Crypto further embraces compliance with Blast to break the L2 game

作者：Mike；来源：Foresight Research

A. Market Views

I. Macro liquidity

Monetary liquidity improved. Since November, the market sentiment has been optimistic due to the dovish message from the Federal Reserve. The U.S. economy is likely to slow down in 24 years, and the 10-year U.S. Treasury interest rate may trend down to 3.8% driven by real interest rates. U.S. stocks rose strongly, and cryptocurrencies rose even faster. When liquidity expands, cryptocurrencies tend to outperform other risky assets.

Second, the whole market

Top 100 gainers by market capitalization:

This week, BTC fluctuated strongly, and altcoins fell. The U.S. Department of Justice (DOJ) reached a settlement with BN Exchange, removing uncertainty and benefiting industry decentralization in the long run. The market buzz revolves around POW, gaming, and AI. POW mining coins KAS, TAO, ZEPH, etc. are generally rising, and this round of POW tokens is generally better than POS, focusing on fairness.

1. BLUR: The team made a new L2 of Blast, based on OP technology. The logic is similar to DYDX, but the performance of ETH cannot meet the needs of transactions. The reward for BLUR staking is the market expects the third quarter airdrop of Blast tokens, with 30% of the circulating supply participating in staking. Blast partnered with Lido and Makerdao to provide liquid staking services in ETH and U, and TVL quickly jumped to second place in L2.

2. TAO: is the AI mining coin of POW. Using Polkadot technology, the model training of machine learning is done by rewarding miners with tokens. The tokenomics model combines BTC and Helium. You need to buy coins before mining to form a Ponzi flywheel.

3. ZEPH: It is a privacy stablecoin that uses Monero technology and POW. Through a LUNA-like Ponzi model, an over-collateralized stablecoin was launched. Recently, it has risen more than 20 times, attracting a lot of market attention.

Third, BTC market

1) On-chain data

BTC holders are profitable as a whole. With the market trading at yearly highs, more than 84% of BTC holders are profitable, the highest level since Nov '21.

The market capitalization of stablecoins has risen for several weeks. Market activity is on the rise, with bullish sentiment dominating.

The long-term trend indicator MVRV-ZScore is based on the total cost of the market and reflects the overall profitability of the market. When the indicator is greater than 6, it is the top range, and when the indicator is less than 2, it is the bottom range. MVRV fell below key level 1 and holders were in the red overall. The current indicator is 1.2 and it has entered the recovery phase.

Digital product investment products have had net inflows for 8 consecutive weeks. The continued positive sentiment in institutional funds is related to the imminent approval of BTC spot ETFs in the United States.

2) Futures Quotes

Futures Funding Rate: This week’s rate is positive, and the market sentiment is normal. The market began to adjust after BTC rates hit their highest rate of the year on November 12. The rate is 0.05-0.1%, which is the short-term top of the market with more long leverage, and the rate is -0.1-0%, which is the short-term bottom of the market.

Futures Holdings: The total BTC holdings fluctuated flat this week, basically synchronized with price fluctuations.

Futures long/short ratio: 0.7. Retail sentiment is bearish. Retail sentiment is mostly a contrarian indicator, with panic below 0.7 and greed above 2.0. The long-short ratio data fluctuates greatly, and the reference significance is weakened.

3) Spot Quotes

The market is volatile. BTC spot ETFs have made progress, and the SEC has made upbeat comments. There are about 150 days left until the next halving, and there has historically been a rebound in the last two halves. The market is in the early stages of a new bull run, and most of the expected gains are still ahead.

B. Market Data

1. The total lock-up amount of the public chain

Second, the proportion of TVL of each public chain

This week, TVL as a whole rose by about $150 million, an increase of about 3.3%. This week, the market has been range-bound at its highs. BTC has made several unsuccessful attempts to break above 38,000. This week, the mainstream public chain TVL all fell. THE ETH CHAIN FELL 3.8%, AND THE SOLANA CHAIN ALSO USHERED IN A MORE THAN 10% DECLINE AFTER A STRONG RISE OVER THE PAST PERIOD. THE BSC CHAIN FELL 6%, THE POLYGON CHAIN FELL 5%, AND THE ARB, TRON, AND OP CHAINS ALL FELL LESS THAN 1%.

Third, the lock-up amount of each chain protocol

1) ETH lock-up amount

2) BSC lock-up amount

3) Polygon lock-up amount

4) Arbitrum lock-up amount

5) Optimism lock-up amount

6) Base lock-up amount

4. Changes in NFT market data

1) NFT-500 Index

2) NFT market situation

3) NFT trading market share

4) NFT Buyer Analysis

Flooring prices for top blue-chip projects were mixed this week, with BAYC down 0.9%, AOI Engine up 14%, CloneX up 13%, The Captainzs down 25%, and Matr1x 2061 up 51%. In the past week, the trading volume of the NFT market has risen slightly, and the number of repeat buyers and first-time NFT buyers has increased to a certain extent. The NFT market is slowly recovering, and with the development of ERC-6551, it is expected that the NFT track will usher in a promising performance in the next bull market.

V. The latest financing of the project

Sixth, post-investment dynamics

1)Mocaverse - NFT

Animoca Brands tweeted that its NFT collection, Mocaverse, has partnered with Ubisoft’s Strategic Innovation Lab to support and expand the lab’s Web3 initiatives, including PvP role-playing games Champions Tactics™ Grimoria Chronicles and more

2）Colony Lab - Accelerator

Colony Lab, developer and accelerator of the Avalanche ecosystem, said it will invest $10 million to support the long-term growth of the Avalanche network.

The company said it has purchased more than 500,000 AVAX tokens worth $8 million over the past few months, and the funds will be used to build a Validator program that benefits AVAX holders.

3)Cradles-Gamefi

Bybit Launchpad will list the Cradles token CRDS, a triple-A Web3 blockchain game, starting with a snapshot on November 16 and ending on November 22, and start distributing tokens and listing the CRDS/USDT spot trading pair. In addition, Cradles debuted on Steam today, becoming Steam’s first triple-A Web3 game to go live in its entirety.

去年 2 月，Cradles 宣布完成 500 万美元私募融资，Animoca Brands 领投，Foresight Ventures、Sfermion、Spartan Group、HTX Ventures、Mirana Ventures 等参投。