Bitget Research: Dollar index returns to 106, risk assets under pressure, Layer2 narrative no longer favored by the market
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Bitget Research: Dollar index returns to 106, risk assets under pressure, Layer2 narrative no longer favored by the market
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
Yesterday, the U.S. Dollar Index returned to 106, pressuring emerging markets and risk assets. After Blast's airdrop, major Layer2 airdrops have largely concluded. Key highlights:
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The sectors with relatively strong wealth-generation effects are: Ethereum ecosystem (MKR, ENS) and TON ecosystem (TON, NOT);
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User-searched tokens and trending topics: BLAST, BLUR, Solana Blinks;
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Potential upcoming airdrop opportunities: Tonstakers, EVAA;
Data collection time: June 27, 2024, 04:00 UTC
I. Market Environment
Yesterday, the U.S. Dollar Index returned to 106, increasing pressure on emerging markets and risk assets. Various crypto assets continued to weaken, with Bitcoin price oscillating between $58,000 and $62,000.
Regarding Bitcoin ETFs, yesterday marked the end of continuous net outflows, recording a net inflow of $31 million. Overall market selling pressure remains high, with significant outflows reported from various governments and MtGox. Yesterday also brought rumors that ETH ETFs might be approved earlier than July 4, potentially triggering a minor rebound in ETH-related assets.
In the broader crypto ecosystem, the Blast Layer2 airdrop concluded yesterday. The first half of the year saw several high-profile TGE projects—including zkSync, LayerZero, and Blast—underperform, disappointing both communities and investors. The Layer2 wealth-creation narrative is gradually fading.
II. Wealth-Generating Sectors
1) Sector Movement: Ethereum Ecosystem (MKR, ENS)
Main reason: Reuters reported yesterday that Ethereum ETFs may be approved for listing before July 4, bringing potential benefits to the Ethereum ecosystem. Core projects within the ecosystem showed slight rebounds, including MKR and ENS.
Price performance: MRK rose 7.11% over 24 hours; ENS increased by 3.1%.
Factors influencing future trends:
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ETH’s price momentum: Ethereum-based DEXs maintain strong liquidity, with many tokens priced in ETH. A rise in ETH directly boosts prices across its ecosystem. Sustained ETH appreciation typically maintains interest in core Ethereum assets.
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Project development updates: Leading Ethereum projects possess strong profitability and transformation capabilities—e.g., MakerDAO embracing RWA. Investors should closely monitor project developments and public statements from key Ethereum figures, such as Vitalik’s praise for ENS.
2) Sector to Watch: TON Ecosystem
Main reason: TON token continues its upward trajectory with strong price performance. The TON ecosystem features diverse applications rapidly gaining traction via Telegram’s massive daily active user base. TON-based tokens are achieving mass adoption quickly, injecting fresh momentum into the crypto industry—a unique narrative and sector in the current market environment.
Price performance: TON rose 1.5% over 24 hours.
List of specific tokens: TON, NOT, STON, GRAM, FISH
Key influencing factors:
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During ongoing broad market declines and sharp altcoin drops, TON and other Ton ecosystem tokens have demonstrated relative resilience.
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The two leading DEXs—and highest TVL protocols—within the Ton ecosystem, DeDust and STON.fi, saw their TVL increase逆势 by 12% and 3%, respectively, over the past seven days.
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High-traffic Telegram Mini Apps Catizen and Hamster Kombat continue drawing market attention. Catizen has surpassed 1.25 million on-chain users, while Hamster Kombat exceeds 150 million users—rare bright spots in recent crypto markets.
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Pantera Capital is raising funds for a new investment vehicle focused specifically on TON tokens—the “Pantera TON Investment Opportunity”—aiming to accumulate additional TON holdings, with a minimum investment of $250,000 per backer.
III. User Trending Topics
1) Popular Dapp
Blast (Dapp)
The Blast Foundation announced an airdrop of BLAST tokens to the community at 22:00 Beijing Time on June 26. The tokenomics reveal a total supply of 100 billion BLAST, with 50% allocated to the community. The initial airdrop amounts to 17 billion tokens. Blast is now the sixth-largest on-chain economy. Bitget has launched a limited-time BLAST airdrop; users are encouraged to participate. Current secondary market data shows BLAST trading around $0.025, with high volatility expected during the early listing phase—presenting potential trading opportunities.
2) Twitter
Solana Blinks: Yesterday, Solana Blinks officially launched, receiving widespread community attention. Solana Blinks (Blockchain links) is a protocol product under Solana Actions, aiming to rapidly and conveniently embed blockchain transactions across every corner of the IoT. In traditional blockchain experiences, users must complete multiple steps—wallet setup, Dapp connection, parameter configuration—before completing an action. Solana Blinks breaks this pattern by enabling one-click on-chain operations through simple internet links, achieving the effect of "on-chain activity = one link." The launch of Solana Blinks significantly simplifies user interaction complexity and pathways. This functionality could lead to widespread adoption of the Solana + social media model. Monitor the first meme coin promoted using Blinks in the near term.
3) Google Search & Regional Trends
Global overview:
BLUR: Yesterday, Pacman—the founder of BLUR and operator of the Layer2 project Blast—launched the airdrop campaign. Season 3 BLUR stakers were eligible to claim BLAST tokens. However, issues arose with the Season 3 airdrop claiming contract, where some users were prompted to pay over $1,000 in gas fees during redemption.
Regional search trends:
(1) In Asia, ETH and ADA stood out in trending searches, primarily due to signs of stabilization and rebound in the broader market, with Asian users focusing on trading opportunities in large-cap tokens.
(2) In Europe and the U.S., recent hot tokens surged in popularity, including NOT, DePIN, AI, FLOKI, and SHIB. Additionally, Italian users searched "Bitget," pushing it into the top ten.
(3) CIS region interests were broad, with trending projects including BLAST, GRASS, and ETH.
IV. Potential Airdrop Opportunities
Tonstakers
Tonstakers is the largest liquid staking provider in the TON ecosystem, offering users an annual yield of 3.8% for staking TON. The protocol currently holds $256 million in TVL, indicating high potential valuation.
The project has gained attention from the Ton Foundation and currently has 68,000 stakers. It collaborates with core Ton developers, Tonkeeper, OKX, and other institutions, increasing the likelihood of a future token launch.
How to participate: 1) Visit the official website and click “Stake Now”; 2) Connect your Ton wallet to begin staking.
EVAA
EVAA is the largest lending protocol in the TON ecosystem, allowing users to deposit assets such as TON, USDT, and stTON to earn lending yields. With $40 million in TVL, the project has high potential valuation and presents meaningful airdrop opportunities.
Backed by the Ton Foundation, EVAA has been running its XP Mining program since March 29. The team is transparent, with core developers originating from the TON Foundation, providing strong institutional credibility.
How to participate: 1) Visit the official website, navigate to the Supplies section, and select the asset you wish to deposit; 2) Connect your Ton wallet to supply funds.
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