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Plume (PLUME): The Blockchain for Real World Asset Finance (RWAfi)

What is Plume (PLUME)? Plume (PLUME) is a modular, secure, and scalable blockchain infrastructure that focuses on tokenizing and managing real-world assets (RWAs). Tokenization involves turning tangible or intangible assets—such as real estate, commodities, or even intellectual property—into digital tokens that can be traded, collateralized, or used in various blockchain applications. Plume is an ecosystem that provides everything needed for RWA finance (RWAfi), from compliance and data integration to trading and liquidity solutions. By addressing the challenges of security, transparency, and usability, Plume aims to unlock the full potential of RWAs on blockchain. Who Created Plume (PLUME)? Plume's team is built from leaders at top firms like Coinbase, Robinhood, Binance, Galaxy Digital, and LayerZero, bringing unmatched expertise to revolutionize real-world asset tokenization. Chris Yin, CEO, has led product and strategy at Scale Venture Partners and Rainforest QA, while founding Xpenser, acquired by Coupa. Teddy Pornprinya, Chief Business Officer, brings experience from Binance, Coinbase Ventures, and Daiwa Securities. Eugene Shen, CTO, has developed solutions at dYdX and Robinhood Crypto. Marketing is led by Tiffany Lung, formerly of Binance and Plug and Play, while Jason Meng and Ivy Kang drive business development, with experience at LayerZero, Galaxy Digital, and JP Morgan. Victor Hernández leads community efforts, drawing on roles at Binance and Bitso, while Alex Palmer innovates in product, leveraging his entrepreneurial background. What VCs Back Plume (PLUME)? Backing Plume’s development is a robust network of some of the world’s most renowned venture capital firms. These include Brevan Howard, Haun Ventures, Galaxy Digital, Lightspeed Action, Superscrypt, HashKey Capital, Laser Digital (Nomura Group), Selini Capital, 280 Capital, a_capital, SVA, and Portal Ventures. How Plume (PLUME) Works Key Components Plume is a modular, secure, and scalable infrastructure built to simplify the tokenization of real-world assets. It combines three key components: Arc, Smart Wallets, and Nexus. Together, these elements form a robust framework that ensures compliance, facilitates seamless trading, and integrates real-world data on the blockchain. 1. Arc: The Tokenization Engine Arc is Plume’s engine for tokenizing assets, making it simple to create, onboard, and manage tokenized RWAs. Whether the asset is physical (like real estate or commodities) or digital (such as invoices or intellectual property), Arc ensures the process is efficient, secure, and compliant. Arc integrates with compliance and data systems to maintain regulatory alignment and accuracy. By automating many of the traditionally manual steps involved in tokenization, it enables issuers to tokenize assets quickly and affordably. Arc is particularly valuable because it streamlines a process that has often been expensive and complex. With Arc, issuers can focus on the value of their assets rather than the technicalities of bringing them onchain. 2. Smart Wallets: Redefining Asset Management Plume’s Smart Wallets are designed to give users more control over their tokenized assets. Unlike traditional wallets, which are often limited to basic transactions, Smart Wallets offer advanced features such as staking, collateralization, and integration with decentralized finance (DeFi) protocols. These wallets embed custody and compliance features directly into their architecture. This means users can manage their assets securely while navigating regulatory requirements effortlessly. The wallet interface is user-friendly, making it accessible to people with varying levels of blockchain experience. Most real-world asset holdings today are stagnant—they can’t easily interact with DeFi ecosystems. Plume’s Smart Wallets solve this issue by unlocking new possibilities, like earning yields, participating in lending markets, and managing liquidity. 3. Nexus: The Data Highway Nexus is the bridge between the blockchain and the real world. It brings offchain data onchain, enabling new use cases for tokenized assets in areas like prediction markets, lending protocols, and asset valuations. Nexus integrates data from reliable external sources, feeding real-time insights directly into the blockchain. This ensures that users have access to accurate, actionable information when making financial decisions. Data is the backbone of any financial system. With Nexus, Plume ensures that users have the information they need to interact with tokenized assets effectively, whether for trading, lending, or other DeFi applications. Core Features That Set Plume Apart In addition to its architecture, Plume offers a range of features that enhance its value proposition: 1. Built-in AML Compliance Plume integrates anti-money laundering (AML) checks directly into its platform, ensuring that all transactions meet regulatory standards. This simplifies user onboarding and builds trust in the system. 2. Liquidity and Trading Support Liquidity is critical for any financial system. Plume enhances liquidity for tokenized assets by partnering with trusted providers and enabling features like staking, yield farming, and DeFi integration. This reduces slippage and stabilizes asset prices, making the ecosystem more robust. 3. Data Integration and Analytics Through Nexus, Plume provides real-time data feeds that empower users to make informed decisions. Whether you're a lender, borrower, or trader, this data ensures you have the insights needed to succeed in the RWA market. Plume USD Plume’s ecosystem includes Plume USD, a stablecoin designed to support secure payments, trading, and collateralization within RWA finance. Fully backed and maintaining a 1:1 peg with the US dollar, Plume USD is deeply liquid and easy to mint. Users can deposit popular stablecoins like USDC and USDT to mint Plume USD, which can then be used across various DeFi applications on the platform. In the future, Plume USD holders will have access to exclusive yield-bearing opportunities, further enhancing its utility. Security and Transparency Plume prioritizes security, conducting regular third-party audits to ensure its platform remains safe and reliable. Completed audits include reviews of its blockchain infrastructure (based on Arbitrum’s ArbOS, Nitro, and Stylus technologies), cross-chain bridges, and Smart Wallets. Ongoing security measures include: ● Continuous Monitoring: Detecting and responding to unusual activity in real-time. ● Regular Code Reviews: Ensuring adherence to the highest security standards. ● Transparency: Plume publicly shares its audit reports, fostering trust among its users. PLUME Goes Live on Bitget Trading PLUME, the native token of Plume, on Bitget offers a strategic opportunity to participate in a cutting-edge decentralized ecosystem. As Plume continues to gain traction with its innovative features like the Plume Arc, Plume Smart Wallet, and Plume Nexus, the token's utility within this growing network is expected to expand. Spot Trading Link: PLUME/USDT Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

XRP Price Surge: What’s Driving the Recent Rise and What’s Next?

XRP, one of the most well-known cryptocurrencies in the market, has seen a dramatic surge in its price recently. At the start of December 2024, XRP reached a seven-year high, with its price peaking at $2.50. This surge has attracted widespread attention from investors, traders, and crypto enthusiasts alike. But what’s behind this sudden increase in XRP’s price? In this article, we’ll explore what XRP is, why its price has been rising, the recent release of Ripple’s RLUSD stablecoin, and what the future holds for XRP. What Is XRP? XRP is a digital currency created by Ripple Labs, a company founded in 2012 by Chris Larsen and Jed McCaleb. XRP is designed to serve as a fast, low-cost, and scalable cryptocurrency for global payments. Unlike Bitcoin and Ethereum, which are used mainly as store-of-value assets or for decentralized applications, XRP was created specifically for cross-border transactions. Ripple, the company behind XRP, offers solutions to financial institutions and banks for sending international payments quickly and affordably. XRP is used as an intermediary currency, enabling cross-border transactions to be completed in just a few seconds, which can take days compared to traditional methods. The XRP Ledger, a decentralized blockchain, powers the XRP network, ensuring the currency's security and efficiency. While Ripple and XRP have been synonymous for years, it is important to note that XRP operates independently of Ripple’s business, although Ripple has a significant stake in the cryptocurrency. XRP’s Recent Price Surge As of early December 2024, XRP reached a price of $2.80, marking its highest level in six years. This represents a 40% increase in just 24 hours and a 400% increase since November 1, 2024. XRP’s price has been on a steady climb, with notable gains in recent weeks. Before this recent surge, XRP had spent years in a price range of about $0.40 to $1.00, and even saw its value dip during market corrections. However, the price increase starting in late November 2024 has been much more significant, catching the eyes of many in the crypto world. At its highest point, XRP briefly overtook Solana and Tether to become the third-largest cryptocurrency by market cap—something it hadn’t achieved in over four years. This increase has been especially impressive when compared to Bitcoin, which saw a 27% price increase over the same period. XRP’s recent surge has made it a hot topic in the cryptocurrency community. But what is driving this remarkable price increase? Why Is XRP’s Price Increasing? Several factors have contributed to the dramatic rise in XRP’s price. These factors are interconnected, with both market sentiment and regulatory developments playing key roles. Let's explore the top reasons why XRP’s price has skyrocketed. 1. The Impact of Donald Trump's Election Victory One of the most significant events that triggered XRP’s price rally was the victory of Donald Trump in the U.S. presidential election in November 2024. The election result sparked renewed optimism in the crypto market, with investors anticipating pro-crypto policies from Trump’s administration. Trump’s pro-business, anti-regulation stance is seen as beneficial for the cryptocurrency industry, and many believe that his presidency will usher in a more crypto-friendly regulatory environment. Ripple CEO Brad Garlinghouse has been vocal about the potential positive impact of Trump’s victory on Ripple and XRP. He has expressed confidence that the new administration will reduce regulatory pressure on cryptocurrencies, including XRP. XRP’s surge began soon after the election, as investors bet on a more favorable environment for Ripple’s operations. 2. Positive Regulatory Developments Regulatory uncertainty has long been a significant challenge for Ripple and XRP. For years, Ripple has been engaged in a legal battle with the U.S. Securities and Exchange Commission (SEC), which accused Ripple of selling XRP as an unregistered security. This lawsuit has weighed heavily on XRP’s price, as many investors were unsure of how the case would be resolved. However, recent developments suggest that the regulatory pressure on Ripple may be easing. SEC Chairman Gary Gensler, who has been a staunch critic of cryptocurrencies, announced his resignation shortly after Trump’s election. Gensler’s departure is seen as a positive sign for Ripple and the broader crypto industry, as it may signal a shift in the SEC’s approach to digital assets. Additionally, a court ruling in August 2024 was in favor of Ripple, stating that its sale of XRP did not violate securities laws. Although the SEC appealed this decision, the ruling sent a strong signal that Ripple might be able to resolve its legal issues in its favor. Many investors view these legal victories as crucial factors contributing to XRP’s price surge. 3. Increased Trading Activity and Investor Sentiment Another reason behind XRP’s price increase is the growing interest from both retail and institutional investors. In November 2024, retail trading app Robinhood relisted XRP on its platform, allowing a broader audience to invest in the token. The relisting helped to boost XRP’s liquidity and trading volume, attracting more retail investors who may have been waiting for an opportunity to buy XRP. Moreover, trading activity on CEX platforms has been particularly strong. Whales—large investors—have been driving XRP’s rally, creating a price premium for the cryptocurrency on exchanges compared to more retail-focused platforms. South Korean investors have also been active in trading XRP, further boosting its price. 