Gate.io Blog Daily News | Several Well-known AI Projects Undergoing "Token Merge"; Linea Conducts Surge Activity; Munchables Hacker Returns Stolen Funds

Daily News | Several Well-known AI Projects Undergoing "Token Merge"; Linea Conducts Surge Activity; Munchables Hacker Returns Stolen Funds

28 March 12:18

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<a href="/vi/price/0x-zrx" target="_blank" class="blog_inner_link">zrx crypto</a>
First, let's examine the trading activity of <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, Grayscale's GBTC fund outflow on March 27th was $299.8 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow of $1.5 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow of $201.8 million, and WisdomTree Bitcoin spot ETF (BTCW) net inflow of $1.5 million.

<a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> L2 Network Linea has announced a new activity called The Linea Voyage Surge, which is expected to be launched in April with the aim of attracting liquidity to the network.

The activity will last for 6 months, or until the TVL reaches $3 billion. Surge will inject momentum into the ecosystem by bringing TVL to the network and turning the strategic deployment of assets into gamification.

The $7.5 billion token merger plan, consisting of AI protocols SingularityNet, <a href="/vi/price/fetch-ai-fet" target="_blank" class="blog_inner_link">Fetch.ai</a>, and Ocean Protocol, will be approved by community voting on April 2.

According to the announcement on March 27, each protocol will have three independent community votes, all of which are scheduled to be completed on April 16. If approved, SingularityNet's AGIX token, Fetch.ai's FET (FET) token, and Ocean Protocol's OCEAN token will be replaced by new tokens, namely ASI tokens belonging to the Artificial Super Intelligence Alliance.

As of March 26, the current combined market value of these three tokens is approximately $5.3 billion, and the fully diluted market value of the merged tokens will reach $7.6 billion, involving 2.631 billion tokens.

FET will become the reserve currency of ASI, and users can exchange OCEAN and AGIX for ASI at the new fixed exchange rate.

"If approved, $FET can be exchanged for artificial super intelligence tokens in a 1:1 ratio," the team said. "For example, if you hold $100 FET, you can exchange it for $100 artificial intelligence tokens."

On March 26, Munchables, an Ethereum-based NFT game, reported a hacker attack that stole over 17,400 ETHs. Munchables, along with blockchain investigators, such as PeckShield and ZachXBT, began tracking the movements of stolen funds in an attempt to intercept them.

ZachXBT claims that the vulnerability originated from the Munchables team hiring a North Korean developer under the pseudonym "Werewolves0943." On March 27, Munchables confirmed that the hacker was one of its developers. After an hour of negotiation, the other party agreed to return the hacker's funds.

"The Munchables developer has shared all relevant private keys to assist in recovering user funds." The creator of Blast (pseudonym Pacman) thanked ZachXBT for their support and announced, "The former Munchables developer ultimately chose to return all funds without any ransom."

## Market Trends: The market is speculating on new coins, is there a possibility of market adjustment?
Yesterday, BTC prices experienced a sharp decline after reaching above $71,000, leading to a widespread decline in the entire Altcoin market. At the same time, the US stock market rose, but Nvidia, the leading AI company, experienced a decline. This indicates a certain degree of uncertainty in the market, especially in the crypto market.
### Market Hotspots
GT: Today, GT surged nearly 20%, breaking through the $10 mark, just one step away from a historic high. GT's strong performance may be sought after by market funds.

ETHERFI and AEVO: Both saw a significant increase yesterday, with ETHERFI breaking through $8.5 at one point. Etherfi's financing valuation was $200 million two months ago, and now its market value has increased more than 42 times in the past two months. The negative rate in the AEVO contract market is as high as -1%, indicating a significant bearish trend. At present, the market is speculating on this type of new currency due to its good chip structure and low circulation on the market. This may be a precursor to a correction in the market.

