Introduction:
With several projects such as ETHFI, PENDLE, and DEGEN surpassing their all-time highs in TVL and token prices, market attention and enthusiasm remain high.In particular, the historic high of $38.8 billion in total BTC futures contracts across the entire networkis notable, reflecting market expectations for the current BTC-led uptrend.
1. Investment & Financing Observations
Last week, the crypto market witnessed a total of 31 investment and financing events, a decrease of 20% compared to the previous period, but with a total funding scale exceeding $293 million, representing an 8% increase:
In the DeFi sector, there were 5 disclosed investment and financing deals, with Bitcoin DeFi developer Automated Liquidity Exchange (ALEX) completing a $10 million strategic financing round, led by Spartan Capital.
In the gaming sector, there were 8 investment and financing deals, including NFT card game Parallel announcing the completion of a $35 million new financing round, with participation from Solana Ventures and others.
In the infrastructure and tools sector, there were 15 investment and financing deals, with privacy infrastructure company Espresso Systems completing a $28 million Series B financing round, led by a16z crypto.
In AI, DePIN and other fields, there were 3 investment and financing deals, including the web3-based AI platform MyShell raising $11 million in a round led by Dragonfly.
Looking at the week-over-week data, the number of cryptocurrency market investment and financing transactions decreased slightly last week, with investment and financing amounts concentrated in infrastructure and gaming sectors. OKX Ventures, Dragonfly, and Animoca Brands were particularly active, focusing mainly on Web3 and infrastructure areas.
About Parallel:
Parallel is a science fiction-themed collectible card game (TCG) that harnesses the power of NFTs to give players ownership of their cards and other in-game assets. These cards can be used to construct a deck and play online client/mobile games currently under development.
About 0G:
0G is a modular AI blockchain aimed at improving the performance and cost efficiency of on-chain AI applications in the web3 ecosystem, addressing issues like speed. 0G features a scalable programmable DA layer suitable for AI dApps, and its modular technology will enable frictionless interoperability between chains while ensuring security, eliminating fragmentation, and maximizing connectivity to achieve weightlessness and an open metaverse.
About DappOS:
DappOS is a Web3 intent-execution protocol designed to make dApps as user-friendly as mobile applications. As a Web3 unified operating protocol, it builds a layer between users and cryptographic infrastructure such as public chains, cross-chain bridges, etc., allowing users to verify and execute tasks in the decentralized world by interacting with DappOS.
Additionally, DappOS was founded in May 2022 and was selected for the fifth season of the Binance Incubation Program in December 2022. In July 2023, DappOS received seed investment from Binance Labs, Sequoia China, and others.
2. Cryptomarket Data
The number of Ethereum validators surpasses one million
Dune Data: On March 28th, the number of validators on the Ethereum network reached one million, with staked ETH accounting for 26.64% of the total supply, and the staked share in the liquidity staking protocol Lido reaching 30.50%.
Following the Shanghai upgrade, there was a net inflow of 13,787,261 ETH. While the increase in validators and the dominance of Lido's single staking could enhance blockchain security, some community members express concerns about the potential issues arising from excessive validators. Venture capitalist and Ethereum advocate Evan Van Ness commented that having too many validators and excessively centralized staking platforms could ultimately lead to 'bigger problems'.
$DEGEN surged 30 times in 15 days, as the meme market trend persists.
From March 14th to 31st, $DEGEN on Base surged 30 times in two weeks, fueling the FOMO sentiment dominating the market in MemeCoin trends. As of now, the Degen community remains highly active and cohesive, suggesting promising future performance.
About $DEGEN:
The Degen token was launched on the Degen channel on Farcaster in January 2024, distributing tokens among builders, content creators, and users. It reshapes the Farcaster ecosystem, allowing Casters to use DEGEN to reward high-quality content creators.
Additionally, DEGEN serves as the gas token for Degen Chain, built on Arbitrum Orbit, with Base Network acting solely as the settlement layer, while the DA layer utilizes AnyTrust.
Base's TVL surpasses $3.2 billion
Benefiting from the recent meme frenzy, Base's TVL showed outstanding performance in March, reaching a historic high of over $3.2 billion on March 30th. Additionally, Base network's DEX trading volume reached $657 million, setting a new record high. The daily active users on the Base mainnet surpassed 450,000, reaching 458,826, the second-highest in history (the highest record was set on March 16, 2024, with 902,300 daily active users).
$PENDLE price and TVL also reached a new high.
DeFiLlama data: Pendle's total TVL surpasses $3.4 billion, reaching $3.404 billion, marking a historic high and a monthly increase of 61.86%.
