Bitget Research: The crypto market continues to correct, with leading projects across sectors having opportunities for phased catch-up rallies.
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Bitget Research: The crypto market continues to correct, with leading projects across sectors having opportunities for phased catch-up rallies.
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, potentially representing the next wealth-building opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
Over the past 24 hours, spot Bitcoin ETFs saw a net outflow of $326 million. The crypto market continues to correct, with BTC fluctuating downward and approaching the $60,000 mark. After the correction stabilizes, high-quality altcoin sector leaders can be accumulated at lower levels.
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High-wealth-generation sectors: Layer 1 (L1) platforms, RWA sector
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User's most searched tokens & topics: Enders Gate, Taiko, Mantra, Polyhedra
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Potential airdrop opportunities: Kelp DAO, Zeta Markets
Data cutoff time: March 20, 2024, 4:00 AM (UTC+0)
I. Market Environment
Over the past 24 hours, spot Bitcoin ETFs experienced a net outflow of $326 million. The cryptocurrency market continued to correct, with BTC fluctuating downward and gradually approaching the $60,000 level. Grayscale stated it expects to reduce fees for its spot Bitcoin ETF in the coming months. Meanwhile, on March 19, the U.S. SEC indicated that applications for spot Ethereum ETFs may be delayed until May 23. Overall risk-off sentiment remains strong in the crypto market. Once BTC price stabilizes, investors may consider accumulating quality altcoins at lower prices.
Elsewhere, February CPI inflation rebounded slightly, meaning the Federal Reserve needs more data before gaining confidence about rate cuts—making a June rate cut appear difficult. U.S. equities showed mixed performance with limited upside momentum. Although BTC has pulled back after reaching new highs, meme coins have driven overall market FOMO sentiment. Beyond generating wealth within the Solana ecosystem, this trend also demonstrates a phenomenon of attention spillover—for example, Solana’s growth simultaneously lifted other L1 blockchains (FTM, APT, SUI). This correlation could serve as a useful reference for investors.
II. Wealth-Generating Sectors
1) Sector Movement: L1 Platforms (FTM, APT, SUI)
Main reason: DEX trading volume on Solana exceeded $3.6 billion, second only to Ethereum. Following its wealth effect and during the pullback in memecoin热度, other L1 blockchains began catching up, reflecting a shift of market attention back toward top-tier public chains.
Price performance: FTM, APT, and SUI rose by 13%, 12%, and 11% respectively;
Factors affecting future outlook:
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FTM’s technical upgrades: Fantom Sonic is an upgrade aimed at improving network scalability, designed to enhance Fantom blockchain performance by increasing transactions per second (TPS), reducing storage costs, and maintaining near-second finality time (TTF). This update is expected to drive Fantom’s expansion throughout the remainder of 2024 and boost developer and user engagement, supporting token appreciation.
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Positive developments in high-performance Move-based ecosystems: APT and SUI, both built on the Move language, were primarily boosted by SOL. The Move language offers advantages such as high scalability, strong programmability, fast speed, and low fees, leading to a thriving ecosystem and emergence of hot projects. Both teams have solid technical capabilities and strong investor backing. APT will unlock $400 million worth of tokens on April 12, while SUI has no major unlocks over the next two months. Both are currently positioned for further upward breakout.
2) Sector Movement: RWA Sector Leader (ONDO)
Main reason: On March 19, BlackRock invested $100 million to launch an Ethereum-based digital liquidity fund, marking progress in asset tokenization and benefiting RWA projects. RWA platforms can offer higher APY products to Web3 users, and total value locked (TVL) is expected to keep rising.
Price performance: ONDO surged over 32% in 24 hours;
Factors affecting future outlook:
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BlackRock’s success with Ondo’s RWA U.S. Treasuries: As a future blue-chip RWA asset, Ondo Finance has tokenized BlackRock iShares ETFs into short-term U.S. Treasury funds and innovated in stablecoin-backed cash equivalents.
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Informational impact: Ondo published an ecosystem directory revealing partnerships in liquidity, custody, and other key areas—including traditional financial giants like Morgan Stanley, BlackRock, Ankura Trust, Clear Street, and NAV Consulting. ONDO led the rally following news from BlackRock, and ongoing institutional moves should be closely monitored due to their strong correlation.
3) Sector to Watch: Bitcoin L2s (CKB, STX)
Main reason: During last night’s BTC drop below $62,000 and subsequent rebound, CKB and STX rose counter-trend, breaking out of prior consolidation ranges. Combined with upcoming project events, they are poised for a new bullish phase.
Specific coin list:
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CKB: Developed by the well-known Nervos CKB team, which specializes in PoW mechanisms. The RGB++ protocol—a Bitcoin layer-1 asset issuance framework—has released its roadmap and is scheduled to go live by end-March, which would benefit CKB. Investors should monitor developments closely and consider accumulating at current lows.
