10 billion USD
Summary
Market Analysis
Market Review
Popular Concepts
According to the data from gate and Coingecko, three zones, Elon Musk-Inspired, Wallets, and Restaking, achieved a significant pump this week, with pumps of approximately 21.3%, 15.5%, and 15% respectively within seven days. The hot concepts are as follows: [8]
**Elon Musk-Inspired —— Up approximately 21.3% in the past 7 days, with a circulating Market Cap of about 250 billion USD. ** Inspired by Elon Musk, many meme coins have emerged. Among them, MELON, DOGE, 69420 and other currencies have shown significant gains recently due to their association with Musk, with increases of 92.8%, 52.7%, and 35.4% respectively over the past week.
**Wallet（Wallets） —— Over the past 7 days, the increase is approximately 15.5%, with a circulating market capitalization of about 1.8 billion dollars. With the development of the crypto market, the importance of Wallet as a storage tool for digital assets is increasingly prominent. Recently, the encryptionWallet project has performed well, with CTRL, TGT, and SAFE showing outstanding gains, pumping 29.6%, 23.6%, and 21.7% respectively.
Restaking - The recent 7-day increase is about 15.0%, with a circulating market capitalization of approximately $11.5 billion. The stake mechanism maximizes the value of the already staked Token, providing users with a wider range of participation, while also bringing additional income. The additional income from staking has attracted a large number of users to participate, driving the prices of related Tokens such as EGP, PUFFER, PENDLE, etc., to pump, with increases of 12.5%, 9.2%, and 8.3% respectively in the past week.
Hot Coins
According to the gate market data【9】, combined with the volume and price performance in the past 7 days, the popular altcoins are as follows:
VISTA - The recent 7-day increase is approximately 385.6%, with a circulating market capitalization of 34.32 million US dollars. VISTA is the first value compound interestDeflationToken launched by Ethervista, as the native currency of EthervistaDEX, marking a new standard for Decentralizationexchange, specifically designed for Ethereum and its layer 2 networks.
On October 28th, Ethervista launched etherfun, which successfully promoted the rise of the cryptocurrency price and achieved a 5-fold rise from the bottom. 【10】
TROY - The recent 7-day increase is approximately 152.9%, with a circulating market capitalization of 33.76 million US dollars. Troy Trade is a global encryption asset management prime broker.
On October 29, TROY announced on Twitter that it has received strategic Liquidity investment from Unicornverse. On October 30, TROY posted a tweet saying "TROY is eternal", marking further development and financial support for the project. It may be influenced by this news, which has driven the pump of TROY Token.[11]
VIRTUAL - The price has increased by approximately 73.3% in the past 7 days, with a circulating market capitalization of 349 million US dollars. Virtual Protocol is a Decentralization protocol, focusing on creating collectively owned, human-curated plug-and-play game artificial intelligence (AI) agents. Virtual Protocol allows users to create various types of AI characters, which can interact in different virtual environments and generate profits. Users can stake these AI characters to share the profits. The protocol also provides governance mechanisms, allowing holders to participate in the decision-making process.
Virtuals company launched its AI robot Luna Virtuals on October 20th, and also released the AI Token $LUNA, with a market capitalization reaching 240 million dollars at one point. Driven by the significant pump of $LUNA, the price of its parent company Token $VIRTUAL also rose accordingly.
Luna allows anyone to issuance their own AI proxy robots, which may be an important factor in pumping its price within a single day.
Focusing on this week
Hotspot Review
The Hong Kong Monetary Authority collaborates with the Central Bank of Brazil and the Central Bank of Thailand on a cross-border tokenization project. The Hong Kong Monetary Authority is actively promoting cross-border tokenization through cooperation with the Central Bank of Brazil and Thailand. By connecting their respective Central Bank Digital Money experimental platforms, the Hong Kong Monetary Authority is exploring the application of Digital Money in cross-border Payment versus Payment (PvP) settlement and Delivery versus Payment (DvP) settlement to achieve efficient and secure cross-border payments in areas such as trade financing and carbon credits.