4. The Emergence of XRP ETFs XRP’s surge has been fueled by speculation that the cryptocurrency could soon be approved for a spot exchange-traded fund (ETF). Bitcoin and Ethereum both saw massive price increases after their respective ETFs were approved in 2024. XRP enthusiasts believe that Ripple could follow suit, with an ETF bringing further legitimacy and mainstream adoption to XRP. Ripple CEO Garlinghouse has said that he believes an XRP ETF is “inevitable.” Several companies, including Bitwise Asset Management and WisdomTree, have already filed for XRP spot-ETF approval with the SEC. If XRP ETFs are approved, they could provide a significant boost to the token’s price, attracting more institutional investors and pushing XRP toward its all-time highs. Ripple’s RLUSD Stablecoin Release and Its Impact on XRP Another major factor contributing to XRP’s recent price surge is the launch of Ripple’s RLUSD stablecoin. The stablecoin, which is backed by USD deposits, short-term U.S. Treasuries, and cash equivalents, was officially released on December 4, 2024. RLUSD is set to operate on Ripple’s XRP Ledger and Ethereum, with plans for future expansion to other blockchains and DeFi protocols. The RLUSD stablecoin aims to serve institutional investors, offering a compliant and efficient way to transfer funds and settle transactions across different blockchain ecosystems. It is also designed for cross-border payments and stable value retention. Since Ripple has been actively working to integrate stablecoins like RLUSD into its cross-border payment solutions, this development could have a major impact on XRP’s price. Increased Utility for XRP: RLUSD will be paired with XRP to provide liquidity and stabilize its price. This creates a more interconnected ecosystem between RLUSD and XRP, increasing XRP’s role in global payments. As more financial institutions adopt RLUSD, the demand for XRP will likely increase as well, potentially driving its price even higher. Growth of Ripple’s Ecosystem: Ripple’s move into stablecoins signals the company’s intention to become an even bigger player in the global payments industry. If Ripple succeeds in promoting RLUSD and integrating it with XRP, it will open up new avenues for XRP to be used in various financial applications, creating more demand for the cryptocurrency. Attracting Institutional Investors: RLUSD is mainly targeting institutional players—large-scale investors, banks, and financial institutions. RLUSD could attract institutional investors who are looking for a stablecoin solution that is both compliant with regulatory standards and integrated with Ripple’s broader payment network. As RLUSD gains traction, it could drive further demand for XRP, helping to sustain its price growth. What’s Next for XRP? Despite the overall positive outlook for XRP, there have been some recent price fluctuations, with the cryptocurrency seeing a slight decline in early December 2024. On December 3, 2024, XRP dropped by around 8%, largely due to political turmoil in South Korea. President Yoon’s declaration of martial law in South Korea triggered panic selling, and XRP’s price dropped sharply on South Korean exchanges. The impact of this sudden downturn was felt across the broader cryptocurrency market as well, causing a temporary halt in XRP’s rally. Furthermore, there has been a surge in profit-taking among XRP investors, with more than $4 billion in profits realized over a short three-day period. As more XRP tokens are moved onto exchanges, it indicates that investors are selling to lock in profits. Additionally, XRP's Relative Strength Index (RSI) has recently surged above 70, indicating that the asset is overbought and could be due for a short-term correction. The question on many investors’ minds is: Will XRP’s price go back up? Based on current trends, there are reasons to believe that XRP could continue to see significant gains in the future. Although external factors like political instability and profit-taking have caused the recent short-term dip, XRP’s long-term prospects remain strong. Ripple’s legal victories and the increasing adoption of its technology suggest that XRP’s price could continue to rise as institutional demand grows. Additionally, the launch of RLUSD could further drive XRP’s value, as it will be integrated into Ripple’s ecosystem and provide additional liquidity. Analysts have predicted that XRP could hit as high as $6.60 by 2025. The ongoing improvements in Ripple’s legal situation, the increasing market adoption of XRP, and potential institutional products like an XRP ETF all point to a bullish outlook. The market is anticipating that XRP’s price could see long-term growth if Ripple continues to succeed in its legal battles and expands its network’s adoption. XRP has established key support levels, with $2.30 and $1.45 acting as strong price points where bulls have defended their positions. On the upside, analysts are eyeing the $3.00 level as a psychological barrier, with the next target being its all-time high of $3.80. However, analysts also caution that the RSI levels suggest that XRP might need to cool off before breaking through these levels. Conclusion In conclusion, XRP’s price surge has been driven by a combination of legal victories, growing institutional interest, and the broader positive sentiment in the cryptocurrency market. The release of Ripple’s RLUSD stablecoin is expected to further drive demand for XRP, solidifying its role in the global financial ecosystem. While there may be short-term corrections or fluctuations due to external factors like political instability or profit-taking, XRP’s long-term outlook remains positive. For investors wondering whether XRP will continue to rise, the answer depends on both internal developments at Ripple and external market conditions. However, based on current trends and the promising future of Ripple’s blockchain technology, XRP could very well see further price increases in the coming months and years. Trade XRP on Bitget today! Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Beyond Speculation: Bitcoin's Historic Rally Under A Pro-Crypto Political Climate

Bitcoin’s rally this week is echoing through conversations and aspirations worldwide, with its 2024 new ATH climbing from $75,000 to $89,000 following Donald Trump’s re-election and a Republican win in Congress. As a pro-crypto sentiment sweeps the U.S. political landscape, Bitcoin, the world’s largest cryptocurrency, is drawing unprecedented interest from both retail and institutional investors. Many are watching closely to see how the new U.S. administration could shape the digital economy. A Political Catalyst For Bitcoin's New Highs The momentum for Bitcoin’s latest rally kicked off as Trump’s re-election win grew likely, driving the price to $75,000 on Election Day (November 5, 2024). Bitcoin continued its ascent afterwards by breaking past $80,000 on November 10 and reaching a new all-time high of $82,000 and later to $84,000, $85,000, $88,000, and even $89,000 on November 11. This surge is seen as a response to Trump’s campaign promises: creating a national crypto stockpile, easing crypto regulations, and fostering a crypto-friendly economic environment, among others. Such pledges have bolstered optimism that Bitcoin could take on a more significant role within the U.S. economic policy and potentially be viewed as "digital gold." Crypto election updates. Source: standwithcrypto.org The victory of a pro-crypto president and Congress was further supported by a Federal Reserve rate cut on November 7. Lower interest rates typically benefit risk assets, and in this case, the cuts have worked in tandem with Bitcoin’s rally. With cheaper borrowing, investors are increasingly turning to alternative assets, like Bitcoin, as a store of value and inflation hedge. The unique economic backdrop of pro-crypto politics coupled with monetary easing has created conditions that may fuel Bitcoin’s growth further as confidence builds around its long-term position in the financial landscape. Polymarket shows the sentiment that nearly $3 million in volume feeds into the "Bitcoin to $90K" notion, there's 66% chance that Bitcoin will reach $95,000 and 31% is confident about the $105,000 mark in November 2024. $12 million in volume for Bitcoin's new highs bets (as of November 12, 2024). Source: Polymarket Institutional Bets And Futures Market Optimism The enthusiasm in the Bitcoin spot market has extended into the futures and derivatives markets, where record-breaking activity reveals the strength of investor optimism. Open interest in Bitcoin futures has soared, with many betting on a rise to $90,000 in the near term. Futures premiums have also jumped from 7% to around 14%, signaling that investors are willing to pay a higher price for future Bitcoin contracts, reflecting robust confidence in continued price gains. The options market tells a similar story, with a surge in open interest for Bitcoin “call options”—contracts that give investors the option to buy Bitcoin at a later date. This uptick underscores a strong expectation that Bitcoin’s upward momentum will continue. The CME exchange, a leading U.S. derivatives market, has experienced a notable rise in Bitcoin futures demand, with premiums highlighting a persistent bullish sentiment. Together, these movements in the futures and options markets indicate that the belief in Bitcoin’s potential isn’t fleeting but instead represents a longer-term outlook driven by strategic bets and structured optimism. Premium between Bitcoin futures and spot prices surges. Source: Vetle Lunde/K33 Research Institutional Support Brings Bitcoin Into The Mainstream As retail and institutional investors pour into Bitcoin, its market presence continues to expand, with Bitcoin spot ETFs now exceeding a total market cap of $80 billion. BlackRock’s spot Bitcoin ETF, in particular, has seen record inflows, now surpassing the value of its longstanding gold ETF - an unprecedented shift that highlights a growing institutional confidence in Bitcoin as a store of value. This surge in confidence has also lifted crypto-related companies like Coinbase and Robinhood, whose stock prices rose 40% and 27%, respectively, following the election. Pro-crypto policies anticipated under the Trump administration have bolstered support for these companies, signaling what could be a golden age for crypto-related stocks and assets. At the new high of $89K, Bitcoin already surpassed silver to, again, become the 8th largest asset in the world. BlackRock's Bitcoin ETF surpasses its Gold ETF in assets. Source: Bloomberg Under the new administration, a departure from restrictive crypto regulations appears likely and is on its way to set a foundation for sustained growth in the digital asset market. This rally may well be more than a temporary peak; it suggests that Bitcoin’s role in the financial landscape could be undergoing a fundamental evolution. With political and economic forces aligned, the question is not merely if Bitcoin can reach new heights (such as $100,000) but how quickly it might achieve them. Furthermore, Trump’s proposed national Bitcoin reserve plan, which would use seized Bitcoin as a treasury asset, introduces a tantalising potential for further growth. Should the U.S. establish this reserve, Bitcoin’s position as a digital store of value could reach unparallel levels to add yet another layer of support to the long-term bullish outlook. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Top 10 Largest Crypto Airdrops Up to 2024

