Weekly Web3 Research | Overall Market Showed a Volatile Trend; Layer3 Was extended to Solana; Payment Giant Stripe Now Supports USDC Payments

2024-10-11, 09:14

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![](https://gimg2.gateimg.com/image/article/1692587604touyanzhoubao.jpeg)
## Weekly Trend Overview
The overall <a href="/price" target="_blank" class="blog_inner_link">crypto market</a> has been in a continuously volatile market this week, with short-term fluctuations. Although the overall market value has slightly increased, the trend of fundamental changes in the market is not significant. Most mainstream coins have controlled their fluctuations at around 10%, although some tokens have significant drops. <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has returned to the vicinity of $60000. The prices of key mainstream coins have lacked large-scale fluctuations, and the overall market has shown a slight rebound. The crypto market continues to fluctuate, and there is a lack of clear negative and positive signals in the overall market within a week. The overall market value growth of the crypto market has slightly changed, reaching around $2.1 trillion, a decrease of 2.38% within 24 hours. The market sentiment has reached around 37, with little change. The trend of key mainstream coins this week is currently fluctuating, and it is not ruled out that new changes may occur during the weekend closing period.

The crypto market has performed poorly this week, with continuous volatility being the mainstream trend. It is still within a large fluctuation cycle, and continuous fluctuations in the short term will continue to be the mainstream trend. Stable market conditions are relatively scarce. This week's overall market situation is still showing a clear volatile trend, with most mainstream coins experiencing different fluctuations within a week, resulting in significant overall volatility. The price of BTC has reached around $60,000 within a week, and as of the statistical time, the coin price has shown a rapid downward trend, with a weekly decline of about 2%. Currently, the price remains at $59,329. ETH has slightly increased in the past week, at around 0.37%, and currently remains around $2,353.

The overall market performance has been poor this week, with most coins showing a significant price decline, but some coins have experienced some price increases due to their own market dynamics. NEIRO's 7-day increase reached around 83.5%, with a significant price increase. However, most other coins have seen much lower increases. NEIRO has the largest increase among mainstream coins this week, with its price currently around $0.0016.

The probability of further volatility in the overall crypto market this weekend is high, and a significant market trend is expected during the weekend.

## Crypto Market
🔥 The Arbitrum Foundation has launched the "Towards Devcon" program to increase its efforts in expanding into the Asian market. The program aims to establish connections with the rapidly growing developer community in Asia and increase the visibility of Arbitrarum technology in the region through a series of face-to-face activities and learning rewards.

🔥 Developers claim that the new <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Improvement Proposal (EIP) will reduce Ethereum's block generation time by 33% and increase data capacity, thereby improving overall throughput by 50%.

🔥 According to Lido's official announcement, as part of introducing adjustable supply stETH into <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a>, deposits of wstETH from Ethereum to Optimism will be suspended from October 7th until the upgrade is completed (expected around October 14).

🔥 According to the latest analysis by QCP Capital, despite a turbulent start to the month, Bitcoin's October uptrend seems to have returned to normal. The current price of Bitcoin is comparable to last Monday's level. QCP pointed out that the "Uptober" narrative, combined with strong non-farm employment data, helped Bitcoin find strong support at around $60,000.

🔥 According to CoinShares' latest weekly report, there was a net outflow of $147 million from digital asset investment products last week. Economic data was higher than expected last week, reducing the possibility of a significant interest rate cut, which may explain weak investor sentiment.

🔥 Japanese listed company Metaplanet has again increased its holdings of 108.78 BTC, bringing its total BTC holdings to 639.503.

🔥 According to SoSoValue data, the total net inflow of Bitcoin spot ETFs on October 7 Eastern Time was $235 million.

🔥 The Linea community initiated a discussion on the decentralization proposal for Linea, to make it a fully decentralized L2 chain, and outlined some suggestions to achieve this goal, including L1-Finality & L2-Finality, decentralization of block validation, recovery models, block proposers, finalization of Linea blocks on L1, reward allocation, etc.

🔥 According to official sources, the distribution, identity, and incentive infrastructure Layer3 has been announced to be extended to the <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> network. This aims to create a consumer distribution layer for the Solana protocol, supported by L3 tokens provided natively through Wormhole on Solana.

🔥 As of September 30, a total of 96,010 new tokens have been issued on Solana this year, with a total of 110,180 tracked on chain new token issuances. New tokens on Solana account for over 87% of all new tokens on DEX.

🔥 According to a recent report by Kaiko, nearly 60 privacy coins have been delisted from centralized exchanges this year, setting a record high since 2021.

🔥 According to Cryptonews and the State of Solana: Breakpoint Edition report, 29 projects built on the Solana blockchain received $173 million in private financing in the third quarter of 2024, the highest level since the second quarter of 2022.

