Daily News | DeFiTVL Reached a New High in 2 Years, Uniswap V4 is About to Be Launched, Jupiter Announces the First Two Projects to Be Launched

2024-03-11, 03:57

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## Crypto Daily Digest: On-chain DeFi TVL reaches a new high in two years; Uniswap v4 is about to be launched; Jupiter LFG Launchpad ends; BVM has integrated Filecoin as the storage layer
In terms of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF trading activities, according to Farside Investor data, on March 8 (last Friday), Grayscale GBTC outflow was approximately $302.9 million, BlackRock Bitcoin Spot ETF (IBIT) had a net inflow of $336 million per day, Bitwise Bitcoin Spot ETF (BITB) had an inflow of $8 million, ARK 21Shares Bitcoin Spot ETF (ARKB) had an inflow of $1.7 million yesterday, and Fidelity Bitcoin Spot ETF (FBTC) Yesterday, there was an inflow of $130.3 million.

According to data compiled by BitMEX Research, as of March 8th, BlackRock's IBIT holds 197,943 Bitcoins worth over $13.5 billion, exceeding MicroStrategy's crypto holdings.

After Bitcoin hit a high of $70,000, many Altcoins also performed well; And the overall rise in the market has improved the sentiment of the entire crypto industry. DefiLlama's data shows that the global total locked value (TVL) of decentralized finance (DeFi) protocols has jumped to over $100 billion for the first time in about two years. However, even after a significant increase, TVL is still far below the record of $189 billion set in November 2021.

<a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> has official news; Uniswap v4 is about to be released. The first stage previously conducted was code freezing, including core code completion, testing, etc. The second stage is for auditing and deploying the testnet, where comprehensive auditing and community auditing competitions from multiple auditing companies, as well as v4, will be deployed to the testnet. The third stage is to initiate push, and v4 will be pushed to the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> mainnet in the third quarter.

DEX Jupiter on <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> posted that the first LFG Launchpad vote has ended. There were 175,000 voters in this vote, and the first two projects selected by Jupiter DAO were Zeus Network and SharkyFi. And it is reiterated that "no matter who you vote for, everyone will receive the same reward based on their voting rights." Previously, Jupiter also received widespread attention due to its expected airdrop of 4 billion tokens in four phases.

<a href="/price/filecoin-fil" target="_blank" class="blog_inner_link">Filecoin</a> officially announced that BVM (Bitcoin Virtual Machine) has integrated Filecoin as its storage layer. This integration marks a significant improvement in the Bitcoin Layer2 solution supported by BVM and Filecoin, providing higher security and scalability.

BVM can now use Filecoin's decentralized storage to archive transaction records, simplifying the indexing work of Bitcoin developers through the Lighthouse node aggregator.

## Market trends: Adjustment near BTC's previous high
Last week, BTC prices briefly broke through the previous high but then experienced short-term adjustments, with prices currently fluctuating around the previous high. However, the expected Altcoin season has not yet arrived, and the majority of Altcoins have already experienced excessive growth in the early stages and are currently in the adjustment stage. In addition, the US stock market has experienced a decline, Nvidia's stock price has plummeted, and the AI concept token market is still adjusting.
### Market hotspots
Gamefi concept coins saw a significant increase: tokens such as <a href="/price/gala-gala" target="_blank" class="blog_inner_link">GALA</a>, YGG, and PIXELS significantly increased last week. GALA and YGG are market-driven by DWF Labs, using aggressive pull up techniques. The daily active users of PIXELS have reached 500000, and the token price exceeded $1 today, setting a new historical high.

The utility token sector saw significant growth: <a href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a>, <a href="/price/okb-okb" target="_blank" class="blog_inner_link">OKB</a>, and other utility tokens significantly increased, leading ID, EDU, BNX, and others to follow suit. Funds are beginning to rotate towards the currencies with higher market values but slower growth rates mentioned above. It is worth noting that the ID will undergo a large unlocking on March 27. Currently, the market speculates that there was a pulling phenomenon before the unlocking, but it is expected that the upward trend will not continue.

The AI and Meme sectors led the decline: AI and Meme coins are currently leading the market in decline. Last week, multiple Meme coins broke new highs, with a total market value of over $63 billion. DOGE still ranks first with a market value of over $25 billion, followed by PEPE, FLOKI, WIF, and others. As a newly issued Meme coin in 2023, WIF hit new highs several times last week, ranking fifth in Meme coin market value with a market value of $21 billion.

Increased airdrop activity: Saga announced that 60 million SAGAs will be distributed to eligible addresses. At the same time, Wormhole has opened airdrop queries and announced airdrop details, of which 6.17% of tokens will be used for community airdrops.

Overall, there has been a rotation phenomenon between different sectors in the crypto market. The Gamefi concept coin and utility token sectors have performed outstandingly, while the AI and Meme sectors have shown significant adjustments. Investors need to monitor market trends closely, cautiously seize investment opportunities, and pay attention to controlling risks. At the same time, investors should remain vigilant and avoid blindly following the trend in the upcoming large-scale unlocking events.

## Macro: US employment report issued, global market downturn; Gold prices hit a new high, while oil prices slightly declined
According to Reuters, in the international market, the S&P 500 and NASDAQ indexes hit historic highs during trading. They closed lower on Friday while rising chip stocks also reversed as artificial intelligence giant NVDA. O saw profit-taking on Friday, down 5.6%.

In terms of labor market reports, the results are mixed, indicating that there are more new job opportunities than expected, but the unemployment rate has increased. The February Consumer Price Index (CPI) report released on Tuesday is expected to rise by 0.4% and stabilize at an annual rate of 3.1%. Core inflation is expected to rise by 0.3%, driving the annual growth rate to the lowest level since early 2021 of 3.7%. We will supplement the weak situation in the February non-farm payroll report, with the unemployment rate reaching a two-year high of 3.9% and keeping the Federal Reserve on a rate-cutting track in the coming months.

Asian stock markets fell sharply on Monday, while the US dollar fell before US inflation data could accelerate or delay global interest rate cuts. The Japanese yen has risen slightly, and more and more Bank of Japan policymakers are inclined to end negative interest rates this month due to expectations of a significant salary increase in this year's annual wage negotiations. The Nikkei Index of Japan (. N225) fell 2.3% after hitting historic highs last week; Chinese blue chip stocks (. CSI300) rose 0.2%.

According to data released on Monday, Japan has not entered a recession after the annualized economic growth rate in the December quarter was raised to 0.4%.

In terms of gold prices, the decline in the US dollar and bond yields supported the interest-free gold price, with gold rising to $2180 per ounce, soaring 4.5% last week to a historic high.

Regarding commodities, concerns about Chinese demand offset the reduction in production by OPEC+, an oil-producing organization, and oil prices were affected. Brent crude oil fell 54 cents to $81.54 per barrel, while US crude oil fell 57 cents to $77.44 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.
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