In the same period, the price of $PENDLE token surpassed $5, continuing to set new historical highs, currently priced at $5.57 with a 16% increase in the last 24 hours.
On March 30th, Pendle co-founder @tn_pendle posted on social media confirming that the team couldn't access the X account of @pendle_fi, with hackers controlling the account to spread false airdrop information. On March 31st, @tn_pendle tweeted: 'Regained control of @pendle_fi Twitter/X account. The Pendle protocol is currently secure, and no user funds are at risk.' During this period, the price and TVL of PENDLE were not affected by this event.
About Pendle:
Pendle is a blockchain project focused on tokenizing yields, allowing users to lock in the future yields of their crypto assets and receive early returns through its platform. Pendle achieves this functionality through smart contract technology, enabling users to participate in the market in a decentralized and secure manner.
3. VC Holding Dynamics
4. This Week's Focus
April 1st:
- TON will launch the first season of its public league on April 1st, with a prize pool worth $115 million and offering 30 million TON community rewards;
- The fiat-backed stablecoin USDM issued by the Cardano ecosystem stablecoin issuance protocol Mehen Finance will be retail launched in April;
- Acala (ACA) will unlock 27.43 million tokens on April 1st at 15:00, worth about $5 million, accounting for 2.85% of the circulating supply.
April 2nd:
- The distribution plan for 50,000 PYTH airdrops from Alpaca Finance will continue until April 2nd;
- Ethena will airdrop 750 million ENA tokens to users on April 2nd, with the total airdrop amounting to 750 million tokens, accounting for 5% of the total token supply;
- The first session of the HTX DAO People's Congress elections has been postponed to April 2nd;
- QnA3.AI will start the second round of airdrops on April 2nd, distributing 5 million GPT tokens;
- The Korean blockchain event IXO™ 2024 will be held in Seoul from April 2nd to 3rd.
April 3rd:
- US March ADP employment data (small non-farm);
- The second phase of the Arbitrum Foundation's funding program will end on April 3rd, with applications for the third phase starting on April 15th;
- Sui will unlock 34.62 million tokens on April 3rd at 8:00, worth about $65.08 million, accounting for 2.81% of the circulating supply.
April 4th:
- US initial jobless claims data for the week;
- The BCH halving is expected to take place on April 4th, reducing block rewards from 6.25 BCH to 3.125 BCH;
- The hearing for the detained Binance executives in Nigeria will take place on April 4th.
April 5th:
- US March unemployment rate;
- US March non-farm payroll data;
- Bitlayer plans to launch its mainnet on April 5th and will introduce the ecosystem incentive program Ready Player One;
- Galxe will unlock 3 million tokens on April 5th at 8:00, worth about $14.51 million, accounting for 3.34% of the circulating supply.
April 6th:
- The 2024 Hong Kong Web3 Carnival will be held from April 6th to 9th at the Hong Kong Convention and Exhibition Centre 3FG;
- Echelon Prime will unlock 1.66 million tokens on March 31st at 8:00, worth about $37.53 million, accounting for 4.65% of the circulating supply;
- SUI will unlock 4 million tokens on March 31st at 8:00, worth about $6.68 million, accounting for 0.32% of the circulating supply;
- The Bitcoin Layer2 project Ligo mainnet will go live on March 31st, with staking assets currently under review.
April 7th:
- Hashflow (HFT) will unlock 13.62 million tokens on April 7th at 8:00, worth about $6 million, accounting for 3.56% of the circulating supply;
- Wormhole will co-host a Meetup with Pyth in Hong Kong, discussing trends, opportunities, and innovations in the 2024 Web3 industry.
5. Summary
Last week, the entire cryptocurrency market saw stable growth, with BTC spotETF fundspositive net inflowsand bullish sentiment still prevailing.
This week, the popularity of MemeCoinsand the Base ecosystem is likely to continue. And as Bitcoin halving approaches, along with the interaction between ETFs and miners, and the continuation of profit-taking selling behavior, the market may experience significant fluctuations again.
Additionally, with the London Stock Exchange allowing the listing of Bitcoin and Ethereum ETNs, HSBC issuing tokenized gold to individual investors in Hong Kong, and Fidelity submitting a proposal to the SEC for an ETH spot ETF with staking functionality, the integration of the cryptocurrency market with traditional finance is deepening. While the trend of the cryptocurrency market's rise has emerged, investors still need to be vigilant against significant market fluctuations and individual malicious behavior that may occur under FOMO sentiment, in order to reduce investment risks and seize key opportunities for asset appreciation.
Note: All of the above opinions are not investment advice. If there are any inappropriate points, please feel free to leave a message to correct them.
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