🔥 According to The Block, JPMorgan analysts have identified several key factors that may impact the crypto market in the coming months, including technical, geopolitical, and structural events that could drive price volatility.

🔥 On Tuesday, although Bitcoin fell more than 2% against the US dollar, MicroStrategy's stock price rose more than 6% from the previous day. Since the beginning of this year, the company's stock price has outperformed Bitcoin, rising 185% since January, while Bitcoin's increase is 47%.

🔥 On October 9, according to Coinglass data, if Bitcoin breaks through $64,000, the mainstream CEX's cumulative empty clearing strength will reach 401 million; On the contrary, if Bitcoin falls below $61,000, the cumulative liquidation strength of mainstream CEX orders will reach 335 million. Due to the rapid decline in Bitcoin prices, multi-order clearing is occurring.

🔥 The official Chinese version of Puffer Finance, an Ethereum re-staking protocol, announced that the PUFFER token is about to be launched, which also represents the launch of Puffer DAO and gives the community the governance power to shape the future of the protocol.

🔥 According to DefiLlama data, Jupiter has become the top aggregator of 24-hour trading volume on all chains, with a 24-hour trading volume of $538 million. In addition, <a href="/price/1inch-1inch" target="_blank" class="blog_inner_link">1inch</a> ranks second with a 24-hour trading volume of $208 million; ODOS ranks third with a 24-hour trading volume of $134 million.

🔥 The Pump.fun platform has generated at least $900000 in daily revenue in the past 12 days, setting a new record. The MOODENG token has led the recent recovery of the Meme coin market, with traders turning to token trading on the Pump.fun platform.

🔥 Top trader Eugene Ng Ah Sio posted on social media, “Except for a few accounts, I feel that the quality of content on the crypto community Twitter (CT) has deteriorated significantly, and there is almost no reason to stay here anymore. I want to know how we got to this point.”

🔥 Google <a href="/web3" target="_blank" class="blog_inner_link">Web3</a> product manager Nalin stated on the X platform that Google Search has integrated ENS, allowing users to search for. eth domains and view ETH balances.

🔥 VanEck portfolio manager Pranav Kanade emphasized on X that Memecoin has four key aspects that all teams in the crypto field should learn to emulate. Simplicity, high circulation, founder/team alignment, and high transparency.

🔥 Mt. Gox officially announced that the bankruptcy administrator has completed the compensation work for bankrupt creditors who have completed the necessary procedures for receiving compensation and have not encountered any problems in the compensation process.

🔥 <a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> Labs announces the release of the Aave V3.2 upgrade. The V3.2 version was developed and upgraded by bgdlabs, introducing Liquid eMode to better control borrowing and collateral, improve flexibility, and allow users to benefit from higher gas efficiency and customizable risk management.

🔥 Ripple announces the launch of a crypto custody service aimed at helping banks and fintech companies store digital assets. The new features include integration with Ripple's <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> Ledger blockchain platform, anti-money laundering risk monitoring, and a user-friendly interface.

🔥 According to Layerhub data, only 12.7% of user wallets on the decentralized prediction market platform Polymarket have achieved profitability. Out of 171,113 wallets, only 21,730 achieved profitability, with most users earning less than $100, and only 2,138 wallets earning over $1,000.

🔥 Andrei Grachev, co-founder of DWF Labs, announced in a post that DWF Labs' synthetic stablecoin product will ultimately be named Falcon Finance. The stablecoin will have two versions: USDf and USDwf.

🔥 Bloomberg analyst James Seyfart stated that exchange-traded funds (ETFs) will likely be launched in the United States in the first quarter of 2025.

🔥 On October 10, payment giant Stripe launched and supported USDC payments, accepting stablecoin payments from over 150 countries. Buyers can pay USDC from Ethereum, Solana, and <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> chains, allowing US companies to receive US dollars directly.

## Regulatory & Macro Policies
🔥 The US government filed two legal lawsuits on October 4 to begin confiscating digital assets worth over $2.67 million stolen by the North Korean hacker group Lazarus Group.

🔥According to Reuters, the FBI created a token and company called "NexFundAI" on Ethereum to identify, crack down on these suspected fraudsters, and bring them to justice. On-chain information shows that the trading function of this token was disabled 21 days ago. In addition, the meme token with the same name has been released multiple times on the chain, and Mars Finance reminds users to be aware of its risks. Previously, the US SEC, FBI, and DOJ jointly filed a lawsuit against crypto companies such as MemeCoin market maker Gotbit.