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STX: Stacks’ ecosystem is maturing steadily, with consistent TVL growth. The Nakamoto upgrade, expected around April 15, will significantly improve performance, making STX another attractive Bitcoin L2 candidate for accumulation at lower levels.
III. User Search Trends
1) Popular Dapp
Enders Gate (no token launched yet):
Linea, in collaboration with Layer 3, launched the Web3 gaming quest “Linea Park” on February 20. Users can discover and engage with leading projects in Linea Park while earning Linea LXP points. Enders Gate is one of the participating projects—an NFT-based collectible card game where players build custom decks of 30 digital NFT cards for trading and battles. Since Enders Gate hasn’t issued a token yet, users can participate in test gameplay now to potentially earn both Linea airdrops and future Enders Gate token rewards.
2) Twitter
Taiko (token not yet launched):
Taiko is a decentralized Ethereum-equivalent ZK-EVM and general-purpose ZK-Rollup that enables dApps to easily deploy on L2 while inheriting Ethereum’s security. It has raised $22 million from investors including Sequoia China, Generative Ventures, and GSR. There is strong market anticipation for a Taiko airdrop. With the mainnet expected to launch by the end of Q1 2024, interaction activity is rising sharply—there are at most only ten days left until launch. Now is a good time to get involved.
3) Google Search & Regional Trends
Global perspective:
(1) Mantra (OM): Yesterday, Mantra announced a $11 million funding round led by Shorooq Partners. The new capital will support three key goals: building compliant infrastructure, supporting developers, and expanding its RWA tokenization initiatives. Since shifting focus to the Atom ecosystem and launching its own chain focused on RWA, Mantra has been highly active and its token price has risen rapidly. For airdrop seekers, Mantra currently offers an incentivized testnet that distributes OM tokens to participants.
(2) Polyhedra (ZK): Polyhedra is a foundational zk-tech provider backed by Binance Labs and Polychain Capital. Its zero-knowledge proof cross-chain bridge has become the most widely adopted ZKP bridging solution. The ZK token airdrop was recently opened for claiming, but due to low distribution values (mostly 5–40 tokens, worth $15–$120), combined with high gas costs for claiming on Ethereum, many users chose not to claim. This sparked community dissatisfaction. Negative sentiment may limit retail buying interest in the short term, so cautious monitoring is advised.
Regional search trends:
(1) Asian regions generally show strong interest in Aevo:
Aevo has been particularly active recently. After its token launch, the price declined continuously, sparking some discussion within the community. However, product updates and related news have drawn greater attention. Pantera Capital managing partner Paul Veradittakit recently announced that Pantera invested in Aevo. Additionally, Aevo launched futures contracts for the trending token slerf, sustaining user interest through continuous activity.
(2) Certain projects appeared in multiple regional trending lists:
Bitcoin attracted attention across nearly all regions. With BTC falling below $62,000—accumulating over 16% decline—market sentiment weakened. According to Farside Investors, spot Bitcoin ETFs recorded a net outflow of $326 million. Rising U.S. inflation data and central bank officials’ reluctance to commit to rate cuts further dampened sentiment. Bloomberg ETF analyst James Seyffart noted that spot Ethereum ETF approvals might be rejected in the May 23 decision round, amplifying market fears and concerns about further BTC downside.
IV. Potential Airdrop Opportunities
[Kelp DAO] Restaking Protocol with High Potential Airdrop Value
Kelp DAO is building an LRT solution on EigenLayer, issuing rsETH as its restaked token. Supported liquid staking tokens (LSTs) include ETHx (Stader), sfrxETH (Frax), and stETH (Lido). According to DefiLlama, Kelp DAO’s TVL stands at $617 million.
Kelp DAO has launched Kelp Miles, an incentive program tracking user contributions to determine future reward allocations. Kelp Miles depend on the amount of LST restaked and the duration held. Considered one of the top unfunded projects in the restaking space, Kelp DAO is expected to launch its token in Q2.
How to participate: (1) Connect your wallet to Kelp DAO; (2) Prepare ETHx (Stader), sfrxETH (Frax), stETH (Lido), or ETH; (3) Hold rsETH and accumulate points.
[Zeta Markets] Solana-Based Dex Project with High Funding and Strong Airdrop Potential
Zeta Markets is a DeFi platform for futures and options trading, enabling users to hedge against crypto market volatility and extreme events. The project has secured $8.5 million in strategic funding, led by Jump Capital.
Zeta Markets’ Season 2 points campaign started on January 10. Their point system is simple: each dollar of taker volume adds one Z-point. Higher rankings on the profit leaderboard yield larger point multipliers, making it highly attractive to professional traders.
How to participate: (1) Connect your wallet to Zeta Markets; (2) Deposit USDC; (3) Select assets and execute taker contract trades—each trade accumulates points.
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