Bitget Research: The Federal Reserve has released a certain rate cut expectation, and the upcoming Cancun upgrade makes ETH a high-certainty opportunity
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Bitget Research: The Federal Reserve has released a certain rate cut expectation, and the upcoming Cancun upgrade makes ETH a high-certainty opportunity
Focusing on on-chain data, daily news roundup.
Navigating Web3 tides with focused insightsOver the past 24 hours, new trending cryptocurrencies and topics have emerged in the market—perhaps they represent the next wealth creation opportunities.
Summary
Over the past 24 hours, Bitcoin has continued to consolidate within the $64,000–$68,000 price range, while ETH prices steadily rose above $3,900. Key developments include:
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High-potential wealth-generating sectors: Parallel EVM, Layer 2, and small-cap storage projects;
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User-searched tokens and trending topics: BODEN, SOL, Wormhole, Jupiter, and other Solana ecosystem projects;
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Potential airdrop opportunities: Marginfi, io.net;
As Bitcoin enters a consolidation phase and with the upcoming Cancun upgrade drawing near, capital is gradually shifting focus from the Bitcoin ecosystem to the Ethereum (ETH) ecosystem. High-conviction trading opportunities now lie in ETH and EVM chain sectors (such as SEI, NEON), as well as Layer 2 projects (e.g., OP, ARB, STRK). Additionally, Pantera Capital is reportedly raising funds from large investors to purchase discounted Solana tokens from the FTX estate, suggesting that investors may also consider positioning in Solana and its ecosystem tokens (e.g., RAY, PYTH, SILLY).
Data collection time: March 8, 2024, 4:00 AM (UTC+0)
1. Market Environment
Over the past 24 hours, BTC prices have fluctuated between $64,000 and $68,000, while ETH prices continued their steady climb, surpassing $3,900. With the Cancun upgrade scheduled for March 13, the introduction of blob transactions will decouple Layer 2 transaction data from the EVM, significantly reducing gas fees on Ethereum’s Layer 2 networks—potentially by up to 14x. As this event approaches, capital flows are increasingly shifting from the Bitcoin ecosystem toward EVM chains (e.g., SEI) and various Layer 2 projects (e.g., OP, ARB).
On the macro front, Federal Reserve Chair Jerome Powell stated during a Senate hearing that the Fed is nearing confidence in cutting interest rates. If inflation aligns with expectations, rate cuts could begin this year. On Thursday, all three major U.S. stock indices closed higher, with the Nasdaq hitting a new intraday record high. Major tech stocks broadly gained, indicating a generally positive macro environment for the cryptocurrency market.
2. Wealth-Creation Sectors
1) Sector Movement: Parallel EVM (SEI, NEON)
Primary drivers: First, the Ethereum Cancun upgrade is set for March 13, which will reduce costs for EVM-compatible projects. Second, Coinbase International Exchange and Coinbase Advanced will add support for SEI perpetual futures contracts.
Price performance: SEI surged 16.12% over the past 24 hours, while NEON rose 18.31%.
Factors influencing future trends:
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Major product launch: The Sei parallel EVM testnet has upgraded to version v2, enabling Ethereum-based applications to deploy on the network without any modifications. The Sei parallel EVM mainnet is expected to launch in the first half of 2024.
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Adoption of parallel EVM architecture: The significance of the parallel EVM sector lies in its ability to significantly improve network throughput and performance by overcoming traditional EVM's sequential transaction processing. If more projects such as Neon and Scroll adopt parallel EVM, the entire sector could see further price appreciation.
2) Sector Movement: Storage Sector (AIOZ, AR, TFT)
Main reason: Solana-based DePIN protocol io.net announced a $30 million Series A funding round led by Hack VC, achieving a $1 billion valuation. DePIN leverages hardware supply chains—including GPUs—to build decentralized infrastructure networks via cloud services or distributed device coordination. This development has lifted the market cap ceiling for related storage projects, attracting investor attention toward smaller-cap storage tokens.
Price performance: AIOZ jumped 41.4% in 24 hours; AR rose 4.69% over 24 hours and 39.82% over the past week.
Factors influencing future trends:
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Monitor the development of DePIN + AI: Shared cloud storage services are in strong demand across large model training, distributed machine learning, data storage verification mining, and distributed inference. As part of DePIN, storage is poised to gain foundational "infrastructure" status as DePIN and AI evolve together.
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Watch for concept expansion: Cloud computing remains a highly challenging industry, especially for clients requiring complex real-time rendering or GPU-powered streaming infrastructure, where development costs are high. The emergence of more decentralized compute projects like io.net, AIOZ, and TFT could expand application scenarios for the storage sector. Combining decentralized cloud storage with decentralized computing may unlock significant upside potential for storage-related tokens.
3) Sector to Watch: Solana Ecosystem Tokens (RAY, PYTH, SILLY)
Main reason: According to Bloomberg, Pantera Capital is raising funds from institutional investors to purchase discounted Solana tokens from the FTX estate. Andrew Kang, co-founder of Mechanism Capital, noted that new capital will likely drive significant on-chain purchases of SOL. This suggests the Solana ecosystem may be entering a new bullish phase.
Token list:
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RAY: Raydium is the first AMM and liquidity provider on Solana, with its core product being the Raydium DEX platform—functionally equivalent to Uniswap on Ethereum.