## Crypto Market Highlights  
⭐️Last week, the crypto market fluctuated, and the overall future trend is still unclear. Most mainstream coins have shown a relatively obvious upward and downward trend, manifested as continuous short-term fluctuations within a small range. There is no significant change in the sentiment of the crypto market, and the current market situation will likely continue in the short term. The current market situation is expected to show significant changes again by the weekend, with a high probability of a slight correction.

⭐️Quite a few mainstream coins have experienced significant price increases in the market this week, but the proportion of top growth has mostly remained below 30%. However, due to the impact of its own hotspot actions, NEIRO's prices have continued to fluctuate upwards, with a seven-day increase of about 81%, and the current price is around $0.0017. The high point of the coin's price for the week is around $0.0019, which has fallen slightly. It is expected to maintain a slight price decline in the future of this week.
![](https://gimg2.gateimg.com/image/article/17286376181.jpg)
(Data Courtesy Of Coinmarketcap)

## BTC & ETH Weekly Performance
### Bitcoin (BTC)
![](https://gimg2.gateimg.com/image/article/17286376412.jpg)
(Data Courtesy Of TradingView)

The overall price of BTC started above $61,000 last weekend and showed a sustained short-term fluctuation trend after opening. Due to the recent lack of clear upward signals in the market, the current market is still in the same oscillation cycle so that the actual downward performance may reach the price bottom near $56,000. The overall performance of BTC has entered a rapid downward trend from a sustained period of small fluctuations. The coin's price has remained fluctuating around $59,000, with a high point around $64,200 and a low point around $59,000.

Analysis suggests that BTC's price changes this week are more influenced by the volatility of the market itself. The price-performance in the past two weeks has mainly been characterized by sustained fluctuations after entering a downward channel, with a decline of about 2.2%. Currently, it follows the overall trend of the market and is in a relatively clear state of rapid decline and multi-order clearing. The price fluctuations are more severe near the closing period.

### Ethereum (ETH)
![](https://gimg2.gateimg.com/image/article/17286376933.jpg)
(Data Courtesy Of TradingView)

The high point of ETH's price was above $2,500 after the opening, and its overall performance differed from that of BTC. Although there was also a rapid downward oscillation trend near the weekend closing period, the overall price fluctuation was more intense. The <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">ETH price</a> has been continuously fluctuating for most of the week, staying within the range of $2,300-$2,500, with frequent short-term fluctuations. ETH's weekly increase is around 1%. The coin is in a stage of significant price fluctuations, with prices reaching a lower range for the week.

Analysis suggests that the price change of ETH coin is relatively small compared to the same period last week, mainly due to the impact of market fluctuations within a week. Although there has been an increase in price fluctuations, the main trend is still a downward price adjustment. The fluctuation range of the ETH coin price is likely to continue within the current price range, but there is a high probability of breaking through $2,400.

## Web3 Project Trend
The total market value of the seven project categories has fluctuated, but the decline has all decreased compared to the same period last week. The overall market performance is still dominated by short-term fluctuations, but as the weekend closing period approaches, the overall market trend shows a rapid decline, which is expected to usher in a clearer trend state during the weekend period.

| Project Category  | 7d Change  | Top 3 Gainers  | Comment  |
| ------------ | ------------ | ------------ | ------------ |
| Layer 1 | -1.0% | ETHG,SGE,PEP | The Layer 1 track experienced a slight decline, with most projects in a relatively even distribution of gains and losses, and the top-rising coins have not shown significant fluctuations.|
| Layer 2  | -3.4%  |1CAT,TOPIA,MERL|The overall decline of the Layer 2 sector is relatively small, with the top-growing coins showing a small increase, and the vast majority of coins experiencing a slight decline.|
| DeFi  | 1.3%  | WEX,NOIR,ANY | The DeFi track saw a slight increase, with overall performance relatively stable, and WEX continues to be in a leading position.|
| NFT  |-3.3% | SOCKS,RARE,METADOGE |The NFT market also experienced a slight decline, with top-rising coins continuing their performance from last week, and the overall bearish trend is evident.|
| MEME  | 5.7%  | COCAINE,ANSOM,BLUBIA| The MEME coin market rose to a certain extent, with significant fluctuations in the market, showing a state of early recovery.|
| Liquid Staking  | -0.5% | SCANTO,MAG,MILKTIA | This track follows the trend of top mainstream coins, with a slight decline. Most coins have very limited actual gains, and the overall fluctuation range is relatively stable.|
| AI  | -2.7%  | ROSNET,CARV,NFAI| The AI sector experienced a slight decline, influenced by overall market volatility. The performance of the AI track follows the overall market trend, and the top coins still have decent gains. |

<div class="blog-details-info">
<div>Author:**Charles T.**, 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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