Bitget Research: Multiple exchanges hint at launching SOL LSTs; BTC price struggles near $60,000, suggesting caution and observation
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Bitget Research: Multiple exchanges hint at launching SOL LSTs; BTC price struggles near $60,000, suggesting caution and observation
Over the past 24 hours, several new trending cryptocurrencies and topics have emerged in the market, and they could very well represent the next wealth-building opportunities.
Navigating Web3 tides with focused insightsSummary
Despite relatively favorable macroeconomic data, the cryptocurrency market has not seen positive momentum. Bitcoin has failed twice this week to reclaim the $60,000 level, facing significant short-term resistance around round-number price points. Key highlights:
- High-wealth-generation potential sectors: BTC inscription ecosystem, Bitget platform tokens
- User trending tokens & topics: Bridge, Solana, mbappe
- Potential airdrop opportunities: Kamino, Bedrock
Data cutoff time: August 30, 2024, 04:00 (UTC+0)
1. Market Environment
U.S. initial jobless claims and GDP data were largely in line with expectations, with jobless claims slightly below forecasted levels. These figures have had minimal impact on market expectations regarding future monetary policy shifts. According to the latest estimates from CME Group's FedWatch tool, markets continue to price in a 25 basis point rate cut by the Federal Reserve in September.
Despite the positive macro backdrop, the crypto market remains under pressure. Bitcoin reversed course after briefly surpassing $61,000 and is now hovering around $59,000. It has failed twice this week to sustainably break back above $60,000, indicating strong near-term resistance at psychological price levels. Although Bitget, Binance, and Bybit have all hinted via Twitter at launching new liquid staking tokens, SOL’s price has not reacted positively to these announcements.
2. Wealth-Generating Sectors
1) Sector to Watch: BTC Inscription Ecosystem
Main reasons:
- brc-20 tokens on Fractal will activate at block height 21,000 on the Fractal mainnet; PizzaSwap (formerly Fractal Swap) is set to launch on testnet this week. Once live, the team will begin testing an embedded mini asset bridge enabling transfers of BTC and other assets between Bitcoin and Fractal.
Factors influencing future outlook:
- The BTC ecosystem remains narratively weak. Whether Unisat and other players in the Bitcoin inscription space can deliver new product iterations and catalysts to capture market attention, and whether Babylon’s narrative gains traction, will determine the future trajectory of BTC inscriptions.
2) Sector to Watch: Bitget Platform Tokens (BGB, BWB)
Main reasons:
- Bitget has been highly active recently, announcing the upcoming launch of "BGSOL" via its official Twitter account.
- Bitget will soon list Counterfire Economic Coin (CEC) on Launchpool, with a total reward pool of 11.54 million CEC. Staking opens from August 30, 14:00 to September 9, 14:00 (UTC+8).
- The recently listed DOGS token achieved over $145 million in daily trading volume on Bitget, accounting for 18.16% of total CEX volume—second only to Binance.
Token breakdown:
- BGB: Bitget’s native platform token. Recently underwent a smart contract upgrade. BGB is expected to be deeply integrated into DeFi, DEX, and GameFi applications, potentially driving significant future demand. Recommended for close monitoring.
- BWB: Bitget Wallet token, with a current market cap of just $500 million. The wallet sector offers strong long-term growth potential, making BWB suitable for long-term holders.
3. User Trending Topics
1) Popular Dapp
Bridge
Bridge, a stablecoin payment network founded by former employees of Coinbase and Square, has raised $58 million in funding, with participation from Sequoia Capital, Ribbit, Index, and Haun Ventures. Bridge is building a stablecoin-based payment platform offering cross-border payments and foreign exchange services.
2) Twitter
Solana:
Yesterday, Bybit announced the upcoming launch of bbSOL, an exchange-backed liquid staking token on the Solana blockchain. Users who stake Solana (SOL) via Bybit Web3 will receive bbSOL tokens, unlocking additional yield opportunities across Bybit’s CEX and Web3 products. This news has generated notable buzz on Twitter.
3) Google Search & Regional Trends
Global trends:
$mbappe:
French football star Kylian Mbappé’s X account was compromised, leading to the unauthorized launch of the MBAPPE token. The post has since been deleted. The MBAPPE token surged to tens of millions in market cap within minutes before crashing to zero. One user reportedly bought 2 SOL (~$286), then sold at peak profit for approximately 1,398 SOL (~$200,000).
Regional search trends:
(1) Asia and Africa: Interest is more fragmented, with high search volumes for FLOKI, Solana, and XRP, indicating regional users are focused on major public chains and top meme coins. Additionally, "crypto prices" has repeatedly ranked at the top of regional search trends, reflecting strong investor interest in Bitcoin and broader market price movements.
(2) English-speaking regions: High interest in crypto casinos and betting-focused mini-games such as the newly launched Lucky Block Casino.
4. Potential Airdrop Opportunities
Kamino
Kamino Season 2 has concluded, with 350 million KMNO tokens scheduled for distribution to users in mid-August. Rewards will be fully unlocked and automatically staked upon claim. Users may unstake without a cooldown period. Check eligibility at app.kamino.finance.
Kamino’s TVL has recently surpassed Marinade, making it the second-largest DeFi protocol by TVL in the Solana ecosystem and the largest lending protocol. Users can deposit SOL, JitoSOL, USDC, USDT, and other supported tokens to earn APY and Kamino points.
Bedrock
Bedrock is a multi-asset liquidity restaking protocol that began with uniETH, an institutional-grade restaking token on EigenLayer. It later expanded to become the first and largest liquidity restaking protocol on the IoTeX network and plans to introduce support for uniBTC—a liquid staked Bitcoin token—prior to the Babylon mainnet launch.
Bedrock currently holds over $200 million in TVL, backed by strong investors including OKX Ventures, LongHash Ventures, and Comma3 Ventures, with additional support from Waterdrip Capital, Lbank Labs, Amber Group, ArcheFund, Whale Ground, and Fisher Yu, co-founder of Babylon.
How to participate: If you hold ETH or IOTX, you can stake them on Bedrock to receive uniETH or uniIOTX, earning staking rewards and qualifying for future Bedrock airdrops. If you hold wBTC, staking it on Bedrock to receive uniBTC will make you eligible for staking yields, a potential Babylon airdrop, and a future Bedrock airdrop.
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