Crypto airdrops are a well-known phenomenon, but which ones stand out as the most significant in history? This article will delve into the top 10 largest crypto airdrops, examining their market impact and their role in advancing decentralized finance and Web3 adoption. Whether you're an experienced investor or simply interested in the trends, explore how these airdrops made waves and opened up new possibilities. Kickstart your crypto journey and get a 6200 USDT package gift What Is Crypto Airdrop? A cryptocurrency airdrop is a marketing strategy used by blockchain startups to promote a new virtual currency by distributing free tokens to wallet addresses. This initiative aims to increase awareness and encourage trading of the token, especially when it launches as an initial coin offering (ICO). Airdrops are often announced through websites, social media, and forums, and recipients may need to hold a minimum amount of a specific cryptocurrency or complete certain tasks, like sharing posts, to qualify for the tokens. Top 50 Crypto Airdrops in Crypto History In 2021, 18 of the top 50 crypto airdrops occurred, a significant increase from just 5 in 2020. However, the numbers dropped in 2022 and 2023, with 14 and 13 major airdrops making it into the top 50, respectively, likely due to the crypto winter bear market discouraging new airdrops. The total value of airdrops increased slightly from $7.28 billion in 2020 to $7.46 billion in 2022. Notably, Bonk (BONK) surged to its all-time high in December 2023, becoming one of the top airdrops. In 2023, the total value of crypto airdrops reached $4.56 billion, which is only 61.1% of 2022's value, as many new tokens released during this period have not yet experienced a bull market like those from 2020 to 2022. Top 10 Largest Crypto Airdrops Here are the 10 largest airdrops that have had a significant impact on the crypto landscape. Take a look below. #1: Uniswap (UNI) Uniswap (UNI) executed the largest crypto airdrop in history, distributing $6.43 billion worth of tokens on September 16, 2020, when the token peaked at an all-time high price of $42.88. This airdrop was a significant event during DeFi Summer, reviving interest in the airdrop model first introduced in 2014 with Auroracoin in Iceland. The airdrop targeted early adopters and active users by requiring them to interact with the platform before a specific snapshot date, ensuring that rewards went to genuine supporters of the Uniswap ecosystem. The distribution method was designed to enhance user experience and incentivize further participation, which ultimately increased the platform's user base and transaction volumes. This event boosted engagement with decentralized applications (dApps) and non-fungible tokens (NFTs), promoting innovation within the decentralized finance landscape. The success of the Uniswap airdrop not only solidified its market position but also set a precedent for future crypto airdrops, showcasing Uniswap's commitment to community growth and technological advancement. #2: Apecoin (APE) Apecoin (APE) conducted the second-largest crypto airdrop on March 17, 2022, distributing $3.54 billion worth of tokens when the price peaked at $23.63. The airdrop primarily rewarded owners of Yuga Labs' Bored Ape and Mutant Ape NFTs, allowing them to claim up to 10,950 tokens, valued at $258,737. By selling these tokens at their peak price, recipients could effectively acquire a free Bored Ape Yacht Club NFT, which had an average floor price around $200,099 prior to the airdrop. This strategic distribution aimed to enhance user engagement and expand the ApeCoin ecosystem, with 15% of the total $APE token supply allocated to NFT holders. The demand was met through a dedicated claim page, significantly benefiting the community. The impact of the airdrop was substantial, bolstering the network by attracting new users and increasing token liquidity, which led to enhanced trading volumes and decentralized network growth. By fostering a diverse user base, ApeCoin strengthened its market presence and set the stage for future innovations, emphasizing its commitment to community involvement and advancement within the blockchain landscape. #3: dYdX (DYDX) dYdX (DYDX) executed the third-largest crypto airdrop on September 8, 2021, distributing $2 billion worth of tokens at an all-time high price of $26.80. However, the full value of the airdrop is unlocked over a five-year period, with portions released incrementally. This structure means that while the initial distribution appears significant, recipients will realize the total value over time. dYdX is known for its innovative approach in the decentralized finance (DeFi) space, particularly its focus on margin trading, which allows users to enhance their investment returns. The airdrop aimed to reward user engagement and support, fostering a vibrant community around the dYdX ecosystem. To claim the airdrop, users connected their wallets on the official dYdX site, where they could verify their eligibility based on activity criteria such as holding specific cryptocurrencies or interacting with the platform. The impact of the airdrop was considerable, enhancing user adoption and liquidity within the market. By reaching a broad audience, dYdX increased its visibility and paved the way for future growth. This strategic initiative not only catalyzed user engagement but also reinforced dYdX's position as a leading player in the decentralized finance landscape. #4: Arbitrum (ARB) Arbitrum (ARB), a leading Ethereum Layer-2 solution, executed a major governance token airdrop on March 23, 2023, to promote decentralization and engage its community. The airdrop, valued at $1.97 billion, targeted early adopters and rewarded users based on their activity on the platform. Following the airdrop, Arbitrum experienced a significant surge in users and transactions, establishing itself as the largest Layer-2 network on Ethereum. The total value locked (TVL) in the Arbitrum ecosystem increased by 147.2%, reaching a peak of $3.68 billion. This initiative not only strengthened community ties but also set the stage for future growth and innovation within Arbitrum. #5: Ethereum Naming Service (ENS) The Ethereum Naming Service (ENS) airdropped tokens valued at $1.87 billion to promote decentralization and user engagement. Following a snapshot on October 31, 2021, 25% of the total supply was distributed to holders of “.ETH” domains. Users could claim these governance tokens until May 4, 2022, with allocations based on the duration of domain ownership, expiration times, and engagement levels. The airdrop significantly increased ENS's visibility and encouraged new users to adopt ENS domains, resulting in positive community engagement and discussions. This initiative not only rewarded existing users but also fostered a supportive user base, contributing to the long-term growth and stability of the ENS ecosystem. #6: Internet Computer Protocol (ICP) The Internet Computer Protocol (ICP) Airdrop, conducted in May 2021, was a strategic initiative valued at approximately $1.74 billion, aimed at expanding the network's reach and increasing user engagement. The airdrop distributed tokens to about 50,000 active participants, including those involved in wallet activities and community interactions, with each receiving around 2,513 tokens. This initiative significantly impacted the cryptocurrency community by driving attention, enhancing token liquidity, and promoting a more decentralized network. By rewarding early adopters and fostering a diverse community, the airdrop established a foundation for future governance participation and set a new precedent in the crypto industry, encouraging similar strategies for boosting network engagement and decentralization. #7: Bonk (BONK) The Bonk (BONK) token airdrop, valued at approximately $1.33 billion, ranks as the seventh largest airdrop in the crypto market. Launched in late 2022, Bonk is a meme coin associated with the Solana blockchain that has utilized airdrops to engage and expand its community, achieving notable attention and high market value by December 2023. The airdrop was strategically executed to target various segments of the Solana community, ensuring broad and fair token distribution. Key allocations included 21% for Solana NFT holders, 15% for DeFi users, and 5.3% for validators and developers, reflecting an inclusive approach aimed at fostering community participation. The impact of the Bonk Airdrop was significant, leading to increased activity on the Solana blockchain and higher transaction volumes, especially around listings on major exchanges like Coinbase and Robinhood. This initiative not only enhanced Bonk's market presence but also contributed to greater liquidity and user engagement within the Solana ecosystem, reinforcing its vitality and functionality. #8: Celestia (TIA) Celestia (TIA), known for its innovative modular protocol, is conducting the Genesis Drop airdrop, distributing 60 million TIA tokens to eligible participants. This initiative aims to reward early adopters and increase community engagement within the ecosystem. The distribution targets various contributors, including public GitHub contributors, active users of Ethereum rollups, and stakers or IBC relayers on platforms like Cosmos Hub. Each of these groups will receive 20 million TIA tokens. The airdrop is expected to enhance network activity and trading volumes, promoting greater decentralization and resilience in the Celestia network. Valued at around $0.73 billion with an all-time high price of $13.99, the Genesis Drop is the second largest crypto airdrop in 2023 and does not utilize 'farming' mechanisms, focusing instead on rewarding specific beneficiaries. #9: LooksRare (LOOKS) The LooksRare (LOOKS) airdrop in 2022 distributed around $712 million worth of tokens to eligible users who traded on OpenSea between June and December 2021. Participants could claim up to 10,000 LOOKS tokens by listing an NFT on the LooksRare platform, with distribution amounts based on their trading volumes. The airdrop resulted in a significant immediate impact, boosting the token's value by 180% and generating over $20 billion in trading volume. However, long-term engagement proved challenging, with less than 10% of airdropped wallets remaining active four months later and only 0.2% a year after. This illustrates the effectiveness of airdrops for short-term engagement but underscores the difficulty of sustaining long-term user interest in the crypto market. #10: 1inch Network (1Inch) The 1inch Network (1Inch) airdropped approximately $671 million worth of tokens to users in December 2023, including an additional 15,055,000 1INCH tokens for users of Mooniswap, Uniswap, Gnosis, and Argent. Conclusion These airdrops have not only benefited early adopters but have also shown their promise as instruments for market engagement and expanding networks. As the cryptocurrency landscape continues to change, airdrops serve as an essential mechanism for projects to draw in users, enhance liquidity, and encourage active involvement. By keeping up with these influential events, investors and enthusiasts can gain a clearer insight into how airdrops influence the future of cryptocurrency and decentralized ecosystems. Trade Smarter. Invest Wiser. Grow with Bitget Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Bitcoin Breaks $52k Mark and Maintains Strong Position