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PYTH: Pyth Network is a Solana-based oracle project with over 190,000 stakers, making it a critical infrastructure component within the Solana ecosystem.
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SILLY: “Dumb Dragon” is a character introduced by Solana co-founder Anatoly Yakovenko during Halloween 2023. It is one of the few meme coins in the Solana ecosystem to receive direct endorsement from Anatoly.
3. User Trending Searches
1. Popular Dapps
Wormhole:
Cross-chain protocol Wormhole opened its airdrop claim portal yesterday. The eligibility snapshot was taken on February 6, 2024, at 23:59 UTC. The W token has a total supply of 10 billion, with 18% initially circulating. The airdrop allocates 6.17% (617,305,000 W tokens), distributed to 397,704 wallet addresses. Eligible recipients include users who interacted with the protocol, Mad Lads NFT holders, Discord participants, Monad community members, and top 10,000 Pyth stakers. Users should verify official links to avoid phishing sites and are advised to check eligibility via the official website.
2. Twitter Trends
Parallel Finance (not yet launched):
A cross-chain Layer 2 network backed by Sequoia, Polychain, and Founders Fund with $30 million in funding. The project has opened early access to its testnet, allowing users to earn points through participation. Previously, PARA tokens were issued on Polkadot but have since been delisted. A new token is expected in the future. Current user opportunities include participating in the testnet via staking and interaction to earn multiple rewards: ETH staking APR, restaking APR, EigenLayer points, liquid restaking token points, Parallel Diamonds, and additional Parallel and partner bonuses. These activities offer a high probability of qualifying for a future token airdrop.
3. Google Search Trends
Globally:
Solana meme coin $BODEN has generated significant discussion:
Solana-based U.S. election-themed meme coins Doland Tremp and Jeo Boden have seen renewed momentum, with $BODEN recording $14 million in trading volume over the past 24 hours. The token has been highlighted by Phantom’s official Twitter account and several influencers, reaching a peak market cap of $35 million. After testing previous highs, the price reversed downward—indicating strong resistance at this level. Chasing the rally is not recommended.
Regional search trends:
(1) English-speaking and European regions show strong interest in Solana ecosystem projects SOL, Wormhole, and Jupiter:
Solana’s native token SOL continues to reach new cycle highs. Wormhole has opened airdrop claims, lending protocol Kamino announced its airdrop timeline, and core liquidity protocol Jupiter launched its first Launchpad, driving JUP’s 24-hour gain to 26%. These developments have amplified wealth effects and capital activity within the ecosystem. The market broadly expects SOL to continue rising, making dips an attractive entry point for high-risk-tolerance investors into Solana and its core ecosystem projects.
(2) Asian markets show growing interest in derivatives platform AEVO:
AEVO is a decentralized derivatives exchange offering perpetual contracts, options, and pre-launch token futures. Using an order book and margin-based model, the platform achieved a staggering $3.1 billion in 24-hour trading volume. AEVO recently participated in a Binance Launchpool mining campaign, allowing users to convert their Ribbon (RBN) tokens 1:1 into AEVO tokens, subject to a two-month lock-up period. Arbitrageurs should exercise caution due to associated risks.
4. Potential Airdrop Opportunities
Marginfi—Solana Lending Protocol in Points Mining Phase
With Kamino, the second-largest lending protocol on Solana, announcing that its mining points will be converted into tokens via airdrop in April, its TVL surged by 20%, overtaking former leader Marginfi. Marginfi has not yet announced a token launch date and remains in the lending points mining phase, allowing users to earn points through deposits and borrowing—offering potential eligibility for future airdrops.
As of now, Marginfi’s TVL stands at $660 million, backed by investors including Solana Ventures, Multicoin, Pantera, and Sino Global;
How to participate: Connect your wallet on the official website, select supported deposit or borrow assets (including SOL, BTC, USDC, USDT, JUP), and start earning points immediately.
IO.net—Decentralized Compute Network with GPU-Based Mining
IO.net is a decentralized computing network in the Solana ecosystem combining AI and DePIN concepts, enabling machine learning engineers to access distributed cloud clusters at a fraction of the cost of centralized providers. It launched its first phase of a points reward program on March 1, running until April 28, rewarding users based on the GPU power they contribute to the network.
IO.net recently raised $30 million in a Series A round at a $1 billion valuation, led by Hack VC, with participation from Multicoin Capital, 6th Man Ventures, M13, Delphi Digital, Solana Labs, Aptos Labs, and Foresight Ventures—highlighting its strong institutional backing.
How to participate: Users can connect their GPU-powered devices to the IO.net platform, maintain stable connectivity, and earn points. Even consumer-grade computers with modest GPU capabilities can contribute.
Bitget Research focuses on “tracking on-chain data to uncover valuable assets,” leveraging real-time monitoring of on-chain activity and regional search trends to identify emerging investment opportunities. To date, it has provided Bitget’s global user base with early insights into high-potential sectors such as the Arbitrum ecosystem, AI ecosystem, and SHIB ecosystem, delivering institutional-grade intelligence and generating superior wealth outcomes through data-driven research.
[Disclaimer] The market involves risk; investing requires caution. This article does not constitute investment advice. Readers should consider whether any opinions, viewpoints, or conclusions presented herein are suitable for their individual circumstances. Investment decisions based on this information are made at the reader’s own risk.
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