The series of measures taken by the Hong Kong Monetary Authority indicate that mainstream Financial Institutions are increasingly recognizing digital assets, which helps to dispel some investors' doubts about encryption assets. This is not only beneficial for the transformation and upgrading of the Hong Kong financial center, but also injects new vitality into the global digital asset market. This cooperation will accelerate the research and application of Central Bank CBDCs in various countries, which may have far-reaching implications for the legal currency system; successful cases of cross-border payments will expand the application scenarios of digital assets, and the efficiency and cost of cross-border payments are expected to drop significantly, posing new competitive pressures on traditional Financial Institutions. The participation of Central Banks will promote the Compliance development of digital assets and establish a clearer regulatory framework for the industry.
The New York Stock Exchange has submitted 8.800-E rule changes and the application for listing the GrayScale Digital Large Cap Fund to the U.S. SEC Recently, NYSE Arca, a subsidiary of the New York Stock Exchange, submitted an 8.800-E rule change application to the SEC, planning to support the listing of commodity and digital asset investment products, including Grayscale's Digital Large Cap Fund. If approved, the fund will become a new type of Cryptocurrency ETF, mainly holding BTC and Ethereum, supplemented by SOL, XRP, and AVAX, marking the gradual entry of encryption assets into the mainstream financial market.
Once the new rule 8.800-E is approved and applied to the ETF conversion of Grayscale's large-cap fund, it may open up channels for other multi-asset encryption products. This development can not only increase market liquidity, but also enhance the market acceptance and stability of different encryption assets. For investors, this move may provide more diversified portfolio options to meet their allocation needs. The future approval results will have a profound impact on the overall encryption market, especially the liquidity of small-scale encryption assets.
Base Mainnet introduces fault proofing to achieve permissionless verification. On October 30, Base officially announced the launch of Fault Proofs on Mainnet. This feature allows any user to verify the Base status, make permissionless proposals, and challenge false claims. Users have 3.5 days to challenge using the Open Source challenge software, and the successful winner will receive a deposit for the invalid declaration. This feature is designed to reduce reliance on centralized entities and improve network security. Next, Base will expand the Smart Contract review community to form a "Safety Committee" for Decentralization to achieve Phase 1 Decentralization. A variety of proof-of-fault implementations will also be supported in the future to enhance network compatibility. 【15】
The fault proofing function launched by the Base project has improved transparency and security, promoting Decentralization, and reducing reliance on centralized entities. The function enhances network security by incentivizing users to disclose false statements, effectively identifying and punishing malicious behavior. In addition, the reward mechanism encourages community participation in governance and maintaining network integrity. The Open Source challenge tool enables technical users to easily participate in verification, setting a new benchmark for the industry.
Security Incident
SUNRAY Private Key has been leaked, and attackers have stolen 285.5 million dollars According to CertiK Alert, SUNRAY·FINANCE suffered from Private Key leakage, and the attacker gained control of SUN and ARC Tokens, minted a large number of tokens and dumped them on DEX, causing the funds of the trading pairs to be quickly depleted. The current attacker has stolen approximately $2.855 million. [15]
This incident once again exposed the weak link in Private Key management, reminding the project party to strengthen security measures. The specific amount of loss needs to be followed up with official notifications.
Project follow
Nillion Nillion is a Decentralization network based on Nil Message Compute (NMC), using a non-blockchain Node collaboration method to provide new features such as Decentralization credit scoring, private Non-fungible Tokens, and secure storage for Web3. Aptos has announced integration with Nillion to support privacy-preserving Decentralized Finance and social application development. The project features are as follows: [16]
Recently, Nillion completed a $25 million financing round led by Hack VC, bringing its total financing amount to over $50 million. Prior to this, Nillion initiated a community round of financing on CoinList, triggering widespread follow. In addition, Nillion launched the validators program to encourage early validators to contribute to the Mainnet launch by maintaining data integrity and security, and plans to introduce a Token-based incentive mechanism to support the long-term commitment of validators.