Bitcoin continues to capture headlines as it surpasses the $52,000 mark and holds steady in the following days. This significant milestone, achieved on February 14, comes after starting the year at around $42,000, and marks a resurgence in Bitcoin's value. The price increase is driven by various factors that underscore its resilience in the face of market fluctuations. Let's delve into the reasons behind Bitcoin's recent price increase, its impact on other cryptocurrencies, and the upcoming events that may shape its future trajectory. The Cause of the Price Increase One of the key drivers behind Bitcoin's recent price increase can be attributed to its resilience amid market turbulence. In the morning of February 14 in New York, Bitcoin approached the $52,000 threshold following two days of hovering around $50,000. This surge came after a brief setback on the previous day, where Bitcoin experienced a 2.8% decline following the release of the latest consumer price index (CPI) reading, which revealed an annual inflation rate of 3.1%, exceeding economists' predictions. This highlights Bitcoin's position as an attractive investment option for investors seeking refuge during periods of market turbulence, such as currency devaluation and geopolitical uncertainty. Additionally, the approval of spot Bitcoin ETFs in the United States on January 10 played a pivotal role in reshaping the market structure for Bitcoin trading, leading to increased investor participation and inflows. Moreover, bullish sentiment surrounding Bitcoin was bolstered by positive earnings reports from major companies in the cryptocurrency space, such as Coinbase and Robinhood. These reports indicated strong revenue growth and positive net income, further validating Bitcoin's position as a lucrative investment option. Influence on Other Cryptocurrencies Bitcoin's surge beyond $52,000 has had a ripple effect across the broader cryptocurrency market. Altcoins like Ethereum, Cardano, and Solana have also experienced significant gains, reflecting the overall optimism and bullish sentiment prevailing in the market. Ethereum, in particular, saw a gain of over 5% , reaching its highest price since May 2022. The price increase of ETH was fueled by expectations of an ETH ETF offering in the near future. Similarly, Cardano's ADA and Dogecoin (DOGE) surged 6% on that day alone. Since then, ADA has had a 16% price increase, while DOGE has 10.31%. Looking Ahead Several events in the near future may influence Bitcoin's price trajectory and shape its market dynamics. One such event is the upcoming Bitcoin halving in mid-April. The halving event, which occurs approximately every four years, reduces the rate at which new Bitcoin is created. Therefore, it is anticipated to showcase Bitcoin's digital scarcity and potentially drive up demand and price appreciation. Moreover, the anticipation of potential ETF listings for Ethereum in the United States has captured the attention of investors, with expectations of increased liquidity and accessibility driving market sentiment. The introduction of an Ether spot ETF, in particular, could propel Ethereum's price to new heights, with some analysts predicting a target of $5,000 for ETH in 2024. Last but not least, ongoing developments in the regulatory landscape, particularly in major cryptocurrency markets like the United States and China, will continue to shape investor sentiment and influence market dynamics. Clarity and regulatory certainty are crucial for fostering confidence and stability in the crypto market, which will ultimately impact Bitcoin's price performance. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Bitget Hot Takes (June 05 - June 11)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. The latest Bitget Hot Takes can be found here. Central Themes • BGB rose to a new high of US$0.513378, which is right below its all-time high. • The SEC sues Binance, Binance.US and Coinbase for ‘unregistered securities offering’. • The CFTC won the lawsuit against Ooki DAO. BGB Breached US$0.51 - Again Last week we talked about how indicators suggested that BGB was inching towards a new local high and here it is. On June 06, 2023, BGB price rose to US$0.513378, which is equivalent to a 6.9% increase from last week’s high and a 7.7% increase from the week’s opening price. Learn about technical indicators here: Trading 101: Technical Analysis Explained The last time BGB prices hit as high as US$0.51 was in Q1 this year; BGB’s ATH is recorded at US$0.51620 on February 16. This breakout was followed by the increasing 7-day volume from US$112 million (May 29 - June 04) to US$135 million. If we are to calculate the volume-to-market cap ratio, a simple measurement of liquidity, it’s clear that BGB maintained a real stable liquidity throughout the seven days; the only exchange token in the Top 3 saw an upsurge towards the end of the week following the lawsuit of the SEC against Binance, whereas the fact that ETH is not considered a security made its volume and liquidity level jump up. Check out the summary of the working week from June 05 to June 09 for BGB below… … and dive deep into our BGB Sail Series to see how impressive BGB monthly performance is: BGB Sail: April Edition BGB Sail: March Edition BGB Sail: February Edition BGB Sail: December Edition BGB Sail: November Edition BGB Sail: October Edition BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition The Latest Crypto Crackdown On June 05, the SEC announced 13 charges against Binance, Binance.US and CZ, which includes the ‘unregistered offer and sale of crypto asset securities’, ‘unregistered broker’, ‘failure to restrict U.S. investors from accessing Binance.com’ and ‘misleading investors’. Worth mentioning is that the agency has referred to 12 cryptocurrencies as securities in their court filing: BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS and COTI. One day later, they announced their lawsuit against Coinbase. Defined as ‘securities’ in this lawsuit are SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO. During his talk with CNBC on the same day, SEC Chair Gary Gensler said that ‘We don’t need more digital currency. We already have digital currency. It’s called the U.S. dollar. It’s called euro. It’s called the yen. They’re all digital now.’ So basically he meant that the SEC has decided to go all-in against crypto. After the new ‘security’ definition, Robinhood announced that they will delist SOL, ADA and MATIC on June 27. Binance.US will disable the trading of 8 BTC pairs and 2 BUSD pairs in their OTC market, Crypto.com will ‘suspend the institutional offering in the U.S.’, but Coinbase has no plan of delisting the tokens mentioned in the filings. SEC is not the only one to tighten its grip on the U.S. crypto industry. The Commodity Futures and Trading Commission (CFTC) has received the final ruling on June 09 that ‘Ooki DAO is a ‘person’ and thus can be held liable’. This is bad news for the whole space, especially for DAOs, because it set the precedent for future cases. Coinbase needs to keep fighting the SEC, otherwise it could become an informal precedent and affects the entire crypto landscape. All eyes are on the upcoming U.S. CPI release on June 13 and the FOMC meeting on June 13-14. See why we need to pay attention to the macroeconomic conditions here: Debt Ceiling Is Lifted. Now What? and Macroeconomic Factors That Can Affect Crypto Prices The Latest Bitget News The best performer of the week must be INUUSDT, whose closing price on June 06 is 3.75 times higher than its opening price. In second and third places are SXSUSDT and GPTGUSDT, who locked in 27.9% and 20.5% gains, respectively, in just 24 hours. However, top trendy tokens are RIBBITUSDT (three times in the list of top daily gainers), INUUSDT (twice) and PRIMEUSDT (twice). Of course the listings of new sought-after tokens are accompanied by new vaults in the Bitget Flexible Savings! The highest APR for TENET and GPTG is 200%, while it’s 150% for SXS. Subscribe before the slots are sold out! Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign! Bitget Academy was established with the mission of bringing expert knowledge to the masses. In Q1 2023 only, we have released over 200 educational articles in 20 different languages, covering everything from in-depth guides and practical tips to market updates. In order to further assist beginners on their crypto journey, we have created the Blockchain Fundamentals Course with three digestible modules - you will receive a certificate after passing each module! New Events Futures competition: win a Rolex and grab a share of 100,000 USDT! Early bird rewards and new user rewards are up for grabs! Become a Bitget Affiliate! Share 100,000 USDT and 50,000 BGB! Lucky Wheels, Sunny Deals: Spin for a $10,000 Summer Island Trip Fund Good things come in twos! Share 100,000 USDT! Deposit or buy crypto in the mid-year jamboree! Enjoy perks in copy trading trial week! Join Bitget x AIBB Community Campaign Now to Claim Your Special $5,000 AIBB Rewards! Try out Martingale bots and grab a share of 5 billion PEPE New users only — enjoy loss protection from a 30,000 USDT safety pool for bot trading! Become a Bitget strategist to share 20,000 USDT Invite friends to Earn and get a 20% rebate! TENET (TENET) Savings is UP, Subscribe Earn up to 200% APR! GPT Guru (GPTG) Savings is UP, Subscribe Earn up to 200% APR! Bitget Will List Ethos (3TH) in the Innovation Zone Bitget Will List FairERC20 (FERC) in the Meme Zone! BullBear AI（AIBB）listed on Bitget, deposit and trade to share 23 trillion AIBB! Sphere (SXS) to be listed on Bitget — grab a share of 800,000 SXS Abyss world (AWT) will be listed on Bitget — grab a share of 3,750,000 AWT from Launchpool! GPT Guru (GPTG) to be listed on Bitget — grab a share of 2,000,000 GPTG TENET (TENET) to be listed on Bitget — grab a share of 145,000 TENET Good Reads Bitget x CoinBureau: The Nexus Of Knowledge And Trading A New Twist On Tuesdays With Bitget's Flash Promotion Crypto Wallets In 2023: Unlocking New Possibilities The Potential Of Cryptocurrency For Crowdfunding Debt Ceiling Is Lifted. Now What? Simply create an account, and start exploring the incredible Bitget-Verse today!

Bitget Research: SUI Sets IEO Price at US$0.1, Countdown Begins for Free SUIBG Campaign

the past 24 hours, there have been many new popular tokens and topics emerging in the market, and perhaps they could be the next market spotlight. In Summary: 1.Popular Tokens: SUIBG (Token), SUI Futures Bitget — BitKeep and Bitget jointly launched an airdrop of a futures token called SUIBG (SUI Futures Token), which will serve as a credential for the native token SUI after the Sui Network mainnet is launched in the future. According to information from BitKeep’s Twitter, the exchange rate for SUIBG and SUI is 10:1. The SUI token has a public offering price of US$0.1/SUI, and users can earn up to 1000+ free SUIBG by completing BitKeep-related tasks, which can be exchanged for 100+ $SUI token rewards after the launch of SUI (campaign ends on April 24). Xen (Token) — On April 12, the official Twitter account announced that XEN Knight has entered its alpha testing phase. Earlier, the project had introduced DXN tokens to help burn more XEN tokens and the dual positive effect has resulted in XEN’s good performance. In the past month, XEN has increased nearly 7x in value, and it is currently available on Bitget for trading. PEPE (Token) — A memecoin with the vision of making memecoins great again. Its token performance is decent, with good trading activity and a 24-hour on-chain trading volume of nearly US$13 million. According to contract audits, the token has no significant contract vulnerabilities, and the hype around it is high, making it an essential token to stay updated on. AGI (Token) — AGI is the platform token of the LSDFi project Agility. Currently, Agility’s TVL has exceeded US$279 million, and the circulating market cap of the token is only US$3.23 million after 11 days of being listed. With the recent hype that the ETH staking and withdrawal after Shanghai Upgrade generated, the 24-hour trading volume is US$1.86 million. XAI (Token) — A stablecoin issued by Silo Finance. It is currently still unpegged by about 1%, providing some arbitrage opportunities and has led to an increase in on-chain trading volume. Silo Finance’s product quality is good, and it is worth monitoring the project’s development. ID (Token) — Space ID has experienced significant wealth effects in the past four days, with its price nearly doubling and a total market trading volume of up to US$625 million. The trading activity and hype around the token are high, and its second round of airdrop, Striking, has exceeded US$10 million, which supports its token’s fundamentals. Bitget has listed Space ID for trading. Those who are interested can invest in the project on Bitget. DXN (Token) — DXN is a community-built cryptocurrency protocol that helps with XEN deflation. Since its launch on March 27, it has seen tremendous growth, with an increase of nearly 100x from its bottom to its peak. The trading volume in the past 24 hours was US$1.05 million, and on-chain liquidity was US$666,000, indicating high popularity. The contract analysis indicates a potential risk of further issuance, but overall, it has a high level of popularity, and is important to keep a close watch on the token. SUI (Token) — BSC chain SUI token is a potential scam or rug pull token. After the SUI IEO announcement, scam SUI tokens appeared on both the BSC and ARB chains. This token is not officially released, and new users should be cautious of related trading risks. KCN (Token) — A recently completed TGE project. Based on contract analysis, the token’s contract has a severe issue where the project team can modify user account balances. This presents a high risk for trading and it is recommended to understand the project’s setup and reasons before investing. Otherwise, interaction with the token is not advised. IBOX (Token) — Infinity BOX has no obvious contract issues. The 24-hour on-chain trading volume is US$1.51 million and the total market cap is only US$1.36 million, indicating a relatively small market cap. The token has a certain level of fundamental support, and the candlestick chart trend is stable. Recently listed on CMC, the project has a potential for development and is an essential one to stay updated on. EOL (Token) — Encrypted Oasis Legend recently launched a Genesis NFT sale, which has generated moderate engagement on social media. The on-chain 24-hour trading volume is US$2.21 million, and the tokens candlestick chart is very stable. The token has garnered decent hype, with a current total market cap of US$47.77 million, indicating a relatively high market cap. It is essential to stay updated on this token. AIDOGE (Token) — A memecoin that had its TGE on Arbitrum two days ago. The token has a high wealth effect and traffic activity, with 132,000 on-chain transactions in the past 24 hours. According to the on-chain contract detection results, AIDOGE has a problem with the adjustable tax rate, but no other serious contract vulnerabilities. It has seen a 5x increase in the last 24 hours, with a current TVL of US$8.7 million and good trading activity. Bowser Inu (Token) — A newly launched memecoin with no other information available. There is a similarly named project on Twitter that had a presale on Pinksale on April 15th with poor sales. Bowser Inu’s contract was checked by Goplus, and showed a 100% buy and sell tax, which is highly likely to be a scam project. Users are advised to be cautious of the risks. 