OCEAN, FET, and AGIX in the AI sector: After Bloomberg announced the merger of three projects, the aforementioned tokens saw an increase. The proposed merger project may bring arbitrage opportunities to the market, but it is also necessary to closely monitor the progress of the merger and market reactions. In April 2021, Keep Network and Nucyher also announced a merger project, with the merged token named T.

However, the merger actually occurred 8 months later, during which it was a bull market for the entire crypto market, and KEEP and NU also experienced several times the increase. T has been launched on [Gate.io](http://Gate.io "Gate.io").

Public chain SUI: The price of SUI has surged and reached a new high, and its ecosystem projects have also followed suit. SUI is about to hold a conference on April 10, and the recent subsidy for the ecosystem on the chain indicates that its ecosystem development momentum is strong.

## Macro: Wall Street rose on Wednesday, Asian markets remained stable, with slight fluctuations in commodities
On March 28, Reuters reported that the market was largely ahead of Friday's highly anticipated US Core Personal Consumption Expenditure (PCE) price index data, which is the Federal Reserve's preferred inflation indicator. However, given the long Easter weekend in many countries, few markets can digest new readings.
The unexpected inflation this year has raised doubts about whether the Federal Reserve can fulfill its predictions. Federal Reserve officials are waiting to observe whether recent data reflects a temporary setback in efforts to reduce price pressures. If so, this may mean lowering interest rate expectations for this year.

At a press conference after last week's policy meeting, Federal Reserve Chairman Jerome Powell stated that the current policy risks are "double-sided."

Our current situation is that if we relax too much or too quickly, we may see inflation resurgence; if we relax too late, we may cause unnecessary harm to employment and people's work and life. He added, "We need to be cautious," as the strong economy gives the Federal Reserve space to observe data before deciding on interest rate policies.

The US stock market rose on Wednesday, with the Dow Jones index leading and the S&P 500 index setting a closing record. Investors are looking forward to inflation data and signals from the Federal Reserve on the path of interest rates. The Dow Jones Industrial Average rose 1.22% to 39,760.08, while the S&P 500 Index (.SPX) rose 0.86% to 5,248.49; The Nasdaq Composite Index (.IXIC) rose 0.51% to 16,399.52 points.

This growth marks the largest daily percentage increase in the Dow Jones index since December 13.

In the Asian market, on Thursday, the Japanese yen approached its lowest point in decades, despite the intervention threat from Japanese authorities causing investors to be cautious about pushing the currency to new lows, and Asian stock markets fell to key inflation levels in the United States.

The decline in the Japanese yen exchange rate is favorable for the Nikkei Index (.N225), which has risen by about 3% so far this month. The Nikkei Index (.N225) fell 1% last month, but it is still not far from its historical high.

In China, strong selling by foreign investors has put pressure on the stock market, causing it to turn red. The blue chip Shanghai and Shenzhen 300 Index (.CSI300) fell to a one month low in early trading, while the Shanghai Composite Index (.SSEC) struggled to break through the psychological barrier of 3000 points, falling 0.1%.

Due to a lack of urgency to relax interest rates, the US dollar continues to lead in monetary terms, and traders are placing greater bets on similar measures by the European Central Bank and the Bank of England for the month. The euro fell 0.1% to $1.0816 against the US dollar, while the pound fell 0.12% to $1.26255. The New Zealand dollar fell to its weakest level in four months, at $0.5981.

The Swedish central bank stated on Wednesday that if inflation continues to fall to its target of 2%, it is highly likely that a series of interest rate cuts will begin in May.

"The US dollar is still influenced by the relative hawkishness of the Federal Reserve, bringing together all 19 decision-makers and other central banks who have recently been more inclined towards a dovish tone," said Thierry Wiezmann, a global forex and interest rate strategist at Macquarie.

Regarding commodities, oil prices have slightly increased, with Brent crude oil rising 36 cents to $86.45 per barrel, while US crude oil has risen 44 cents to $81.80 per barrel.

Lastly, the strengthening of the US dollar once again prevented a strong rebound in gold, falling slightly to $2,189.81 per ounce.

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