Bitget Research: Altcoins underperform as LayerZero launches token airdrop
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Bitget Research: Altcoins underperform as LayerZero launches token airdrop
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well be the next wealth-generating opportunities.
Navigating Web3 tides with focused insightsAuthor: Bitget Research
Summary
The overall market saw a slight decline, with altcoins performing weakly. However, blue-chip tokens within the ETH ecosystem showed逆势 growth over the past week. The anticipated airdrops from ZKsync and LayerZero became the hottest social media topics this weekend. ZKsync will open trading today, while LayerZero has announced its airdrop rules and released an image marked "6.20," hinting at an upcoming TGE.
Specifically:
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Wealth-generating sectors include: ETH ecosystem projects, Curve-related tokens;
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User-searched tokens & topics: Banana Gun, CVX, Kiloex, Monad;
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Potential airdrop opportunities: Kiloex, Zircuit;
Data collection time: June 17, 2024, 4:00 (UTC+0)
I. Market Environment
BTC spot ETFs experienced net outflows on four out of five trading days last week, leading to a modest market dip and weak altcoin performance. Nevertheless, the ETH/BTC exchange rate remained relatively strong. Projects in the ETH ecosystem performed better than average over the past week, driven by market expectations that an ETH spot ETF could launch in July.
ZKsync (ZK) will go live on major exchanges for trading today at 8:00 UTC (16:00 UTC+8). Over the weekend, LayerZero also published its airdrop distribution rules and an initial Sybil list.
II. Wealth-Generating Sectors
1) Sector to Watch: ETH Ecosystem Projects
Main reasons:
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Despite broad market declines, the ETH/BTC exchange rate remained strong over the past week;
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Bloomberg ETF analyst stated on Twitter that the launch date for a spot Ethereum ETF could be moved up to July 2;
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While most altcoins declined broadly last week, well-known ETH ecosystem projects such as ENS, UNI, and LDO rose逆势;
List of specific tokens: ETH, ENS, UNI, LDO, RPL, PENDLE
2) Sector Movement: Curve-Related Tokens (CRV, CVX)
Main reason:
Multiple CRV loan positions belonging to Curve’s founder were liquidated, causing CRV to plunge sharply in the short term. It then bottomed out and rebounded strongly after the announcement: “Curve Founder Statement: Fully repaid $10 million in bad debt from liquidations on the Curve lending platform.” CRV continued its sharp recovery. Convex Finance, being Curve’s yield optimizer, followed the same pattern of deep correction and rebound—CVX surged over 90% in the past 24 hours.
Price movements:
CRV rebounded 26% from its low but still remains down 25% over the past month; CVX broke above $4, rising 90% in the past 24 hours.
Factors influencing future trends:
Curve remains one of the top venues for large-scale stablecoin trades and continues to generate solid real profits. Its main challenge lies in outdated narratives and lack of exciting new products or operations. Previous incidents and this recent liquidation have inevitably caused market concerns. However, multiple whales previously purchased CRV via OTC at prices above $0.30, suggesting the current price still holds appeal.
III. User Search Trends
1) Popular Dapp
Banana Gun
Banana Gun Bot is a well-known Telegram trading bot that allows users to conduct DeFi trades and participate in token presales quickly through the Telegram platform. A key advantage of Banana Gun is its revenue-sharing model. Holders of the Banana token can share income generated by the bot, including 40% of referral-generated bot revenue and 50% of tax revenue from transactions executed via the bot. Recently, Banana Gun released performance data showing continuous growth in users and transaction volume, and it is preparing to expand onto the popular chain Berachain.
2) Twitter
KiloEx
KiloEx is a decentralized exchange focused on providing user-friendly perpetual contract trading. Key features include fast execution, real-time market monitoring, a CEX-like trading experience, wide range of trading pairs, hedging tools, and decentralized copy-trading functionality.
Recent news: KiloEx secured investment from Binance Labs and joined Season 6 of the MBV program. KiloEx has also launched an airdrop campaign where users can earn points by connecting wallets, inviting friends, and participating in trades to qualify for airdrop rewards.
3) Google Search & Regional Trends
Globally:
CVX: Recently, loan positions of Curve founder Egorov were liquidated, causing significant volatility in CRV. As Convex Finance is Curve’s yield optimizer, CVX followed CRV’s sharp rebound after the announcement that the founder had fully repaid $10 million in liquidation losses on the Curve lending platform.
By region:
(1) In Asia, RWA Crypto stood out in search trends. With the dollar strengthening and reduced expectations for rate cuts, the crypto market has increasingly turned attention to RWA projects offering stable yields.
(2) In Europe and the U.S., interest focuses on trending tokens and projects such as Notcoin, Monad, and TON.
IV. Potential Airdrop Opportunities
Kiloex
A derivatives-focused DEX backed by Binance Labs, Foresight Ventures, and 7upDAO. Currently supports opBNB, Manta, and BNB chains. Users can earn points through derivative trading, depositing USDT to convert into kUSDT for yield farming, or staking STONE.
How to participate: 1) Trade on the derivatives market—users can open both long and short positions on the same asset to hedge risk. Earn 35 points for every $1,000 traded; 2) It is recommended to trade on opBNB or Manta chains due to lower fees compared to BNB chain; 3) For yield farming, note that kUSD carries a premium—if kUSD price drops, redemption may result in loss.
Zircuit
Zircuit is a Layer2 blockchain project based on zkRollup, integrating parallel processing and AI capabilities, backed by Pantera and Dragonfly. Its TVL has already surpassed $1.1 billion. The ecosystem is gradually maturing, now featuring staking, cross-chain bridges, and a block explorer. Users can also gain airdrop eligibility through ecosystem participation and community engagement.
How to participate: 1) Visit the staking page (https://stake.zircuit.com/) to stake and earn points; 2) Participate in node deployment to earn points (https://build.zircuit.com/build).
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