2.Popular NFTs: Muppeth (NFT) — Muppeth has released details of its woolen doll PFP NFT, which just finished its sale today and the collection has yet to be revealed. The current floor price is 0.065 ETH, and the total transaction volume is 294 ETH, indicating good trading activity and community interest. Mint.fun (NFT) — Mint.fun has released a pass NFT that rewards users with points for purchasing NFTs during its ongoing sale. There may be a token issuance in the future, and users can apply for a Pass NFT through the mint.fun website and participate in new NFT projects to potentially receive airdrop rewards. It is essential to participate. LFI NFT (NFT) — This appears to be a free mint NFT and is currently still not available on OpenSea. The number of holders is currently at 80,142, with 970,000 on-chain transfers in the past 8 hours indicating high minting activity. There is currently no further information available. It is essential to stay updated on this NFT. 3.Popular DApps: BitKeepSwap (DApp) — Bitget has increased its investment in BitKeep with a valuation of US$300 million and has been renamed as Bitget Wallet. Bitkeep currently has a global user base of over 10 million people and is growing very rapidly. It has the potential to become an important on-chain wallet that could possibly surpass Metamask. Delegatecash (DApp) — A decentralized registry to protect vaulted NFTs, with the added benefit of receiving airdrops, proof of ownership, and various interaction functions with hot wallets. The product is innovative and worth exploring in depth. TinyTap (DApp) — A decentralized education platform supported by Animoca Brands. The platform currently has over 200,000 educational games centered around early childhood learning and development. It allows teachers to earn income through blockchain technology. Link3 (DApp) — Link3 is a Web3 social task network incubated by CyberConnect, where users can create their decentralized social network by completing on-chain and off-chain information. Recently, Link3 participated in the Web Social Hackathon organized by Binance and released a growth incentive plan. In the future, it will attract projects and users to jointly build a high-quality Web3 social network. Currently, there is no token issued yet, and it is important to keep a close watch on this project. Lens (DApp) — A leading on-chain social platform that has yet to release its token, with expectations of an airdrop. The ecosystem currently includes a variety of projects and has become one of the most active ecosystems on the Polygon chain. Layerzero (DApp) — A cross-chain protocol that allows DApps deployed on different chains to communicate with each other without the need for any intermediate chain or consensus mechanism. Recently, LayerZero completed a $120 million Series B funding round at a valuation of $3 billion, with participation from a16z and Sequoia Capital, among others. It has remained among the top in terms of on-chain interaction. The wealth effect of Arbitrum airdrop has spurred user interaction, leading to a high number of holders interacting with the platform. Woofi (DApp) — A DeFi product on the ARB chain that includes Woofi Swap and Woofi Earn. It offers single-asset staking for $ARB with an APY of up to 40%. Its TVL has been steadily increasing over the past month and has reached a level of US$21.36 million. The development trend is promising and worth keeping an eye on. SecondLive (DApp) — An NFT metaverse platform on the BSC chain has launched a joint marketing campaign with BNB Chain, DappRadar, and Mua Dao from now until May 20th. Participating users have a chance to share a prize pool of 40,000 USD. This marketing campaign has been recognized and promoted by the official BNB Chain Twitter account, generating a significant amount of traffic. HEX (DApp) — A project that focuses on HEX Mining. Staking HEX on the platform can earn investors $HEX token-based profits. Based on the length of the staking period, an average of 38% profit can be expected. The project has good publicity in European and American countries, and the community traffic is good. The token is currently available for trading on Bitget. Cowswap (DApp) — A DeFi swap project on the ETH chain focusing on MEV protection. It launched the ETHDenver2023 bounty program on March 1st to help optimize the user experience. Tap Fantasy (DApp) — An MMORPG game with cartoon characters as the main theme. The final week of the Tap Fantasy S4 season is set to begin on April 17th, and there is still a chance to win weekly rewards. The rankings for S4 clubs, individual players, and multi-player boss battles will be based on the rankings as of April 19th 00:00 UTC time. Game Trade Market (DApp) — A platform on the Solana chain specifically for discovering and trading NFTs within games. UAW increased rapidly yesterday, mainly due to the promotional campaigns of Crew3, which were launched this month. Additionally, it frequently holds various promotional campaigns on social media, so it is important to keep a close watch on the project. RACE Poker (DApp) — A card game project with two main game modes, “Sit&GO” and “Cash Game”. While there was a significant increase in UAW yesterday, the overall UAW is still relatively low. BLUR (DApp) — On April 16, Blur platform traded 10,400 ETH, while OpenSea traded 3233 ETH and OpenSea Pro 1472 ETH. NFT market trading volume has continued to remain low lately. BLUR has shown strong performance and its short-term price is in an upward trend at 0.74 USDT. On March 29, Blur announced that it would extend the Season 2 bidding pool and double points for listing until May 1, causing dissatisfaction within the community. The release of new products, originally scheduled for April 1, will also be delayed. The future trend of BLUR depends largely on product innovation and community confidence. It is essential to stay updated on the development of its products. Odos (DApp) — A DEX aggregator with a clear interface that supports one-click token swapping. Recently, it has partnered with Camelot and integrated with its platform. Odos has aggregated all the pools on Camelot to find the best prices and has the potential for a future airdrop. 4.Twitter Hot Topics: CSPR (Token) — Casper is an open-source proof-of-stake blockchain network built with the CBC (Correct-by-Construction) Casper specification which was originally developed by early Ethereum developers. With ETH breaking new highs recently, it has brought attention to some old Layer 1 projects like Casper. It is essential to stay updated on this token. INJ (Token) — A DApp built on Injective that is currently integrating forex functionality and launching the EUR token on its testnet, aiming to introduce seamless forex products. The product iteration speed based on the Injective ecosystem is stable, and users have high expectations for the product. In addition, INJ raised $40 million in 2022, and the market is highly interested in this DApp chain built on Cosmos. It may easily be hyped, making it an essential token to stay updated on. ARB (Token) — ARB rose sharply after ETH withdrawals were opened. The main reasons are: 1. The bearish trend of ETH is over. With real-time deposit and withdrawal activities going on normally, the expected large sell order pressure on ETH did not significantly affect the price, and the new high price of ETH has led to a rebound in altcoins and Layer2 projects; 2. ARB’s ecosystem is currently developing rapidly, with many projects and opportunities. If there is capital hype, it is expected that funds will first target ARB and OP; 3. Large holders are buying ARB on CEXs and withdrawing it to their wallets, indicating a positive outlook for the entire Arbitrum ecosystem. Based on these factors, it is essential to stay updated on ARB. 5.Regional Trending Searches: Virtual-RNDR, High, VTK (Token) — The core events from April to June include Apple’s announcement of the 2023 Developer Conference. Users predict that a new MR headset product will be released, leading to a potential speculative period for projects related to AR, VR, MR, and other related concepts. RNDR, HIGH, and TVK are some of the more legitimate options to watch. Main Body Written by: Bitget Research Data collection time: April 17, 10:30 Data sources: Dune, DApps, Twitter, Google Note: 1) New active users: Refers to wallet addresses that were newly created on the chain in the past 24 hours and had interactions on the chain. 2) Existing active users: Refers to wallet addresses that were created on the chain 24 hours ago and had interactions on the chain in the past 24 hours. 3) DApp daily activity (UAW: unique active wallets) 4) TGE (Token Generation Event) 1.Blockchain Profile — ETH Chain 1.1 User Profile 1.1.1 Core Data Total active users of ETH: 371,593 New active users of ETH: 72,851, with a daily decrease of 16.34% Existing active users of ETH: 298,742, with a daily decrease of 30.04% 1.1.2 New User Profile Core data: There were a total of 72,851 new active users on ETH yesterday, with a daily decrease of 16.34% Popular Sectors Popular Projects Xen (Token) — On April 12, the official Twitter account announced that XEN Knight has entered its alpha testing phase. Earlier, the project had introduced DXN tokens to help burn more XEN tokens and the dual positive effect has resulted in XEN’s good performance. In the past month, XEN has increased nearly 7x in value, and it is currently available on Bitget for trading. 