Bitget Research Weekly: LayerZero Funding Sparks Airdrop Farming Surge, Shanghai Upgrade Enables LSD Sector to Outperform Market
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Bitget Research Weekly: LayerZero Funding Sparks Airdrop Farming Surge, Shanghai Upgrade Enables LSD Sector to Outperform Market
Focusing on on-chain data, weekly news roundup.
Navigating Web3 tides with focused insightsOver the past week (April 3 - April 7), several new trending cryptocurrencies and topics have emerged in the market.
1. Market Focus – Market Trends
The most discussed topics in the market this week (04.03–04.07) were:
LayerZero financing sparks interaction surge; NFT market focuses on Vessel
BTC lacks strong upward momentum; Shanghai upgrade propels LSD sector to outperform the market
Twitter's rebranding triggers Doge rally; Arbitrum improvement proposal fails to pass
Bitget Research: Arbitrum Foundation criticized for lack of transparency; market remains flat with few highlights
2. Popular Projects
The hottest projects during the week (04.03–04.07) include:
SOV (TOKEN): A meme token on Ethereum, with DEX 24-hour trading volume of $3.72M USD. While its community base is average, it has shown intense FOMO behavior. Its current market cap has reached $276M, over $280M USD—considered too high to sustain significant further growth.
XEN (token): XEN price surged up to 3x over the past week but has since pulled back, with 24-hour trading volume at $29 million. To promote deflation of $XEN, the project recently launched DBXEN, which requires burning $XEN to obtain. Within four days, 108 billion $XEN tokens were burned on Ethereum.
SQUA (TOKEN): Project claims it as a payment token, with a liquidity pool of $6.15 million and daily trading volume of $1.96 million. Trading volume is solid, and the contract appears clean—worth continued monitoring.
BOB (TOKEN): BOB is a multi-chain, multi-collateralized stablecoin with optional privacy enhancements. Once BOB is deposited into the zk Bob app, pool participants can transfer BOB privately and securely among themselves. The token remains stably pegged to USDC at 1:1. It currently has $2.99 million in 24-hour on-chain trading volume, a $6.51 million liquidity pool, and 3,110 holder addresses. As decentralized stablecoins gain traction, this project warrants attention.
ARB (token): After Arbitrum’s AIP-1 proposal was rejected—with 76.67% voting against—the Arbitrum Foundation submitted two new proposals today to expand ARB holders’ oversight and governance rights. The first proposes placing the remaining 700 million ARB tokens under "smart contract-controlled lockup," unlocking over four years, with no access by the Foundation until community approval of the token distribution budget. The second adjusts several governance parameters within the Arbitrum ecosystem. Currently, $ARB trades between $1.1 and $1.2, showing no significant price movement.
Gemesis (NFT): An NFT airdropped to users after Gem rebranded to OpenSea Pro, specifically designed for professional NFT users. A total of 180,000 “Gemesis” NFTs were airdropped. Yesterday, due to a contract bug, the mint cap was mistakenly triggered when supply reached only 60,000, causing the floor price to spike to 0.07 ETH. Developers later corrected the issue. Current floor price is 0.036 ETH, with over 75,000 minted, total trading volume of 2,915 ETH, and 44,167 holders.
Otherdeed (NFT): The Koda NFT split and Vessel Claim for Otherside began yesterday and are now open indefinitely. Only Otherdeeds that own a Koda can perform the split, but all Otherdeed holders are eligible to claim one Vessel NFT—increasing interest in the Bored Ape metaverse land.
Vessel (NFT): The Koda NFT split and Vessel Claim for Otherside started yesterday and remain indefinitely open. Only Otherdeeds holding a Koda can split, but all Otherdeed owners may claim one Vessel NFT. Vessel NFTs have achieved a total trading volume of 1,506 ETH, with 9,151 holders, ranking highly in popularity on OpenSea.
Worldcoin (Dapp): Worldcoin, the cryptocurrency venture founded by OpenAI CEO Sam Altman, plans to launch its mainnet in the first half of this year. The project aims to issue a global digital currency to every person worldwide, using a spherical device it developed to scan irises and generate unique personal identification codes, ensuring each individual receives a distinct share of the token. The token is scheduled for release in the first half of 2023.
STARGATE (Dapp): On April 4, LayerZero Labs raised $120 million in Series B funding at a $3 billion valuation. Investors include a16z Crypto, Christie’s auction house, Sequoia Capital, Samsung Next, BOND, Circle Ventures, and OpenSea Ventures. As LayerZero has not yet issued a token, anticipation around potential airdrops has driven frequent user interactions.
Bitget Research focuses on “tracking on-chain data to uncover valuable assets,” providing institutional-grade insights for crypto enthusiasts through real-time monitoring of on-chain activity and regional search trends. To date, Bitget Research has identified early-stage value assets across multiple popular sectors—including the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem—for Bitget’s global user base, creating superior wealth opportunities through data-driven research.
[Disclaimer] The market involves risks; investing requires caution. This article does not constitute investment advice. Readers should consider whether any opinions, views, or conclusions expressed herein are suitable for their particular circumstances. Investment decisions based on this information are made at the reader’s own risk.
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