Highlights Data
Macro Funds
As of October 31, 2:00 (UTC+0), the total net asset value of BTC ETF is $72.04 billion, with a cumulative net inflow of over $23.31 billion. This week, the demand for SpotBTC ETF in the United States reached a six-month high, with a total net inflow of 65,000 BTC in the past 30 days. In addition, on October 31, cryptocurrency investment firm Canary Capital submitted an application for SOL ETF to the U.S. SEC. If approved, SOL ETF will signify institutional recognition of non-mainstream public chains, indicating a strong demand for diversified encryption assets in the market, and may lead to more public chain ETF applications, enriching investment choices. [17]
As of October 31, 2:00 (UTC+0), the total net asset value of ETH ETF is $7.33 billion, with a cumulative net outflow of $49.357 million. Currently, the ETH Spot ETF market is showing a divergent trend. Grayscale ETHE continues to experience net outflows, indicating a weakening attractiveness of its products, while ETFs from Fidelity and BlackRock are seeing significant inflows, accumulating $509 million and $1.28 billion respectively. This indicates a rising interest in the Spot ETF market and a continued increase in institutional investor demand for Ethereum.
Over the past seven days, Stable CoinMarket Cap rose slightly by 0.69% to $1732.65 billion, with additional off-exchange funds flowing in. This week, the UK may introduce legislation for Stable Coins, and Federal Reserve officials support tokenization, further promoting the regulation and application of Stable Coins. In addition, companies such as Felix and Solayer are enhancing cross-border payments and asset support through new Stable Coin solutions, helping to accelerate the mainstreaming of Stable Coins.【19】
Buy and sell BTC
The BTC contract market has experienced strong changes in long and short sentiment in the past 7 days. On October 28th, the buy-sell ratio of BTC exceeded 1.1, indicating strong long sentiment in the market. However, as of 2:00 (UTC+0) on October 31st, the liquidation scale in the past 24 hours has exceeded 105 million US dollars, and longs have suffered heavy losses, with a liquidation volume of more than 67.316 million US dollars. Currently, the buy-sell ratio of BTC is maintained at 0.88, possibly due to recent US elections and geopolitical influences. The recent market has shown high volatility, and investors need to be aware of the risks. [20]
Weighted funding rate
As of 2:00 on October 31st (UTC+0), the weighted funding rate for BTCHoldings is 0.0116%, and the weighted funding rate for ETHHoldings is 0.0107%. Over the past seven days, the overall weighted funding rate for BTC and ETHHoldings has been positive, with the BTC/ETHHoldings contract on the entire network mainly in a long position. [21]
Lido V3 lending scale exceeds $1 billion According to the data from the Decentralized lending platform Aave on October 31st, the Lido V3 market has reached a lending scale of over 1 billion USD in just three months, showing strong growth momentum. Lido V3 provides Liquidity for staked ETH, attracting a large number of users to participate in lending activities. This achievement reflects the continuous demand for efficient capital utilization in the Decentralized Finance ecosystem.
sUSD was highly sought after upon its launch, with deposits exceeding $10 million within the first hour. The first re-stake platform on Solana, Solayer issuance, supported by RWA, launched the synthetic Stable Coin sUSD on October 30th. It adopts Solana Token2022 standard and is collateralized by US Treasury RWA Token. Within one hour of launching, the deposit exceeded 10 million US dollars, attracting nearly 5,900 deposits. As of 9:30 on October 31st (UTC+0), the total deposit amount has reached 12.26 million US dollars. 【23】
Market Opportunities
Project Airdrop
This week's Airdrop project to follow is: Mitosis
Mitosis is a Liquidity protocol focused on the modular blockchain ecosystem, aiming to innovate the Cross-Chain Interaction Liquidity provision (LP) experience. By issuing derivative Tokens that represent equivalent locked assets, Mitosis allows LPs to participate in a variety of Decentralized Finance applications on both Ethereum L1 and L2 Rollup while maintaining control over the original assets. This mechanism not only enhances the flexibility of Cross-Chain Interaction Liquidity but also provides additional income for LPs, significantly increasing the utilization and attractiveness of Cross-Chain Interaction assets. In May, Mitosis completed a $7 million financing.