1.1.3 Existing User Profile Core data: The number of ETH active existing users is 298,742, with a daily decrease of 30.04% Popular Sectors Popular Projects Delegatecash (DApp) — A decentralized registry to protect vaulted NFTs, with the added benefit of receiving airdrops, proof of ownership, and various interaction functions with hot wallets. The product is innovative and worth exploring in depth. https://delegate.cash/ Muppeth (NFT) — Muppeth has released details of its woolen doll PFP NFT, which just finished its sale today and the collection has yet to be revealed. The current floor price is 0.065 ETH, and the total transaction volume is 294 ETH, indicating good trading activity and community interest. https://opensea.io/collection/muppethclub Mint.fun (NFT) — Mint.fun has released a pass NFT that rewards users with points for purchasing NFTs during its ongoing sale. There may be a token issuance in the future, and users can apply for a Pass NFT through the mint.fun website and participate in new NFT projects to potentially receive airdrop rewards. It is essential to participate. https://mint.fun/fundrop 1.2 Popular Trading Pairs 1.2.1 Uniswap V2 PEPE (Token) — A memecoin with the vision of making memecoins great again. Its token performance is decent, with good trading activity and a 24-hour on-chain trading volume of nearly US$13 million. According to contract audits, the token has no significant contract vulnerabilities, and the hype around it is high, making it an essential token to stay updated on. https://www.dextools.io/app/en/ether/pair-explorer/0xa43fe16908251ee70ef74718545e4fe6c5ccec9f APU (Token), Apu Apustaja — This memecoin is similar to PEPE and experienced a rapid rise and fall in value yesterday. Currently, the pool only holds 9.86 ETH, and liquidity is gradually drying up. It is not recommended to participate. AGI (Token) — AGI is the platform token of the LSDFi project Agility. Currently, Agility’s TVL has exceeded US$279 million, and the circulating market cap of the token is only US$3.23 million after 11 days of being listed. With the recent hype that the ETH staking and withdrawal after Shanghai Upgrade generated, the 24-hour trading volume is US$1.86 million. https://www.dextools.io/app/en/ether/pair-explorer/0x498c00e1ccc2afff80f6cc6144eaeb95c46cc3b5 1.2.2 Uniswap V3 XAI (Token) — A stablecoin issued by Silo Finance. It is currently still unpegged by about 1%, providing some arbitrage opportunities and has led to an increase in on-chain trading volume. Silo Finance’s product quality is good, and it is worth monitoring the project’s development. https://www.dextools.io/app/en/ether/pair-explorer/0x326290a1b0004eee78fa6ed4f1d8f4b2523ab669-0-1 ID (Token) — Space ID has experienced significant wealth effects in the past four days, with its price nearly doubling and a total market trading volume of up to US$625 million. The trading activity and hype around the token are high, and its second round of airdrop, Striking, has exceeded US$10 million, which supports its token’s fundamentals. Bitget has listed Space ID for trading. Those who are interested can invest in the project on Bitget. https://www.dextools.io/app/en/ether/pair-explorer/0x6ac6b053a2858bea8ad758db680198c16e523184 DXN (Token) — DXN is a community-built cryptocurrency protocol that helps with XEN deflation. Since its launch on March 27, it has seen tremendous growth, with an increase of nearly 100x from its bottom to its peak. The trading volume in the past 24 hours was US$1.05 million, and on-chain liquidity was US$666,000, indicating high popularity. The contract analysis indicates a potential risk of further issuance, but overall, it has a high level of popularity, and is important to keep a close watch on the token. https://www.dextools.io/app/en/ether/pair-explorer/0x7f808fd904ffa3eb6a6f259e6965fb1466a05372 2.Blockchain Profile — BSC Chain 2.1 User Profile 2.1.1 Core Data Total active users on BSC: 1,153,143 New active users on BSC: 159,366, with a daily increase of 6.02% Existing active users on BSC: 993,777, with a daily decrease of 4.37% 2.1.2 New User Profile Core data: There were a total of 159,366 new active users on BSC yesterday, with a daily increase of 6.02% Popular Sectors Popular Projects TinyTap (DApp) — A decentralized education platform supported by Animoca Brands. The platform currently has over 200,000 educational games centered around early childhood learning and development. It allows teachers to earn income through blockchain technology. New Free Dao, Nuwa (Token) — No relevant project information was found. There are many ordinary on-chain transfer transactions with unclear intentions, which may pose risks. Caution is advised. 2.1.3 Existing User Profile Core data: The number of BSC active existing users is 993,777, with a daily decrease of 4.37% Popular Sectors Popular Projects Link3 (DApp) — Link3 is a Web3 social task network incubated by CyberConnect, where users can create their decentralized social network by completing on-chain and off-chain information. Recently, Link3 participated in the Web Social Hackathon organized by Binance and released a growth incentive plan. In the future, it will attract projects and users to jointly build a high-quality Web3 social network. Currently, there is no token issued yet, and it is important to keep a close watch on this project. 2.2 Popular Trading Pairs 2.2.1 PancakeSwap V2 SUI (Token) — BSC chain SUI token is a potential scam or rug pull token. After the SUI IEO announcement, scam SUI tokens appeared on both the BSC and ARB chains. This token is not officially released, and new users should be cautious of related trading risks. KCN (Token) — A recently completed TGE project. Based on contract analysis, the token’s contract has a severe issue where the project team can modify user account balances. This presents a high risk for trading and it is recommended to understand the project’s setup and reasons before investing. Otherwise, interaction with the token is not advised. IBOX (Token) — Infinity BOX has no obvious contract issues. The 24-hour on-chain trading volume is US$1.51 million and the total market cap is only US$1.36 million, indicating a relatively small market cap. The token has a certain level of fundamental support, and the candlestick chart trend is stable. Recently listed on CMC, the project has a potential for development and is an essential one to stay updated on. https://www.dextools.io/app/en/bnb/pair-explorer/0xb433438e5c12609c5ce35088a9acdf8416c63f12 EOL (Token) — Encrypted Oasis Legend recently launched a Genesis NFT sale, which has generated moderate engagement on social media. The on-chain 24-hour trading volume is US$2.21 million, and the tokens candlestick chart is very stable. The token has garnered decent hype, with a current total market cap of US$47.77 million, indicating a relatively high market cap. It is essential to stay updated on this token. https://www.dextools.io/app/en/bnb/pair-explorer/0xba249391e7a1d35ace971396623a9000847d3b61 3.Blockchain Profile — Polygon Chain 3.1 User Profile 3.1.1 Core Data Total active users on Polygon: 398,795 New active users on Polygon: 103,315, with a daily increase of 16.69% Existing active users on Polygon: 295,480, with a daily increase of 1.78% 3.1.2 New User Profile Core data: There were a total of 103,315 new active users on Polygon yesterday, with a daily increase of 16.69% Popular Sectors Popular Projects SUIBG (Token), SUI Futures Bitget — BitKeep and Bitget jointly launched an airdrop of a futures token called SUIBG (SUI Futures Token), which will serve as a credential for the native token SUI after the Sui Network mainnet is launched in the future. According to information from BitKeep’s Twitter, the exchange rate for SUIBG and SUI is 10:1. The SUI token has a public offering price of US$0.1/SUI, and users can earn up to 1000+ free SUIBG by completing BitKeep-related tasks, which can be exchanged for 100+ $SUI token rewards after the launch of SUI (campaign ends on April 24). https://keepshare.xyz/airdropDetails?activity=385 3.1.3 Existing User Profile Core Data: The number of Polygon active existing users is 295,480, with a daily increase of 1.78% Popular Sectors Popular Projects Lens (DApp) — A leading on-chain social platform that has yet to release its token, with expectations of an airdrop. The ecosystem currently includes a variety of projects and has become one of the most active ecosystems on the Polygon chain. Layerzero (DApp) — A cross-chain protocol that allows DApps deployed on different chains to communicate with each other without the need for any intermediate chain or consensus mechanism. Recently, LayerZero completed a $120 million Series B funding round at a valuation of $3 billion, with participation from a16z and Sequoia Capital, among others. It has remained among the top in terms of on-chain interaction. The wealth effect of Arbitrum airdrop has spurred user interaction, leading to a high number of holders interacting with the platform. 3.2 Popular Trading Pairs 3.2.1 Uniswap V3 SUIBG (Token) — Unofficial users have created a token trading pool for SUIBG on Uniswap, but the total pool depth is only about US$5000. It has a high level of slippage when buying $SUIBG. It is recommended to only obtain SUIBG from official channels. 4.Blockchain Profile — Arbitrum Chain 4.1 User Profile 4.1.1 Core Data Arbitrum Active Users: 211,157 Arbitrum New Active Users: 37,080, with a daily decrease of 15.07% Arbitrum Existing Active Users: 174,077, with a daily decrease of 21.74% 4.1.2 New User Profile Core data: There were a total of 37,080 new active users on Arbitrum yesterday, with a daily decrease of 15.07% Popular Sectors Popular Projects Woofi (DApp) — A DeFi product on the ARB chain that includes Woofi Swap and Woofi Earn. It offers single-asset staking for $ARB with an APY of up to 40%. Its TVL has been steadily increasing over the past month and has reached a level of US$21.36 million. The development trend is promising and worth keeping an eye on. 4.1.3 Existing User Profile Core data: The number of Arbitrum active existing users is 174,077, with a daily decrease of 21.74% Popular Sectors Popular Projects AIDOGE (Token) — A memecoin that had its TGE on Arbitrum two days ago. The token has a high wealth effect and traffic activity, with 132,000 on-chain transactions in the past 24 hours. According to the on-chain contract detection results, AIDOGE has a problem with the adjustable tax rate, but no other serious contract vulnerabilities. It has seen a 5x increase in the last 24 hours, with a current TVL of US$8.7 million and good trading activity. https://www.dextools.io/app/en/arbitrum/pair-explorer/0x6a78e84fa0edad4d99eb90edc041cdbf85925961 4.2 Popular Trading Pairs There is a delay in the data update for Arbitrum Uniswap V3, and currently, it is not possible to see yesterday’s token activity. 5.DApp Ecosystem — All Chains SecondLive (DApp) — An NFT metaverse platform on the BSC chain has launched a joint marketing campaign with BNB Chain, DappRadar, and Mua Dao from now until May 20th. Participating users have a chance to share a prize pool of 40,000 USD. This marketing campaign has been recognized and promoted by the official BNB Chain Twitter account, generating a significant amount of traffic. https://secondlive.world/ 6.DApp Ecosystem — ETH Chain HEX (DApp) — A project that focuses on HEX Mining. Staking HEX on the platform can earn investors $HEX token-based profits. Based on the length of the staking period, an average of 38% profit can be expected. The project has good publicity in European and American countries, and the community traffic is good. The token is currently available for trading on Bitget. Cowswap (DApp) — A DeFi swap project on the ETH chain focusing on MEV protection. It launched the ETHDenver2023 bounty program on March 1st to help optimize the user experience. 7.DApp Ecosystem — BSC Chain Tap Fantasy (DApp) — An MMORPG game with cartoon characters as the main theme. The final week of the Tap Fantasy S4 season is set to begin on April 17th, and there is still a chance to win weekly rewards. The rankings for S4 clubs, individual players, and multi-player boss battles will be based on the rankings as of April 19th 00:00 UTC time. 8.DApp Ecosystem — Polygon Chain SuperFluid (DApp) — The project positions itself as a stream payment protocol. It completed a funding round of $9 million in July 2021 with investment from companies such as Multicoin Capital and Delphi Digital. The team has recently been involved in several offline events, and its transparency level is high. It is essential to stay updated on this project. Planet IX is a Web3 NFT-based GameFi game that is currently one of the most popular games on Polygon. It consistently tops the ecosystem rankings and has a highly active user base. The project recently partnered with DEW to help with exposure and increase traffic. 9.DApp Ecosystem — WAX Chain The UAW on the Wax chain has remained relatively stable overall. While Mining Network has seen an 81% increase in UAW, the absolute value is only 731, which is a significant gap from the top projects. It is essential to stay updated on this project. 10.DApp Ecosystem — Solana Chain Game Trade Market (DApp) — A platform on the Solana chain specifically for discovering and trading NFTs within games. UAW increased rapidly yesterday, mainly due to the promotional campaigns of Crew3, which were launched this month. Additionally, it frequently holds various promotional campaigns on social media, so it is important to keep a close watch on the project. https://gametrade.market/ RACE Poker (DApp) — A card game project with two main game modes, “Sit&GO” and “Cash Game”. While there was a significant increase in UAW yesterday, the overall UAW is still relatively low. 11.DApp Ecosystem — Arbitrum Chain BitKeepSwap (DApp) — Bitget has increased its investment in BitKeep with a valuation of US$300 million and has been renamed as Bitget Wallet. Bitkeep currently has a global user base of over 10 million people and is growing very rapidly. It has the potential to become an important on-chain wallet that could possibly surpass Metamask. 12.DApp Ecosystem — GameFi Sector Across All Chains Planet IX and Tap Fantasy were explained earlier in the report. 13.Gas Fee Consumption — ETH Chain XEN (Token) — The XEN project team promotes the deflationary mechanism of $XEN by introducing XENNFT burning and the DBXEN project, accelerating XEN’s deflation and making Mint XEN profitable again. Several contracts related to the chain consume high amounts of gas. Recently, the project launched the xenknights activity, and the amount of XEN burned has exceeded 3 trillion, resulting in a permanent reduction in the token supply and an increase in price. The 24-hour trading volume is US$9.34 million. BLUR (DApp) — On April 16, Blur platform traded 10,400 ETH, while OpenSea traded 3233 ETH and OpenSea Pro 1472 ETH. NFT market trading volume has continued to remain low lately. BLUR has shown strong performance and its short-term price is in an upward trend at 0.74 USDT. On March 29, Blur announced that it would extend the Season 2 bidding pool and double points for listing until May 1, causing dissatisfaction within the community. The release of new products, originally scheduled for April 1, will also be delayed. The future trend of BLUR depends largely on product innovation and community confidence. It is essential to stay updated on the development of its products. zkSync (DApp) — Recently, zkSync’s interaction activity has consistently been at the top on Ethereum in terms of new users. According to the latest data from Dune, the zkSync Era mainnet has reached 424,000 independent wallet addresses and 135,000 ETH transferred to zkSync. The total number of transfers has reached 515,000, indicating a good level of user engagement. 14.Gas Fee Consumption — BSC Chain Bowser Inu (Token) — A newly launched memecoin with no other information available. There is a similarly named project on Twitter that had a presale on Pinksale on April 15th with poor sales. Bowser Inu’s contract was checked by Goplus, and showed a 100% buy and sell tax, which is highly likely to be a scam project. Users are advised to be cautious of the risks. 15.Gas Fee Consumption — Polygon Chain LFI NFT (NFT) — This appears to be a free mint NFT and is currently still not available on OpenSea. The number of holders is currently at 80,142, with 970,000 on-chain transfers in the past 8 hours indicating high minting activity. There is currently no further information available. It is essential to stay updated on this NFT. Meta Force (DApp) — The project is suspected to be a Ponzi financial game similar to Forsage 2.0. According to data from SimilarWeb, the traffic has been increasing rapidly recently, with 31,600 visits in March. The main visiting countries are Pakistan (52.96%) and the United States (18.64%). 16.Gas Fee Consumption — Arbitrum Chain AIDOGE (Token) — Users who received the ARB airdrop can claim AIDOGE for free, and those who claim using an invitation link will receive an additional 10% bonus. Currently, the total amount of AIDOGE claimed is over 75%. There is a 15% burning tax on each token transaction, with 3% used to buy ARB, 3% for development, 3% for Lucky Drop rewards, 3% distributed to all holders, 2% for AIDOGE/ETH LP rewards, and 1% for burning. The on-chain liquidity is currently US$336,000, and the project has recently gained high attention. https://www.dextools.io/app/en/arbitrum/pair-explorer/0x6a78e84fa0edad4d99eb90edc041cdbf85925961 Odos (DApp) — A DEX aggregator with a clear interface that supports one-click token swapping. Recently, it has partnered with Camelot and integrated with its platform. Odos has aggregated all the pools on Camelot to find the best prices and has the potential for a future airdrop. 17.Twitter Trends Token Top 20 From the perspective of token popularity on Twitter trends: Tokens with significant increases in popularity: None Newly listed tokens: CSPR, INJ, RDNT, XEN CSPR (Token) — Casper is an open-source proof-of-stake blockchain network built with the CBC (Correct-by-Construction) Casper specification which was originally developed by early Ethereum developers. With ETH breaking new highs recently, it has brought attention to some old Layer 1 projects like Casper. It is essential to stay updated on this token. INJ (Token) — A DApp built on Injective that is currently integrating forex functionality and launching the EUR token on its testnet, aiming to introduce seamless forex products. The product iteration speed based on the Injective ecosystem is stable, and users have high expectations for the product. In addition, INJ raised $40 million in 2022, and the market is highly interested in this DApp chain built on Cosmos. It may easily be hyped, making it an essential token to stay updated on. 18.Token Mentioned Frequency by KOLs on Twitter Based on the frequency of mentions by Super KOLs on Twitter: BTC, ETH, ARB, and DOGE were mentioned relatively more. ARB (Token) — ARB rose sharply after ETH withdrawals were opened. The main reasons are: 1. The bearish trend of ETH is over. With real-time deposit and withdrawal activities going on normally, the expected large sell order pressure on ETH did not significantly affect the price, and the new high price of ETH has led to a rebound in altcoins and Layer2 projects; 2. ARB’s ecosystem is currently developing rapidly, with many projects and opportunities. If there is capital hype, it is expected that funds will first target ARB and OP; 3. Large holders are buying ARB on CEXs and withdrawing it to their wallets, indicating a positive outlook for the entire Arbitrum ecosystem. Based on these factors, it is essential to stay updated on ARB. 19.Token Mentioned Frequency by VCs on Twitter Based on the frequency of mentions by VC firms on Twitter: USDC, BNB, SIDUS, NOM, THOR, No changes 20.Google Trends — Global The most frequently mentioned Google search terms: bitcoin, bybit, tradingview, virtual, currency, usd, dollar Virtual-RNDR, High, VTK (Token) — The core events from April to June include Apple’s announcement of the 2023 Developer Conference. Users predict that a new MR headset product will be released, leading to a potential speculative period for projects related to AR, VR, MR, and other related concepts. RNDR, HIGH, and TVK are some of the more legitimate options to watch. 21.Google Trends Surge — East Asia, South Asia, Southeast Asia, Hong Kong, Macau, and Taiwan a) South Asia Region India Trending Tokens: RENQ, ATOM, BLUR Pakistan Trending Tokens: BTC, DOGE, ETH; Trending Keywords: top 5 crypto exchanges b) Southeast Asia Region Philippines Trending Keywords: faucet crypto, tradingview, Crypto arena; Trending Tokens: SHIB, MATIC, CTSI, ID Indonesia Trending Tokens: BLUR, BNB, BTC Malaysia Trending Keywords: crypto bubble, coinbase Singapore Trending Keywords: usd to sgd c) East Asia and Hong Kong, Macau, and Taiwan Trending Keywords: Currently none 22.Google Trends Surge — English-speaking Countries, Europe, CIS Region a) CIS Region Trending Keywords: Crypto Bubbles, Crypto wallet, bybit b) English-speaking Countries UK Trending Tokens: NXRA, CSPR, SOL, CTSI USA Trending Keywords: Robinhood login, how to buy renq; Trending Tokens: ETC, ONT, CTSI Canada Trending Keywords: dextools; Trending Tokens: REN, CTSI, ICP, RENQ, CHR Australia Trending Tokens: CTSI, RENQ, BONK, RNDR, CRO c) Europe Poland Trending Tokens: XEN, GPT Germany Trending Tokens: CSPR, HEX, DCA, SHIB, KSM Italy Trending Tokens: CTSI, DOT, CELO, CSPR, WAVES France Trending Tokens: RPL, MNW, BETH, TAO, ID, NEOX Spain Trending Tokens: BTC, SHIB, KDA, CSPR, THETA Turkey Trending Keywords: faucepay, tradingview, coinmarketcap 23.Google Trends Surge — Middle East, Latin America, Africa a) Africa Trending Keywords: Coinmarketcap, crypto faucet, best crypto trading platform b) Middle East Trending Keywords: Crypto Bubbles, crypto news, crypto prices c) Latin America Brazil Trending Tokens: RDNT, TRX, UNI, BTC Mexico Trending Keywords: Crypto tower Argentina Trending Tokens: ID, CAKE, CAW

Bitget Hot Takes (January 23 - January 29)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes the week before can be found here. Central Themes • ETH sliding, BTC hovering above US$23,000 with hashrate hitting new all-time high levels. • DeFi blue chips are actively building and expanding to different chains. • New insights from Genesis’ bankruptcy filing; SBF attempted to influence witnesses. • Moody’s is in the early stage of developing a stablecoin scoring system. BGB Hit A New High For 2023 While Bitcoin managed to hold the US$23,000 mark throughout the weekend, BGB saw a small contraction of 0.07% in returns and Ethereum 3.25%. That could be a lil’ bit concerning for BGB diamond hands, but check out the chart below: Source: TradingView BGB reached 2023’s new high this week, following the bullish sentiment of general markets. The U.S. 2022 GDP numbers published by the Bureau of Economic Analysis seemed to have given BGB the momentum it needed to cross US$0.21 Check the analyses of BGB price trend in 2022 here: BGB Sail: December Edition BGB Sail: November Edition BGB Sail: October Edition BGB Sail: September Edition BGB Sail: August Edition BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition If you are completely new to the token, we are delighted to give you the full guide to BGB - the golden ticket to the Bitget Ecosystem here: Why BGB Is Your Bluechip Exchange Token. Markets Got Busy Again Ethereum prices saw quite a shrinking over the last seven days compared to Bitcoin and other altcoins. That could be a result of the unclear definition of the PoS Ethereum, which is discussed in the first volume of The Crypto Burrito. Of course ETH holders are looking for a reason to expect price soaring, and they have it: The Shanghai upgrade is set to take place in March. Developers have been working on it; a fork devoted to the purpose of upgrade rehearsal, called ‘shadow fork’, was finalised on January 23. As we are already in the last few days of January, there are less than 60 days until the Shanghai upgrade as well as the enabling of withdrawals on the Ethereum network. Under direct influence of this event are LSD protocols (again, check out The Crypto Burrito (Volume I): Ethereum Merge to learn more about liquid staking derivatives or LSDs). The biggest validator on the Beacon Chain (also the most popular LSD protocol per se), Lido, has published their design proposal for the ETH unstaking on the community forum and asked for feedback. The proposal needs to undergo a voting process by Lido DAO before any changes are implemented on the protocol. On a side note, we are seeing more L1s embracing LSD, with Marinade Finance introducing a reward programme worth around US$10 million for liquid staking on Solana. Last year, the U.S. announced the blacklisting of crypto-mixing service Tornado Cash, saying ‘Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks’. That severely impacted the decentralised state of crypto, as Tornado Cash allows for easy, non-custodial, anonymous on-chain transactions. Now there’s a way out for Tornado Cash users: Web3 builder venture Chainway recently launched a Proof-Of-Innocence protocol, through which Tornado Cash users can prove that their funds do not come from hacker addresses while preserving their privacy. DeFi and NFT blue chips are building non-stop We can agree that many crypto blue chips are Ethereum-native protocols. But Ethereum’ congestion and high gas fees remain a firm entry barrier for new users, which understandably explains the rise of BNB Chain and most recently Polygon in terms of daily active users. Therefore, the biggest names are looking to expand their services to other chains: • Uniswap to deploy on BNB Chain: Proposal by 0xPlasmaLabs, preliminary polls see 80% saying yes; • Sushiswap to launch a perpetual DEX on Sei Network (per Sushiswap Head Chef), after the Head Chef proposed a change to the SUSHI tokenomics, following a temporary change to replenish the Treasury. Still putting the focus on Ethereum are MakerDAO, whose community is backing a proposal to yield interests for their Treasury from an earning vault by Yearn Finance, and Aave, which will soon launch a ‘fresh’ Aave v3 with the initial listings consisting of WBTC, WETH, wstETH, USDC, DAI, LINK, and AAVE. Three major news regarding the NFT/Metaverse space last week include: • Decentraland partners with Pedigree to bring canine adoption to the metaverse; • Bored Ape NFT game Dookey Dash registered over US$40 million (27,090 ETH) in 10-day trading as players are excited about the mystery rewards • The German carmaker Porsche releases the official Terms and Conditions (TC) for their Porsche NFT collection, which gives buyers the