Participation Method
> Note: Airdrop plans and participation methods may be updated at any time. It is recommended that users follow Mitosis's official channels to get the latest information. At the same time, users should participate cautiously, pay attention to risks, and conduct sufficient research before participating. gate does not guarantee the subsequent Airdrop rewards.
Financing Weekly Report
Several projects successfully completed financing this week, involving a wide range of applications in infrastructure, Decentralized Finance, gaming, and other fields. According to RootData, a total of 16 projects announced financing between October 25th and October 31st, with a total of $110 million. The following are the top 3 projects in terms of financing scale: [24]
Nillion - Nillion is a Decentralization public network designed to provide secure and efficient data processing and storage solutions through a new encryption primitive called Nil Message Compute (NMC). This innovative technology enables Nillion to operate in a non-blockchain manner in the Decentralization environment, unlocking various practical use cases in Web3, such as Decentralization credit scoring, trusted execution environment, private Non-fungible Tokens, and secure storage services. The current round of financing is $25 million, led by Hack VC.
Bluesky - Bluesky is a Decentralization social media platform initially proposed by former Twitter CEO Jack Dorsey in 2019, aiming to establish an open social media ecosystem. The platform has been operating independently since 2021 and runs on its self-developed AT Protocol, which is a communication protocol that allows interaction between different Social Web. It recently completed a Series A financing of $15 million.
Gelato Network - Gelato Network is a blockchain project focusing on Decentralization, aiming to simplify the execution process of Smart Contracts. As a Web3 automated Relay network, Gelato Network provides services such as gasless transactions, custom bots, cross-chain bridges, and Cross-Chain Interaction message passing protocol, helping Web3 application developers quickly implement various transactions for users or protocols through a simple API. Gelato Network has recently raised $11 million in Series A+ financing led by Hack VC.
Next week follow
Token Unlock
According to the data from Token Unlocks, several important Token unlocking events will occur in the market next week (2024.11.1-11.7). Among them, the unlocking situation before this week's top 3 is as follows: [25]
The SUI Token plans to unlock about 64.19 million tokens at UTC+0 0:00 on November 1, accounting for 2.32% of its circulating supply, with a value of approximately $132 million.
The IMX Token is scheduled to unlock approximately 32.47 million tokens at UTC+0 time on November 1st, accounting for about 1.98% of its circulating supply, worth approximately $43.83 million.
ZETA Token is scheduled to unlock approximately 53.89 million tokens at UTC+0 time on November 1st, accounting for 11.72% of its circulating supply, worth approximately $38 million.
encryption calendar
Next week, the cryptocurrency field will see a series of important events. On November 1st, the state of Oklahoma in the United States introduced a bill aimed at protecting citizens' right to self-custody of digital assets, which will have a positive impact on cryptocurrency users' rights. On November 2nd, Solana on-chain's Mining protocol Ore requires ORE v1 Token holders to upgrade to the new version of ORE, which may affect holders' operations and asset security. In addition, the MakerDAO community will initiate a governance vote to determine the future direction of the brand.
In the field of macroeconomics, the Central Bank of Russia will release a monetary policy report next week, which may have an impact on the global financial market, especially in terms of monetary policy and interest rate expectations. The outcome of the US presidential election will have profound implications for global politics and the economic landscape, particularly in terms of trade policy and diplomatic relations. The Federal Reserve interest rate meeting is the most crucial macro event next week, and the outcome of the meeting will directly affect the global financial market, especially in terms of interest rate and monetary policy expectations. These macro events will have significant implications for the stability and growth prospects of the global economy.【27】
Reference:
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