opportunity to withdraw from the purchase within 14 days. In the Wild West of NFT, Porsche is one of the first to honour consumer rights with this TC and may have set the example for future NFT projects so as to prevent rug pulls and scams. Trouble, trouble, trouble Crypto saw a new week of layoffs, half from the troubled actors: Gemini (10% of staff), DCG’s Luno (35%), CoinTracker (20%) and Moralis (numbers undisclosed). New from the court proceedings: Genesis’ creditor list shows not only crypto/financial firms (Gemini, Cumberland, Mirana, MoonAlpha Finance and VanEck, among others), but also government agencies - the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC) of the U.S. as well. The creditor list of FTX appears to be even longer, with star athletes, crypto firms, tech giants, media outlets, the PM of Bahamas and public servants of both the Bahamas and the U.S. More information on the Chapter 11 Bankruptcy can be found here: The Crypto Burrito (Volume IV): Understanding 2022’s Crypto Bankruptcy Filings Still in the process are BlockFi and FTX. The former was granted permission to issue US$10 million in bonuses for their critical employees to keep them from fleeing to Google, Block Inc. and Walmart. Meanwhile, prosecutors are asking the judge to impose new bail conditions and FTX is seeking permission to subpoena SBF after the former FTX CEO used Signal to contact a potential witness in his criminal case. Celsius Earn users already received the ultimatum from the bankruptcy court, but they can still expect to get some of their assets back. A representative of the bankrupt crypto lender told the court that they are ‘in the later stages’ of developing a plan to return assets to Earn customers. Eligible Celsius accounts should also receive the Flare token airdrop after Celsius won court approval for the one-time distribution of FLR to users who had XRP locked on the platform as of December 2020. The Twitter accounts of Robinhood and Azuki were hacked last week. Hackers saw the opportunity to take advantage of their followers, thus promoting the scam token of RBH on BNB Chain and fake virtual land claims in Azuki's newly launched virtual world Hilumia. In-between these hacks was a phishing attack that resulted in the loss of US$1 million value NFTs owned by Moonbirds creator Kevin Rose. The Latest Bitget News Happy new year and Happy Lunar new year to our users with the upgraded 5,005 USDT Welcome Package for newbies! Register here and complete all tasks in Bitget Rewards Center to receive the gifts! Have you tried Bitget Spot Copy Trade on your Android devices? Realising how much our users love Bitget One-Click Copy Trade, we have worked diligently to release Bitget Spot Copy Trade - the sibling of Bitget One-Click Copy Trade that targets Bitget spot markets and our plentiful offering of crypto pairs. Learn how to dive in right now with our guide here. Another key component of Bitget Social Trading is Bitget Insights, which is now available on web here: Bitget Insights Web. Sign in right now and share your experience and opinions on markets to share US$4,000 in rewards. You can choose to contribute to the Bitget community either by creating valuable content or helping us recruit high-quality content creators - it’s completely up to you! Talk about Bitget Social Trading, new listings here for you: • New One-Click Copy Trade pairs: OPUSDT and PEOPLEUSDT • New Spot Grid and DCA Strategy Trading pairs: USDCUSDT, BUSDUSDT, GALAUSDT, ZILUSDT, APEUSDT, OPUSDT, GMTUSDT, NEARUSDT, FTMUSDT, OCEANUSDT, HOOKUSDT, ANKRUSDT, FETUSDT, WOOUSDT, PEOPLEUSDT, DYDXUSDT • New Futures Grid and DCA Strategy Trading pairs: ZILUSDT, OPUSDT, WOOUSDT, PEOPLEUSDT, DYDXUSDT • New Spot Margin pairs: APEUSDT and TRXUSDT Even before the FTX demise, Bitget has already been committed to bring transparency, safety and trust to the digital space. The latest snapshot of our Proof-Of-Reserves for December 2022 was released in early January with a Total Reserve Ratio of 223% and our Bitget Protection Fund maintained at 6,500 BTC and 200,000,000 USDT. However, we are determined to forge ahead by giving users with decent holdings the opportunity to apply for the brand new Bitget Fund Custody Service, through which their assets will be better protected in a separate address. New Events Make a Deposit, Share $10,000 Futures Trading Bonus Bitget Insights Web Launch: Share Insights, Earn Rewards up to $4000 Share 6000 USDT Get to Know 13 Community Reputation Roles' NFT VIP Earn Rewards for New Year: 3x APR, Free VIP Privileges! Anybody can be a Merchant on Bitget P2P and Earn 125$ in Weekly rewards! Bitget Elite Recruitment! Invest Like the Top Investors on Bitget Buy Crypto with 0% Fees Through Banxa Earn $10 Bonus! Broker’s Special - 100% Rebate for Limited Time Only! Get 3$ Free on your first P2P trade on Bitget P2P! [Bitget VIP] Free To Claim Your New Year Gifts Join Bitget Discord and Participate in the New Weekly Registration Contest, Win BGB Bitget Partners with TealStreet; Plus, Register, trade for up to $8000 bonus！ Good Reads What is Stagflation and How Does It Affect the Crypto Market? The Crypto Burrito Volume III: The Never-Ending Saga Of FTX The Crypto Burrito Volume IV: Understanding 2022’s Crypto Bankruptcy Filings How Bitget Became A Dark Horse And Earns Market Share And Trust From Millions In Crypto Winter What Is DogeCoin (DOGE)? Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram

Bitget Hot Takes (August 29 - September 04)

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts. Bitget Hot Takes last week can be found here. Central Themes BGB shows resistance in 7-day cumulative returns and volume. BTC and SP500 correlation recorded the summer’s peak. Cardano’s Vasil Upgrade is confirmed to take place on September 22. Japan’s regulator proposes tax breaks for crypto retail investors to stimulate the country’s economy. KyberSwap suffered from a US$265,000 frontend exploit and is offering a 15% bounty for attackers. Polygon (MATIC flipped DAI for the 12th place and Cardano (ADA) flipped Ripple (XRP) for the 7th place on the 2be12141-0e2f-44c7-8758-59cb986cfafe cap ranking. BGB Hanging Tough Clearly, we are in challenging times, hence the increased volatility and a drop in investors’ activities. Exchange tokens were in red this week, with BNB and BGB being the two most stubborn (-0.12% and -5.06%, respectively). However, interest in BGB remained roughly the same with a negligible decline of 0.7%, while the others’ volume suffered greatly from ‘market conditions’. One more thing to note is that BGB average price increase (calculated by summing positive daily returns and dividing this result by the number of green days) stands at 3.5% compared to BNB’s 1.2%, OKB’s 1.8%, and HT’s 1.5%. BGB has indeed shown, time after time, the tendency to resist unfavourable market circumstances especially well when compared to other exchange tokens. Need more proof on BGB’s self-sustained growth? Here are our BGB reports for the last three months: BGB Sail: July Edition BGB Sail: June Edition BGB Sail: May Edition Don’t forget to check out BGB Earn to make sure that you are generating even more BGB! When Bear Ends The flagship cryptocurrency Bitcoin has been holding on US$20,000 for its own (and the industry’s) dear life despite several buy indicators. How come? Take a look at the correlation between BTC and SP500 below: Source: CoinMetrics The U.S.’ FOMC July 2022 took place on July 26-27 with a 75bps interest rate hike. Bitcoin and the stock market have been moving more in tandem ever since, and with the 1.25-trillion sell-off on August 27 after the August meeting, we are seeing the highest correlation between these two this summer. With the scene of a glooming recession, this means that Bitcoin could potentially bleed more if U.S. equities see a new low. Across Layer1s Buidlers continued to receive investments to fund their projects, including oracle provider Redstone (US$7 million), automation network Clockwork (US$4 million), DeFi-focused L1 Sei Labs (US$5 million), data infrastructure builder Luabase (US$4.5 million), staking protocol GoGoPool (US$5 million) and banking platform LevelField (US$50 million). The Ethereum-native Curve Finance hints at the possibility of its stablecoin crvUSD next month. With The Merge coming soon, this could contribute to the scaling of activities on the PoS Ethereum. Also on the scaling topic, DEX aggregator 1inch has announced the new token airdrop for their users on Optimism. 300,000 OP tokens will be distributed equally between 1inch wallet users on Optimism in the near future. In opposition to its peers, Compound Finance has executed a price feed upgrade that resulted in a temporary broken frontend and frozen cETH (Compound ETH) markets. Ethereum is not the only one trying to solve the scalability problem. After the Ethereum Foundation announced the date for The Merge (September 15/16), Cardano also confirmed September 22 as the official date for its Vasil upgrade. The Vasil upgrade promises to bring ‘increased network capacity, lower cost transactions and enhancements for the smart contract platform Plutus’. Cardano has also flipped Ripple to become the 7th largest cryptocurrency with a market cap of US$16.4 billion after Robinhood announced their support for ADA and Binance.US launched ADA staking program. Metaverse Crypto In Commercial Inevitable Meta is expanding their roll-ups of NFT services to Facebook, whereas the 34-year-old VMAs introduces the first metaverse category, which features Snoop Dogg and Eminem as Bored Apes. Clearly, mainstream adoption is inevitable for the Metaverse sector, but there also comes the need for standard alignment. Andreessen Horowitz, also known as a16z, is about to launch their NFT copyright project to provide users with intellectual property licences. That is one necessary step to clear up confusion for NFT holders as well as creators. Bitcoin can soon become a popular alternative payment method, as countries and authorities are adding it to their balance sheet. Iran, facing sanctions by the U.S., has approved the use of cryptocurrencies for import purposes, and Mendoza, the Argentine province famous for their wine-making traditions, now allows residents to pay for taxes and fees in crypto as well. The leading event organiser Ticketmaster, who is present in 32 countries globally and host of the ticket sale for Dota2’s The International 2022, joins the club with the plan to release tickets as NFTs, once again bringing us back to the topic of Metaverse. The Latest Bitget News This week marks the launch of Bitget Pop Grab - our new feature that helps connect friends and acquaintances in a fun way. As it comes with the exclusive, time-limited BGB Pop Grab, we have one word for you: Hurry up! Don’t forget your plan of the week with the exclusive Live Trader AMA in our community group! This AMA takes place on a weekly basis and can be of great help for you, especially in these volatile conditions. Regarding The Ethereum Merge, which is scheduled to commence on September 15/16, Bitget’s take on the event is as follows:- ETH transactions will not be affected during The Merge; - After The Merge, all ETH assets, perpetual swaps, futures and relevant products on Bitget will denote the PoS ETH token; - The listing of potential newly forked tokens of ETH will be announced publicly on our website and other social media channels. Stay tuned! More details can be found here. Let’s celebrate this achievement with us! Data from BCG shows that the derivatives trading volume of Bitget has surpassed FTX and ranks third worldwide. Forbes also published an article two weeks ago with objective and unbiased data, ranking Bitget as the fifth largest exchange overall by real bitcoin volume. With the support of our trusted traders and partners around the world, we look forward to reaching many milestones in the years ahead. New Listings TUPUSDT IXTUSDT ZIGUSDT HUBUSDT MHUNTUSDT New Events Pop Grab: You Send, Bitget Pays! Guess The Price, Secure Real Rewards in USDT and BGB Share 180,000 SHIB Prize Pool ETH Merge Celebration — Share 5,000 ETHW and up to 10X Airdrop Content Creators Needed: Win Up To 1,000 USDT Receive $4,163 In Welcome Bonus! Good Reads The Ultimate Guide To Bitget One-Click Copy Trade Social Trading Around The Globe A-Z Blockchain Terms For Crypto Investors Understanding the Layers of Blockchain Seven Countries That Recognize Bitcoin As Their Legal Currency Follow us for the latest updates: Twitter | Telegram | LinkedIn | Facebook | Instagram